CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) has released an update regarding its former chief executive Aldo Boitano's shareholding.
In a statement, the company said it believes that Boitano no longer retains any shares in CleanTech Lithium and the lender he engaged currently holds less than 3% of its issued share capital.
Previously, on April 9, the company disclosed that Boitano entered into a loan agreement with a financial institution, transferring 9.4 million shares to a custodian account under the lender, High West Capital Partners LLC.
Subsequently, the company served various notices on entities believed to have an interest in Boitano's shares. Responses indicated that 6.68 million of the shares were transferred to third parties as per the lender's instructions.
The remaining 2.72 million shares are retained in the custodian account for the lender and a related party, it added. The company also noted that despite repeated requests, it has not received detailed information from the lender.
Boitano informed CleanTech Lithium that he was not aware that the lender had been disposing of his ordinary shares or that the lender had the right to control the remaining ordinary shares retained by the custodian.