OncoSil Medical (ASX: OSL) managing director Dr Neil Frazer is now a substantial shareholder with a 7.8% stake in the company after he was issued 20 million loan shares.
This brings his total shareholding up to 26,262,632 shares.
The company had granted Dr Frazer a $2 million loan for the shares. This loan will be repayable in accordance with the limited recourse loan agreement.
OncoSil had issued the shares to link executive reward with improvements in its financial performance, US Food and Drug Administration approval of a product of the company and continuity of employment of Dr Frazer.
Separately, chairman Martin Rogers was issued 5 million loan shares.
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