Ex ISR Capital executive director continues disposing shares
ISR Capital's largest shareholder David Rigoll on March 7
sold another 17.9 million shares in the company for S$804,030, or S$0.0448 per
share.
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Lee Meixian
10 March 2017
ISR Capital's largest shareholder David Rigoll on March 7 sold another 17.9 million shares in the company for S$804,030, or S$0.0448 per share.
This pared his stake from 26.07 per cent to 24.93 per cent.
Mr Rigoll, 54, who assumed the position in May last year, was responsible for overseeing the group's investment in the exploration and development of rare earth elements asset.
The disclosure came a day after it was also disclosed that he sold 21.3 million ISR shares for S$1 million on March 6, following his resignation as an executive director over a pay dispute with the board of directors. Mr Rigoll had accused ISR of not paying him his salary for February this year.
ISR Capital on Wednesday said that Mr Rigoll was breaching a moratorium by offloading some of his stake in the open market, and it will be seeking legal advice to take action.
At 9.47am, ISR Capital was down 0.1 cent, or 4.5 per cent to S$0.021.
ANN WILLIAMS
10 March 2017
ISR Capital's largest shareholder David Rigoll, who quit over a pay dispute, has continued to dispose of his shares in the company, an action which ISR has said is a breach of a moratorium.
On March 7, Mr Rogoll sold another 17.9 million ISR shares for S$804,030, or 4.48 cents per share, cutting his stake in the company from 26.07 per cent to 24.93 per cent, the company disclosed in a filing with the Singapore Exchange on Friday morning (March 10).
On Thursday, ISR disclosed that Mr Rigoll had sold 21.3 million ISR shares at S$1 million, or 4.7 cents a share, on March 6, after stepping down from his post on Wednesday.
Mr Rigoli, who was appointed last May to oversee and manage the group's investment in the exploration and development of rare earth elements, alleged the firm had not paid his salary for last month.
Mr Rigoli said that in view of the pay dispute, he would be withdrawing the undertaking he had previously provided on not selling or transferring his shares.
The board countered that he was not in a position to "unilaterally" terminate the deed of undertaking without the agreement of the company, adding he has "breached the terms of the deed of undertaking" as he had sold some of the shares on Monday. ISR also said it would be seeking legal advice.
At 10:30am, ISR Capital shares were unchanged at 2.2 cents, after dipping 0.1 cent earlier.