Singapore-based investor Choon Kong Lim has boosted his stake in West Perth-based mineral explorer Image Resources NL after acquiring a further 1.15 million shares for $2.3 million, the company has announced.
Singapore-based investor Choon Kong Lim has boosted his stake in West Perth-based mineral explorer Image Resources NL after acquiring a further 1.15 million shares for $2.3 million, the company has announced.
Singapore-based investor Choon Kong Lim has boosted his stake in West Perth-based mineral explorer Image Resources NL after acquiring a further 1.15 million shares for $2.3 million, the company has announced.
The full text of a company announcement is pasted below
Image Resources NL (ASX: IMA) is pleased to advise that Singaporean-based private investor, Mr Choon Kong Lim, has further increased his shareholding in the Company under a contract for the purchase of an additional 1.15 million
shares at $2.00 per share, for a total consideration of $2.3 million.
Based on current share registry data, the Company expects that as a result of the purchase, Mr Lim will move from being a top 20 to a top 10 shareholder.
In conjunction with another substantial Image shareholder, the Directors of the Company facilitated the transaction by agreeing to reduce the scope for upside in their investment in Image under a deferred settlement arrangement.
The transaction will result in an injection of $904,279 into the Company, through the exercise of options by both Mr Lim ($335,000) and the Company's Directors ($569,279) with the effect of the transaction being to increase Image's issued capital from 77,053,850 shares to 78,624,247 shares.
Mr Lim was a banker for much of his career, prior to becoming the finance director of a major listed company in Singapore. On retiring 12 years ago, he extended his broad investment portfolio by acquiring Australian hospitality, real estate development and listed securities interests.
Commenting on the transaction, Mr Lim said it was consistent with his long term investment strategy, reflected his faith in the growth potential of the Company and represented a "win win" outcome.
Appendix Form 3Ys will be filed following settlement which is due on or before 31 October 2007.