Ex-ISR director, David Rigoll, sells 14% stake for S$1.2m; no longer substantial shareholder

A former director of ISR Capital who quit over a pay dispute is no longer a substantial shareholder of the company after selling a 13.61 per cent stake for about S$1.2 million in total.

ISR, an investment services company, disclosed the transactions by David Rigoll on Tuesday before the market opened. Mr Rigoll was previously the company's largest shareholder.

On Nov 16, Mr Rigoll sold 27.37 million shares, or a 1.19 per cent stake, for S$136,850, or 0.5 Singapore cent per share share, on the open market.

On the same day, he sold 287.5 million shares, or a 12.42 per cent stake, for S$1.062 million, or 0.37 Singapore cent per share, through a married deal.

It was not clear from ISR's announcement whether the effective date of the open-market transaction referred to the day that the trades were settled or the day that the trades were matched. Market data from ShareInvestor.com showed just 1.6 million ISR shares changing hands on Nov 16. On Nov 14, however, 56.5 million ISR shares traded, when the counter closed at 0.5 Singapore cent. The counter closed at 0.5 Singapore cent on both days.

The stock last traded at 0.4 Singapore cent on Monday.

Mr Rigoll has been selling his shares in the company since he stepped down from his post in March over a pay dispute. ISR has alleged that the share sales breached an undertaking given by Mr Rigoll not to sell his shares.

Mr Rigoll, who was appointed in May 2016 to oversee and manage the group's investment in the exploration and development of rare earth elements, alleged in March that the firm had not paid his salary for his last month.

Mr Rigoli added that in view of the pay dispute, he was withdrawing the undertaking he had previously provided to not sell or transfer his shares.

Jacquelyn Cheok

21 November 2017