(Alliance News) - Grand Vision Media Holdings PLC said Monday that Frederick Oon Kian Chua has been appointed as a non-executive director with immediate effect.
Meanwhile Edward Kwan-Mang Ng has resigned as director of the company effective immediately, the company noted.
The digital media firm said Chua is a non-executive director of CMON Ltd, which is listed on the Hong Kong Stock Exchange's Main Board. He is also a director of Magic Carpet Pre-IPO Fund, which hold shares of Grand Vision Media.
The company also said that Cyber Lion Ltd, a company controlled by Grand Media's directors Edward Kwan-Mang Ng and Ajay Rajpal, sold 7.3 million shares in the company for a price of 5.5 pence each.
Following the transaction, Cyber Lion has no further interest in the shares of Grand Media.
The shares have been acquired by Win Network International Ltd, a company controlled by Stephan Lo, father of Grand Media Director Jonathan Lo.
Following the transaction, Win will own 7.3 million shares in Grand Media, representing 7.6% of the issued share capital of the company, the company said.
Win also owns GBP454,000 of convertible loan notes that were issued by the company in July.
The conversion of Win's convertible loan notes into shares would result in Win's acquisition of 3 million shares in the company and the exercise of Win's warrants would result in Win's acquisition of an additional 756,811 shares in Grand Media.
Win would own 11.1 million shares in the company if all of the loan notes are converted and all of the warrants are exercised, representing 10.9%, the company said.
Stephen Lo also separately owns 12.4 million shares in the company, therefore, he currently has a beneficial interest in 19.7 million shares, representing 20.5%, and could have a beneficial interest in 23.5 million shares in the company on a fully diluted basis assuming all loan notes and warrants are exercised, the company said.
Grand Vision Media shares were trading 8% higher in London at 6.48 pence each on Monday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Grand Vision (GVMH)