TXO (LON:TXO) chairman Tim Baldwin has subscribed for £50,000 worth of shares at 0.1p a shot and popped them in his self-invested personal pension plan.
The transaction is deemed a related party transaction under AIM’s rules, and has been ajudged by the company’s nominated advisor to be on fair and reasonable terms.
The purchase takes Baldwin’s stake in the AIM-listed investment company up to 7.67%.
Similarly, Michael Baker-Barber, chairman of TXO portfolio company The Grand Bahama Group Limited, has lifted his stake to 4.71% of the issued share capital of TXO after he also bought £50,000 worth of shares at the same price.
Conscious that shareholders might feel a bit left out after the recent activity on the shares issue front, TXO has decided to issue to all shareholders a free warrant pro-rata to their existing shareholdings on a 1:2 basis, exercisable until the 31st March 2015 at 0.1 pence.
The award applies to shareholders on the register at 28th February 2015.
"The subscription, along with the financing announced on 21st January 2015, ensures that the working capital requirements of the company are met,” Baldwin said.
"The proposed warrant issue to shareholders is a thank you from the board for the support given and will hopefully allow them to increase their participation in what we believe to be an exciting opportunity as the investee companies begin to generate income and to enhance value," he added.
Shares in TXO currently trade at 0.09p, down 0.01p on the day.