The loan notes are convertible into 95.5 million new ordinary shares in Addvalue’s capital or at the conversion price of 1.3 cents per share. Each share will also have 95.5 million free detachable warrants with each warrant carrying the right to subscribe for one new share at an exercise price of 1.3 cents per warrant share.
Addvalue Technologies has entered into several subscription agreements on Oct 13 for the issue of convertible loan notes in the aggregate principal amount of $1.24 million. The loan notes are available to some of the company’s existing shareholders, namely Paul Burke, Richard Denny, Tan Khai Pang, Goh Liang Choo, Bernard Wong Ming Ghee, Chua Chwee Koh, Colin Chan Kum Lok, Tan Juay Hwa, Low Boon Leng, Ngo Guan Seng, Thin Thiam Choy, Chong Kim Ho, Hu Gang, Lee Loi Sing, Chris Chan Kit Sun and Julian Chiang Mun Kit.
Burke is a non-independent and non-executive director of the company while Denny is the company’s non-executive chairman. Tan Khai Pang is Addvalue’s CEO and executive director. He is also one of the company’s co-founders. Goh and Wong are both independent and non-executive directors of the company while Chua is a non-independent and non-executive director of the company. Colin Chan is a senior advisor to the board and the CEO while Tan Juay Hwa is a project director of the group. He is also one of the co-founders of Addvalue. Low is Addvalue’s chief technology officer while Ngo is Addvalue’s head of its RF & antenna department. Thin is Addvalue’s head of supply chain operations while Hu is Addvalue’s software engineering manager. Lee is an existing shareholder and an accredited investor of the company. Chris Chan and Chiang are both “business networking contacts” and are accredited investors.
