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(Alliance News) - Starcom PLC on Friday said three executives have converted company bonds into shares at a premium to their market value.
The Jersey-based company, which makes tracking products for the logistics industry, will issue 19.5 million shares after the GBP223,600 debt was converted at a price of 1.25p per share. That's a 39% premium over the 0.90p closing price on Thursday, reflecting the lenders' confidence in the company's prospects, Starcom said.
Shares were up 16% to 1.04 pence in London on Friday morning.
Chair Michael Rosenberg and Non-Executive Director Avi Engel will get 8.0 million shares each, and Chief Financial Officer Igor Vatenmacher will get 1.7 million shares. An unnamed Starcom employee also will get 1.7 million shares.
Chief Executive Avi Hartmann will then buy Engel's 8.0 million shares and the employee's 1.7 million shares at the same price.
Following the transactions, Hartmann will own 43.1 million shares, an 11% stake; Rosenberg will own 2.7 million shares, a 4.3% stake; Engel will own 3.1 million shares, a 0.8% stake; and Vatenmacher will own 2.7 million shares, a 0.7% stake.
By Ivan Edwards; ivanedwards@alliancenews.com
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