Marland makes $8.3 million

People Telecom director Colin Marland has boosted the value of his stake in the company by $8.3 million, thanks to an issue of shares from the company.

Mr Marland received nearly 43.7 million People Telecom shares.

That consideration was for the acquisition by People Telecom Limited of all the shares he had held in People Telecommunications Limited.

People Telecom was formed through a merger between People Telecommunications Limited and Western Australian listed telecommunications player, Swiftel.

With the share issue Mr Marland controls the second largest stake in People Telecom through his links to companies Rivacre Investments and Clystar Pty Limited.

Another People Telecom director to gain shares in the company thanks to the merger was David Vilensky.

He received 537,000 shares, worth $27,500, in return for options he held in Swiftel.

Mr Vilensky, a director of Swiftel, has since resigned as company secretary of People Telecom and been replaced by the company’s chief financial officer Wayne Wanders. 

In other director gains, Australian Development Capital director Gary Steinepreis upped the value of his stake in the company by 1.25 million shares, worth $250,000. Fellow ADC director Anthony Kain upped the value of his stake by $100,000, – or 500,000 shares.