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Manila Bulletin devider Business devider The Stock Market devider Belle sets PLC tender offer price at P0.85/share

Belle sets PLC tender offer price at P0.85/share

Published Mar 20, 2024 08:07 am

Gaming and leisure property firm Belle Corporation has set the price of its tender offer for all the minority shares of Premium Leisure Corporation at P0.85 per share for a total of P5.33 billion.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said they are mopping up minority-held shares of PLC “for the purpose of eventually causing the filing of an application for the voluntary delisting of PLC from the Main Board of the Philippine Stock Exchange.”

PLC has a total outstanding capital of 31.22 billion shares and a public float of 20.08 percent. Its share price surged to a high of P0.94 apiece and last traded at P0.92 after surging on news of the tender offer.

Belle said the tender offer period was set from March 22, 2024 to April 24, 2024 while the payment and settlement of the shares to be tendered was set from April 25, 2024 to May 9, 2024. BDO Securities Corporation has been tapped as Tender Offer Agent.

The tender offer price is based on the Fairness Valuation Report prepared and submitted by First Metro Investment Corporation (First Metro).

As required by the PSE Rules on Delisting, the Tender Offer Price is the higher of the highest valuation based on the Fairness Valuation Report prepared by First Metro, or the volume weighted average price of PLC shares for one year immediately preceding the date of posting of the disclosure of the approval by the PLC Board of Directors of PLC’s delisting from the PSE.

First Metro, using various valuation methodologies, considered that PLC is fairly valued at between P0.60 to P0.85 per share. On the other hand, the one-year volume weighted average price of PLC is at P0.60 per share.

The PSE Rules on Delisting also requires that a party proposing the delisting of a listed company must show that it has acquired at least 95 percent of the outstanding capital stock of the listed company.

“For this reason, Belle’s Tender Offer for the shares of PLC will be deemed withdrawn in the event that the required acquisition of at least 95 percent of PLC’s outstanding capital stock will not be secured,” the firm said.

PLC reported two weeks ago an 85 percent surge in consolidated net income to P2.32 billion last year from P1.26 billion in 2022 on the back of strong gaming and lottery revenues.

The firm said its consolidated revenues rose 41 percent to P2.94 billion for the year ended 2023 from the P2.08 billion achieved in 2022.

PLC said its gaming revenue share through its wholly owned subsidiary Premium Leisure & Amusement Inc. jumped by 50 percent to P2.34 billion in 2023 from P1.56 billion in 2022 due to significantly enhanced mass and VIP operations at City of Dreams Manila.

Meanwhile, Pacific Online Systems Corporation, PLC’s majority owned subsidiary, also delivered solid results, achieving a 44 percent growth in net income to P275 million in 2023 from P191 million in the previous year.

Through its partnership with Melco Resorts and Entertainment (Philippines) Corporation, PLC has an interest in the development of City of Dreams Manila, an integrated entertainment and gaming complex located at the Philippine Amusement and Gaming Corporation (PAGCOR) Entertainment City in Parañaque City.

PLC also owns a 50.1 percent stake in Pacific Online Systems Corporation, a publicly-listed company that provides lottery software and equipment to the Philippine Charity Sweepstakes Office, the government entity that runs lottery operations in the country.

Related Tags

Belle Corporation City of Dreams Manila Premium Leisure Corp.
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