Magnus Energy’s trading volume due to exercise of convertible notes

SINGAPORE (Aug 23): Magnus Energy Group says the unusual trading volumes of its shares arose after Premier Equity Fund exercised its rights to convert eight convertible notes worth $400,000 into 444.4 million shares in the company.

The group was responding to a query from the Singapore Exchange issued on Tuesday morning. At the close, the stock was the top volume mover with nearly 435 million shares traded.

Magnus Energy added it was not aware of any other possible explanation for its unusual trading volumes and confirmed that it was in compliance with listing rules.

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