Schwalbs do the shuffle

Joel Schwalb has reduced his stake in Volante Group, withdrawing from one shareholding directorship to make way for his son, Ehoud Schwalb.

Stewart Shears, company secretary at Volante Group, said in a statement to the ASX yesterday that Joel Schwalb -– one time founder of Ipex -– had passed his Kher Nominees shares to Ehoud.

“Joel Schwalb has been replaced as sole director of Kher Nominees by his son Ehoud Schwalb, who continues to remain as the sole shareholder of Kher Nominees,” Shears said.

“Kher Nominees shareholding in Volante Group remains unchanged.”

Company documents reveal that Kher Nominees controls just under 12 million shares of Volante Group. Summit Nominees –- which Schwalb has retained -– represents almost 13 million of a total 24 million shares controlled by Joel Schwalb at 30 June 2004.

Schwalb family trust Takapana Investments, which traded as Ipex Information Technology Group, owns a total 50 million shares or 47 percent of Volante, following a $73 million reverse takeover of Ipex by Volante last year.

Joel Schwalb is a director of Volante Group, as is his brother and fellow Ipex co-founder Yoav Schwalb, who held 13 million shares at 30 June 2004.

Volante Group had not responded to CRN’s calls at press time.