Security monitoring system company ECSI Limited (ASX:ECS) will use an upcoming general meeting to propose the conversion of funds owed to certain directors into shares.
The company is proposing in six separate resolutions to convert into shares $62,000 worth of loans given by chairman Jim Green and Alex Fulkoski, and around $164,000 worth of accrued directors' fees owed to Green, CEO Graeme Green and director Huang Xu.
The shares would be issued at 2.5 cents per share, ECSI said. The meeting will be held in Melbourne at 2:30pm on July 12.
ECSI is implementing a security monitoring and access control system in China as part of the National Alarm Response System project.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.