SINGAPORE (April 4): ISR Capital' s third largest shareholder Ooi Wooi Jing has cut down his stake in the company yet again.

On March 31, Ooi sold another tranche of 28.5 million shares in the open market at an average price of 0.7 cents. This comes after an earlier sale of more than 5.4 million shares at average of 0.825 cents on March 24.

With this latest sale, Ooi now owns 141.5 million shares, or a 6.85% stake in the company, according to a filing on April 4.

Value Capital Asset Management, which has an on-going $35 million convertible bond programme, is on its way converting the second of the seven tranches of shares. On April 4, the company announced yet another conversion of 100 million shares by VCAM at 0.4 cents each, bringing ISR' s total share base to more than 2.06 billion.

The expanded share base means other shareholders, including second largest owner Abdul Wahid, are being diluted. According to the company' s filings on April 4, he now owns 11.43% of the company with the same quantum of 246 million shares, down from 12.01% earlier.

Executive chairman Chen Tong is now trying to press ahead with the $40 million acquisition of a 60% stake in a rare earth concession in Madagascar. Together with three other investors, Chen invested into the company last September at 8.5 cents each.

Last month, David Rigoll, the company' s largest shareholder, has fallen out with the company. Rigoll, who used to be a director at the Dusseldorf-listed company that used to own the same rare earth concession, claims that he has not been paid for his services as an executive director by ISR for the month of February.

Chen is trying to find a third consultant to put together a valuation report after SGX poked holes at the first two reports claiming the concession is worth more than US$1 billion.

Chen has earlier stated that with VCAM' s funding, ISR Capital should be able to sustain itself as an on-going concern for another year.

The company' s share price, which surged some 4,000% last year, is allegedly manipulated by John Soh Chee Wen, who is now held in remand pending trial for his role in the penny stock saga of October 2013.

ISR shares closed April 4 at 0.6 cents, down 14.29%, or 0.1 cent.

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