Ayala-led firm AC Energy Philippines Inc. (ACEN) is accelerating the offer period for its stock rights offering (SRO) that will cover the issuance of 2,267,580,434 shares.
In an updated disclosure to the Philippine Stock Exchange (PSE), the company indicated that its offer period will start on January 18 and will end on January 22; which is an adjusted timeframe from the previously prescribed offer dates of February 1 to 5 this year.
ACEN reiterated that the issue price is sustained at P2.37 per share, subject to the requisite regulatory approvals, primarily that of the Securities and Exchange Commission.
The Ayala firm noted that in its SRO process, its parent firm AC Energy Inc. (ACEI) “will not participate in the rights offer to provide maximum availability of rights shares to the minority stockholders.”
Nevertheless, ACEN qualified that its parent company is given the option “to participate in the institutional offer.”
The common shares covered by the SRO would be those as of record date January 13, 2021 – and the issue will comprise of two rounds and a domestic institutional offer.
As stipulated, the first round will consist of the 2,267,580,434 shares, that shall be offered on a “pre-emptive rights basis” to eligible shareholders of the company – and this could be participated in by shareholders in the Philippines or even those who are outside of the country as long as they are legally allowed to join the stock offering.
The second round of the offer shall consist of the “unsubscribed rights shares” from the first round of the SRO, which will then be offered to shareholders who exercised their rights in the prior round and who had “simultaneously signified their intention to subscribe to any unsubscribed rights shares by tendering payment of the total offer price of all rights shares subscribed to, including all rights shares in excess of their entitlements.”
For the domestic institutional offer, this will cover shares that have not been taken up in the second
round SRO; or those shares that had not been paid for by eligible shareholders; as well as all the remaining rights shares to be sold by the joint lead underwriters to the qualified buyers. Tapped as joint lead underwriters in the domestic institutional offer had been BPI Capital Corporation and China Bank Capital Corporation.