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Magnus Energy adds new substantial shareholder

SOME S$400,000 of Magnus Energy's redeemable convertible notes have been converted into 444 million shares on Tuesday.

These were done at the floating price of 0.09 Singapore cent for each share, the group said on Tuesday evening. This brings the total amount of Tranche 3 notes that have been converted to S$800,000, it added.

This also raises the number of issued shares from 4.018 billion to 4.463 billion.

In a separate announcement, Magnus Energy said Value Capital Asset Management Private Limited, investment manager for Premier Equity Fund, has become a substantial shareholder in the group, after raising its stake from 0.1 per cent to 10.05 per cent through the conversion of rights.

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The announcements come after the counter experienced unusually high trading volumes, prompting an exchange query in the morning.

The stock topped the list of most active counters on Tuesday, with 435 million shares changing hands, and last traded at 0.1 Singapore cent.