Major shareholder spends over $730k buying shares in Perth ATM play
The largest independent ATM manufacturer in Korea, NEOICP has bought several lines of stock in Perth and Sydney based ATM machine operator Stargroup at above market prices.
NeoICP have upped their shareholding in Stargroup from 7.54% to 12.25% by spending over $730 000 in a series of off market transactions at 6c per share.
Stargroup shares traded between 3.5c and 4c per share over the last 3 days.
NeoICP, who now hold over 30m shares in Stargroup, are also the principal supplier of ATM machines to the company having recently inked a 5 year distribution agreement with them for the Australian market.
NeoICP Chief Executive Officer, Mr Kang said “We have paid a little more than the market price for these shares but we see that difference as being immaterial when compared to the potential of the company after its growth strategy is fully executed.“