Compact Metal surges on news of exercise of option
October option deal includes chairman selling some shares at eight Singapore cents apiece
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October option deal includes chairman selling some shares at eight Singapore cents apiece
Anita Gabrielanitag
04 November 2014
Penny stock Compact Metal Industries was the second most actively traded counter on Monday with some 159 million shares worth about S$10.5 million changing hands.
The counter, in which trading resumed at 10.30am on Monday after a trading halt since Thursday last week pending an announcement, shot up 9 per cent, or 0.4 cent, to close the day at 4.8 Singapore cents.
In one announcement before the lifting of the trading halt, Compact Metal said that one Ma Zhao Yang has exercised a call option to require Chng Gim Huat, executive chairman and the largest shareholder of Compact Metal, to sell him 84.6 million shares and 86.76 million warrants.
As a result, Mr Chng’s share interest in Compact Metal was reduced from 41.86 per cent to 31.28 per cent, said a separate filing. His holding of 212.08 million warrants was also cut to 125.32 million.
Mr Ma’s direct direct stake went up from 3.525 per cent to 14.1 per cent but his total direct and deemed interest stayed unchanged at 29.37 per cent.
In early October, a sale and purchase agreement was signed for Mr Chng to sell 28.2 million shares and 28.92 million warrants of Compact Metal to Mr Ma. Mr Ma was then granted a call option for up to 206.8 million shares at eight Singapore cents each and up to 212.08 million warrants at 2.99 Singapore cents each.
Based on this option agreement between the two parties, there is a balance of up to 122.2 million shares and up to 125.32 million warrants that has yet to be exercised.
Compact Metal Industries sells aluminium windows and doors primarily in Singapore and Malaysia.