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Petron's Perpetual Preferred Shares (Series 2010)

un1z · 27 · 18113

un1z

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may new offering daw. 100k min.
« Last Edit: Oct 13, 2014, 11:02 PM by FutureGizmo »


madoff

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Baka yung Preferred Shares ibig mo sabihin? up to Feb 26 ang application deadline, contact your BDO or BPI branch kung gusto nyo, 50k minimum, P100/share, listed sa PSE like FPHP, ACPR, ACPA.
Posted on: Feb 17, 2010, 02:31 PM
8.5% net dividend yield per annum


berns

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Is this a good deal at 100/share? wala kc akong alam sa stocks  :hihi: the dividends are not guaranteed right?


madoff

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You can visit http://www.pse.org.ph/ to view the details of this offering. Meanwhile, here's an excerpt from their prospectus:

PETRON CORPORATION
Petron MegaPlaza, 358 Sen. Gil Puyat Avenue
Makati City 1200, Metro Manila, Philippines
Telephone number 886-3888
FAX number 886-3088

This Prospectus relates to the offer and sale by way of a primary offer (the "Offer') of 50 million cumulative, non-voting, non-participating, non-convertible peso-denominated Perpetual Preferred Shares (the "Preferred Shares" or "Shares") of Petron Corporation ("Petron", the "Company" or the "Issuer"), a corporation duly organized and existing under Philippine law.

In the event of an oversubscription, the Joint Issue Managers in consultation with the Issuer, reserve the right, but not the obligation, to increase the Offer size up to an additional 50 million Preferred Shares, subject to the registration requirements of the Philippine Securities and Exchange Commission ("SEC") (the "Oversubscription Option").

The Preferred Shares will be issued on March 5, 2010 (the "Listing Date") by the Company from its 624,895,503 authorized and unissued new preferred share capital. Each Preferred Share has a par value of P1.00 and a liquidation right equal to the Issue Price of the Preferred Share plus an amount equal to any dividends declared but unpaid in respect of the previous dividend period and any accrued and unpaid dividends for the then-current dividend period to (and including) the date of commencement of the Company's winding up or the date of any such other return of capital, as the case may be (the "Liquidation Right").

The Preferred Shares are being offered for subscription solely in the Philippines through the Joint Lead Managers and Participating Underwriters (the "Underwriters") and Selling Agents named herein at a subscription price of P 100 per share (the "Offer Price" or the "Issue Price").

Following the Offer, the Company will have (a) 9,375,104,497 common shares and (b) 50,000,000 preferred shares issued and outstanding, if the Oversubscription Option is not exercised. On the other hand, if the Oversubscription Option is exercised in full, the Company will have (a) 9,375,104,497 common shares and (b) 100,000,000 preferred shares issued and outstanding. The holders of the Preferred Shares do not have identical rights and privileges with holders of the existing common shares of the Company.

The declaration and payment of dividends on the Shares on each Dividend Payment Date will be subject to the sole and absolute discretion of the Issuer's Board of Directors (the "Board") to the extent permitted by law. The declaration and payment of dividends (except stock dividends) do not require any further approval from the shareholders.

As and if declared by the Board, dividends on the Shares shall be at a fixed rate of 9.5281% per annum calculated in respect of each Share by reference to the Offer Price thereof in respect of each Dividend Period (the "Dividend Rate"). Subject to the limitations described in this Prospectus, dividends on the Shares will be payable quarterly in arrears on March 5, June 5, September 5 and December 5 of each year (each a "Dividend Payment Date"). Unless the Shares are redeemed by the Issuer on Optional Redemption Date, the dividends on the Shares will be adjusted on the Optional
Redemption Date to the higher of (a) the Dividend Rate or (b) the 10-year Fixed Rate Treasury Note benchmark yield as displayed on the PDST-F screen of the PDEx page (or such successor page) of Bloomberg for the date corresponding to the Optional Redemption Date plus a spread of 487.5 basis points (see Summary of the Offering on page 18).

