Magnus to issue S$15m more of convertibles

Singapore

MAGNUS Energy plans to tap the final S$15 million of a controversial convertible bond deal, and its new major shareholder was introduced by a director of a company in which Magnus is raising its stake, Magnus chief executive Luke Ho said on Friday.

Mr Ho made those comments at a contentious extraordinary general meeting (EGM) in which a group of minority shareholders failed to oust the current directors. In a poll vote, about 29 per cent of the shares present supported, and about 71 per cent were against, proposals to replace the four current directors with nominees of the minority shareholders.