I was aware of this. However, if he was one of the original...

I was aware of this. However, if he was one of the original investors (which I think he would be given that he has 8,500,000 shares) he wouldn't have paid 20 cents for each share.

He is more likely to be a seed capital shareholder and bought them when they were an unlisted public company and spend 5 cents on each share.

After all, if he bought at 20 cents, he needs to have a lot of balls to put $1.7 million into a developing company, which by reason does not sound right.

If you did your research properly, LUM offered in their initial prospectus only 15 million shares to raise 3 million. This almost certainly confirms that Piano did not get his shares on listing, but before the company got listed.