SINGAPORE (May 28): Ayondo chairman and co-founder Thomas Winkler on Nov 22, 2018, transferred 1.2 million shares at an undisclosed price to third parties, who are existing shareholders of the company.

However, regulatory filing was made only on May 24 upon a reconciliation of share transaction records when the company was informed of the share transfer.

According to the filing, the transfer was made via Next Generation Finance Management AG after the expiry of a six-month moratorium on Sept 26 2018 which was imposed as part of Ayondo's March 2018 initial public offering.

This reduced Winkler’s total stake in the company to 28.9 million shares from 30.1 million shares or 5.66% from 5.9% based on Ayondo’s issued share capital of 509.8 million.

Besides holding 2.8 million shares directly immediately after the transfer, Winkler is also deemed to be interested in 0.42 million shares held by his wife, 17.5 million shares held by Global Money Ventures AG, 4.8 million shares held by Next Generation Finance Management and 3.8 million shares by Baltische Bauentwicklungsgesellschaft mbH.

Separately, Winkler on May 2 transferred another 1.2 million shares from his individual account to a custodian nominee account.

Trading in Ayondo shares has been suspended since Feb 1 amid questions about its financial viability and its compliance with UK capital requirements.

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On May 7, Ayondo announced it was going ahead with an agreement to sell 99.9% subsidiary AML for £5.7 million ($10.2 million) despite being warned by SGX Regulation that conditions including capital requirements have first to be confirmed to have been met before the deal is deemed completed.

Ayondo pushes ahead with sale of unit; SGX RegCo launches probe

In a swift response, SGX RegCo said it will undertake a thorough review of what transpired at Ayondo during IPO and after its listing.

“Should we find any breach of the Listing Rules or other regulations, we will act, including referring the matter to the relevant statutory authorities,” SGX RegCo added.

Shares in Ayondo last traded at 4.8 cents each.