Globe Telecom is asking the Philippine Stock Exchange to suspend the trading of its Series A Non-Voting Perpetual Preferred Shares (GLOPP) as these will be redeemed on August 22, 2021.
In its request for voluntary trading suspension, Globe said the shares shall be redeemed at the redemption price equal to the issue price of the shares plus accrued and unpaid dividends up until August 22, 2021 based on the dividend rate of 5.2006 percent per annum.
“The registrar for our GLOPP shares need to prepare a certified Redemption Entitlement Report and deliver to us and our paying agent no later than 9:00 A.M. of August 11, 2021 or 8 banking days immediately prior to the redemption date,” the firm said.
Thus, Globe said that, “In view of the foregoing, the record date for the full redemption of the Shares is set for July 28, 2021, and the trading suspension on our GLOPP shares is set starting July 23, 2021, which is the ex-date.”
The 20 million GLOPP will be recorded as treasury stock of Globe and shall be retired. The redemption will decrease the number of foreign shareholders of Globe preferred shares.