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PERTH, Australia, March 24, 2021 /PRNewswire/ -- Jonathan Cheng - Executive Chairman and Managing Director of Ultima United Limited (ASX:UUL), increased his shareholding in the Company on 8 February 2021 and 11 February 2021, having purchased 400,000 and 100,000 fully paid ordinary shares on-market respectively at an average price of AU$ 0.5214 per share.
In bringing his total shareholding held in the company to 1,300,000, he expressed that he saw "absolute value in purchasing the shares even if only at a small discount to trading prices at the time. The value has since been realised and evidenced with an uplift to the company's share price". At the date of writing, UUL's share price is AU$0.93 per share. With the recent announcements made by the company in relation to an upcoming capital raising (subject to shareholder's approval) for a project in Niseko, Japan, it is expected that interest in the company will reach new heights.
The project is in line with the company's growth strategies and the board's views on reaching further out into and cementing its place as a leading property developer in the Asia-Pacific region. The company continually assesses and conducts feasibility studies into potential projects in the region. It is expected that when paired with countries implementing vaccination programs, the pent-up demand for international travel will drive a rebound for tourism with the Asia Pacific to benefit most from such a phenomenon. The board continually strives to bring added value to current and future shareholders.
