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Manila Bulletin devider Business devider Globe Telecom cuts SRO to P17 B from P32 B

Globe Telecom cuts SRO to P17 B from P32 B

Published Sep 6, 2022 02:52 pm

Globe Telecom Inc. has reduced the size of its planned stock rights offering (SRO) to P17 billion from the earlier proposed P32 billion.

In a disclosure, the firm its SRO was approved by the Philippine Stock Exchange last Sept. 1 and shareholders as of the record date of Sept. 21 (ex-date Sept. 16) will be entitled to subscribe to the offered shares.

Based on the PSE-approved indicative timetable, Globe will set the price of the SRO on Sept. 8, 2022 and the offering period will run from Oct. 3 to 7 with tentative listing date of Oct. 28.

“The dates listed above are subject to market and other conditions and may be changed at the discretion of the Company and the Underwriters, subject to the approval of the PSE,” said Globe.

The firm said each common share will be offered to all stockholders as of the proposed record date at an offer price per Entitlement Right representing an 18 percent to 25 percent discount on the Company’s volume-weighted average price as of the relevant pricing date.

The entitlement ratio number of shares to be offered, and the price range has yet to be set or disclosed by Globe Telecom.

Principal shareholders Singapore Telecom International Pte. Ltd. and Ayala Corporation indicated their support for the SRO and are expected to exercise their pre-emptive rights to subscribe to their Entitlement Shares in the First Round of the Offer.

The two firms also have the option to subscribe to additional rights shares in the Second Round of the Offer under the same terms and conditions as any other Eligible Shareholder, up to amounts as may be permissible under applicable law.

Subscriptions of Principal Shareholders to Additional Rights Shares shall have no preference over the subscriptions of any other Eligible Shareholder in the Rights Offer.

The proceeds from the SRO will be primarily used for the pre-payment or repayment, repurchase of all or a portion of certain borrowing, including interest thereon, and other liabilities availed of by the Company for the purposes of capital expenditures; and capital expenditure plans.

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