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Manila Bulletin devider Business devider The Stock Market devider No takers: Ferronoux minority shareholders shun lowball tender offer

No takers: Ferronoux minority shareholders shun lowball tender offer

Published Apr 29, 2025 05:09 am

Ferronoux Okada.png

Ferronoux Holdings Inc. reported that not a single minority shareholder availed of the tender offer, as its market price is several times higher than the tender offer price of ₱2.22 offered by the controlling shareholder, Themis Group Corporation.

In a disclosure to the Philippine Stock Exchange, the firm said there were no availments or tendered shares during the tender offer period, as confirmed by China Bank Securities Corporation.

Ferrounoux shares closed at ₱5.95 per share Monday, April 28, and is even higher at midday Tuesday, April 29, at ₱6.15 apiece, up by 3.36 percent from the previous day.

Themis conducted the ₱285 million mandatory tender offer for the minority shares of Ferronoux after acquiring a controlling stake in Ferronoux for use as a backdoor-listing vehicle.

Themis conducted the tender offer for up to 128.29 million common shares of Ferronoux from March 19, 2025, to April 21, 2025. Ferronoux shares last traded at P5.35 per share on March 18, 2025, before the tender offer price was announced.

Before this, Themis had subscribed to Ferronoux shares at just the par value of one peso per share but their property-for-share swap has been priced at P4.70 per share.

Ferronoux said it also plans to conduct a follow-on offering within one year after completing the property-for-share swap with Eagle 1 of Themis, as required by the PSE’s backdoor listing rules.

Themis is subscribing to Ferronoux shares in exchange for a P4.31 billion prime property beside Okada Manila.

Ferronoux announced that it will raise its authorized capital stock to P2.5 billion from P550 million with a par value of one peso per share to issue 1.458 billion new shares.

The issuance equals 74.39 percent of the firm’s expanded capital (once approved by the Securities and Exchange Commission). It currently has an outstanding capital of only 261 million shares.

Including the earlier Themis subscription to 240 million Ferronoux shares from its existing capital stock, the firm will be issuing 1.7 billion shares, amounting to 86.63 percent of its expanded capital.

Ferronoux said Themis is subscribing to an additional 240 million common shares be issued from the increase in capital stock at a par value of ₱1 per share or a total amount of ₱240 million to be paid in cash or in property.

In the property-for-share swap, Ferronoux will also issue 918 million common shares at ₱4.70 per share, or a total of ₱4.31 billion, out of an increase in the company’s capital stock, in exchange for three parcels of land owned by Eagle 1 Landholdings Inc.

Eagle 1 lists Abel M. Almario as its director and vice president and Philipe T. Aquino as corporate secretary. Both lawyers were elected as directors of Ferronoux after Themis subscribed for the first 240 million shares.

The property is situated in Brgy. Tambo, Parañaque, with a total area of 94,144 square meters, is adjacent to the Okada Integrated Casino Resort. A portion of the property is being used to house the support facilities of the Okada casino complex but will eventually be vacated once construction of the master-planned development commences.

Ferronoux and Eagle 1 intend to jointly develop the property to realize its full potential value through the Company’s resources, including, but not limited to, the ability to raise funds from the public.

The firm is also issuing, via private placement, 300 million shares out of the increase in capital stock (15.3 percent of expanded capital) to comply with the minimum public ownership requirement considering the additional subscription of Themis and the property for share swap with Eagle 1 which will reduce the public float of the company’s stock.

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Themis Group Corporation Ferronoux Holdings Inc.
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