ABDUL LADHA 4
4 · ABLEAUCTIONS COM INC · Filed Jul 29, 2009
Insider Transaction Report
Form 4
ABDUL LADHA
DirectorCEO, President, CFO
Transactions
- Other
Common Stock
2009-07-27$0.43/sh+1,204,021$520,137→ 2,526,889 total
Footnotes (2)
- [F1]On July 27, 2009 Abdul Ladha, our Chief Executive Officer and a director, converted $500,000 in principal amount and $20,136.99 in interest into 1,204,021 shares of the Company's common stock at a price of $0.432 per share. The loan was made to the Company on October 6, 2008 by Bullion Reef Holdings Ltd., a corporation owned by the Ladha Family Trust. The loan was made in conjunction with a Development Agreement, also dated October 6, 2008, among the Company, Mr. Ladha, Overture Development Corporation, Surrey Central City Holdings Ltd. and Bullion Reef Holdings Ltd. On April 30, 2009, Bullion Reef Holdings Ltd. assigned one half of the promissory note to Mr. Ladha and one half of the promissory note to his spouse, Hanifa Ladha.
- [F2]These shares are issued in the name of Hanifa Ladha, Mr. Ladha's spouse. Mr. Ladha disclaims beneficial ownership interest in these shares.