Axington Inc has updated that the Loh cousins, who are controlling shareholders of the company, actually own 77.88% of the company and not 92.53%.
The Lohs, in the news recently for their attempt to bid for the Newcastle football club, took over Axington back in July via an entity called Dorr Global Healthcare.
They attracted controversy when Bellagraph Nova Group, an entity they lead with Evangeline Shen, disseminated doctored photos of themselves with former US president Barack Obama.
According to the filing by Axington on Sept 15, the reduction in stake wasn't updated due to an “administrative oversight”, as Dorr Global was not notified within the statutory timeline for giving notice.
On Aug 17, Axington completed the allotment and issuance of 30.15 million new shares, which comprises 30 million placement shares and 150,000 compliance placement shares.
As such, the company’s total share base increased from 160.31 million to 190.46 million shares, which has the effect of reducing the proportion of shares held by the Lohs.
As at Aug 18, there are at least 200 public Axington shareholders, holding between them a total of more than 42.12 million shares, equivalent to 22.12% of the company’s total issued share capital, thereby meeting SGX rules that at least 10% of the total shares are held by at least 200 public shareholders.
The company’s board is just left with two independent directors after four other directors, including Che, quit in the wake of public scrutiny triggered by the doctored photos.
Catalist-listed Axington’s sponsor is Novus Corporate Finance.
Shares in Axington last closed at 19 cents on August 25.