Dividends on the Shares will be cumulative. If for any reason the Issuer's Board does not declare a dividend on the Shares for a dividend period, the Issuer will not pay a dividend on the Dividend Payment Date for the dividend period. However, on any future Dividend Payment Date on which dividends are declared, holders of the Shares must receive the dividends due them on such Dividend Payment Date as well as all dividends accrued and unpaid to the holders of the Shares prior to such Dividend Payment Date (see Description of the Preferred Shares on page 25).

As and if declared by the Board, the Issuer may redeem the Preferred Shares on the fifth anniversary from Listing Date (the Optional Redemption Date) or on any Dividend Payment Date thereafter in whole (but not in part only), at a redemption price equal to the Issue Price of the Shares plus accrued and unpaid dividends for all dividend periods up to the date of actual redemption by the Issuer.

The Issuer may purchase the Shares at any time in the open market or by public tender or by private contract at any price through The Philippine Stock Exchange, Inc. (PSE). The Shares so purchased may either be redeemed and cancelled after the Redemption Date or kept as treasury shares.
« Last Edit: Aug 11, 2012, 11:45 PM by FutureGizmo »


mojof

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DonT

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Under Bonds and Securities ba ang offer ng Petron? hindi ba parang stocks yun?


un1z

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so maganda ba ito or hindi?
Posted on: Feb 17, 2010, 09:23 PM
ano ba pag preferred shares? how is it different po sa commercial bonds?


madoff

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Dapat nga siguro sa stocks thread ito kasi stocks din sya na tradeable sa PSE. Like commercial bonds may guaranteed dividend din ito and at the same time kung ayaw mo na at gusto mo naman ang prevailing market price nya sa PSE board, pwede mo na ibenta.


GoodSteward

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btw, yun guaranteed dividend is a percentage of the offer price, or a percentage of the prevailing market price?


madoff

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« Last Edit: Feb 18, 2010, 07:43 AM by madoff »


GoodSteward

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Thanks madoff! So bad i missed this one...still lots of thing to learn about stocks...


berns

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very informative, although I don't totally understand this one yet. thanks for the info!


madoff

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You only missed the brokers' allocation GS, unti Feb 26 pa sa underwriters. Yung friend ko nakakuha ng 2k shares sa BPI kahapon. For those interested, contact BPI securities or BDO capital.


tokzz

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i don't know anything about stocks but the dividends looks interesting. is this a good opportunity to start with for a noob like me? any comment from the stock gurus out there?


lowbatt99

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Pwede ba bumili ito through BDO?


berns

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How does one gain capital appreciation on preferred stocks? What is the price based on?


madoff

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Your preferred shares will be listed in the PSE, so it's price will be subject to supply and demand. If demand is high, then you make a capital gain.


GoodSteward

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thanks madoff!!!! ill try it at bdo or bpi...i hope i can still get this :)


berns

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After doing some due diligence, in my personal opinion, I would say that bonds are better than preferred stocks for individual investors (pero depende din sa features).


lowbatt99

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wintan2006

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Wala na sa BDO
[/quote

Wala na sa BDO
my sister was informed by a Metrobank personnel na inde daw minsan quarterly ang pagbigay ng interest sa clients,minsan daw 6 months or 9 months tsaka mabibigay kaya nag backout ako.


Ageo

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un1z

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tapos na. di nga ako nakakuha. hehe


Ageo

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thanks ... sayang anu? sana ma inform tau ng maaga aga kapag ganitong maganda offer, hanggat meron pa tayong pang bili... :hello:


Rothschild

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prodlinetrading

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may bagong inooffer ang petron i was advised by a bank manager yesterday perl we have not talked about the details yet. ill post pay nakausap ko na say


toymrs

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Petron is redeeming it's preferred shares (PPREF) issued 2010.


 


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