SINGAPORE - ISR Capital's largest shareholder David Rigoll, who quit over a pay dispute, has continued to dispose of his shares in the company, an action which ISR has said is a breach of a moratorium.

On March 7, Mr Rogoll sold another 17.9 million ISR shares for S$804,030, or 4.48 cents per share, cutting his stake in the company from 26.07 per cent to 24.93 per cent, the company disclosed in a filing with the Singapore Exchange on Friday morning (March 10).

On Thursday, ISR disclosed that Mr Rigoll had sold 21.3 million ISR shares at S$1 million, or 4.7 cents a share, on March 6, after stepping down from his post on Wednesday.

Mr Rigoli, who was appointed last May to oversee and manage the group's investment in the exploration and development of rare earth elements, alleged the firm had not paid his salary for last month.

Mr Rigoli said that in view of the pay dispute, he would be withdrawing the undertaking he had previously provided on not selling or transferring his shares.

The board countered that he was not in a position to "unilaterally" terminate the deed of undertaking without the agreement of the company, adding he has "breached the terms of the deed of undertaking" as he had sold some of the shares on Monday. ISR also said it would be seeking legal advice.

At 10.30am, ISR Capital shares were unchanged at 2.2 cents, after dipping 0.1 cent earlier.