Satellite telecommunications company Addvalue Technologies says it is issuing 58 million new ordinary shares following the conversion of 29 million convertible loan notes (CLNs) and 29 million warrants. Both the CLNs and warrants are being converted at an exercise price of 1.3 cents, and the new shares will be listed on the mainboard on Dec 31.

 

According to a bourse filing on Dec 29, Addvalue received notices from CLN and warrant holders to exercise their right to convert between Dec 22 and Dec 23. The new shares represent 1.69% of the total number of ordinary shares of Addvalue in issue before the exercise. Post conversion, the new shares will represent 1.66% of the enlarged total number of ordinary shares.

 

The total number of ordinary shares has risen to about 3.49 billion from around 3.43 billion and Addvalue&rsquo s enlarged issued and paid-up share capital is now over $122 million. Addvalue says the total proceeds from the warrant exercise ($377,000) will be used to meet the company&rsquo s working capital requirements in terms of payroll and general administrative expenses.

 

In a separate bourse filing made on the same day, Addvalue says its non-executive and non-independent director, Paul Clark Burke, exercised his right to convert 27.5 million CLNs and 27.5 million warrants into 55 million shares. Post conversion, Burke now holds over 192.7 million shares and his stake has risen to 5.522% from 3.946%.

 

Last week, Addvalue said in a Dec 22 bourse filing that it was issuing a total of 48.5 million new ordinary shares after converting 33.5 million CLNs and 15 million warrants. The CLNs and warrants were also converted at an exercise price of 1.3 cents and were listed on the mainboard on Dec 24.

 

Addvalue Technologies independent director Kelvin Chow has bought an additional 500,000 shares from the open market on Dec 24 at 6.7 cents apiece. The transaction comes just days after he bought 250,000 shares at 6.4 cents each on Dec 22.

 

With his recent purchase, Chow now holds 750,000 shares or 0.022% of Addvalue&rsquo s ordinary shares. Chow did not hold any Addvalue shares before his purchases this week. The former CEO of Lendlease Global Commercial REIT joined Addvalue&rsquo s board on Oct 14. On Nov 14, he was made the chair of its audit and risk committee.

 

According to a bourse filing on Dec 23, Addvalue&rsquo s CEO Tan Khai Pang and non-executive chairman Richard John Denny have exercised their rights to convert their convertible loan notes (CLNs) and warrants into ordinary shares.

 

Tan converted $52,000 in CLNs and 4,000,000 warrants into 8,000,000 ordinary shares on Dec 22, while Denny converted $26,000 in CLNs and 2,000,000 warrants into 4,000,000 ordinary shares on the same day. The CLNs and warrants are converted at an exercise price of 1.3 cents.