Print management company Argus Solutions (ASX:ASV) has made the first two debt to equity conversions under its capital raising scheme.
The company has converted debt owed to two of its major suppliers, Print Media Group and ADSOne, representing $2.33 million in shares.
Following shareholder approval, Print Media will have a 29% holding in Argus Solutions. If it converts the entirety of Argus' debt to it into shares, this holding will increase to 44%.
Major shareholder Amir Hyster's holding will be 47% after shareholder approval, but this will be diluted to 37% if all debt is converted.
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