Selfie drone seller IoT Group has issued a wad of new shares to a single unnamed shareholder in order to provide $180,000 in working capital.
The company, which has undergone a strategic turnaround in 2017 after a year dealing with lawsuits, has issued almost 19.6 million new shares to an existing shareholder.
That gives the shareholder an extra 3.65 per cent stake in the company.
When the full year accounts were issued in February an anonymous shareholder owned 3.4 per cent of the company.
The next largest owners with 3.12 per cent each were IoT Ventures Trust, one of the entities associated with founder and new director Sean Neylon, and a company associated with Richard Poole.
Poole is a businessman who was involved in NSW’s alleged corruption case against Labor politician Eddie Obeid, but later saw charges against him dropped.
In 2016 the Australian Competition and Consumer Commission began pursuing Poole and two business associates over an alleged deal in 2009 with an Obeid-linked company.
IoT raised $850,000 from several existing, and unnamed, shareholders in June to pay for extra inventory.
None of these shareholders have yet breached the threshold where individual holdings of over 5 per cent of a company’s issued stock must be disclosed to the market.
IOT Price at posting:
0.5¢ Sentiment: Sell Disclosure: Not Held
