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PSE Stock: ROCKWELL LAND CORP. (ROCK)

vgal0579 · 6 · 3318

vgal0579

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on: Mar 29, 2012, 12:57 PM
Rockwell Land to list P9B worth of shares by May 14


Meralco stockholders to get 51% of stocks

MANILA, Philippines—Upscale property developer Rockwell Land Corp. has filed an application at the Securities and Exchange Commission to list P9 billion worth of shares on the Philippine Stock Exchange by way of introduction, or without an initial public offering, by May 14 this year.

Rockwell is also seeking the SEC’s approval to distribute 51 percent of its shares as property dividends to stockholders of Manila Electric Co., which will control majority of the property developer until the property dividend distribution.

Based on a registration statement filed at the SEC, Rockwell plans to list by way of introduction all of its 6.23 billion common shares on the PSE’s main board at an initial listing price of P1.46 each.

Rockwell will also distribute 3.18 billion common shares, or 51 percent, as property dividends to shareholders of Meralco.

The Lopezes’ property arm currently has an authorized capital stock of P9 billion consisting of 8.89 billion common shares with a par value of P1 and 11 billion preferred shares with a par value of P0.01 each. The total issued shares stood at 6.23 billion, which will all be listed by way of introduction no later than May 14 this year.

Prior to the dividend declaration, Meralco was the legal and beneficial owner of 51 percent of Rockwell’s issued common shares. Last February, the company approved the dividend distribution resulting in the distribution to Meralco shareholders of 2.818 common shares for every one share in Meralco. Foreign shareholders will be paid in cash, instead of common shares, at the same price of P1.46 a share.

The dividend distribution is expected to commence on or before the 5th trading day after securing all approvals from the SEC and the listing of common shares with the PSE, the documents said.

As a result of the distribution of property dividend, Rockwell will have a minimum 48,892 shareholders, 27,771 of whom own at least one board lot each. Thus, it is qualified to list on the PSE without offering shares to the public.

The price for the transactions is supported by valuation report and fairness opinion issued by CLSA Exchange Capital.

Rockwell’s total assets as of end-2011 amounted to P18 billion while equity stood at P9.1 billion. The company started operations in 1995 by redeveloping an old thermal power plant into an upscale mixed-use community now known as Rockwell Center in Makati, which has seven high-rise residential towers, a shopping mall, a leisure club, a graduate school and two office buildings (Nestle and Phinma). Rockwell also has an office complex in Ortigas and a new mixed-use community called “The Grove” in Ortigas. - Doris C. Dumlao
« Last Edit: Jun 01, 2012, 12:35 PM by FutureGizmo »


vgal0579

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Reply #1 on: Apr 30, 2012, 12:11 PM
SEC greenlights IPO plans of Lopez-led Rockwell Land

ROCKWELL LAND Corp. has bagged the Securities and Exchange Commission’s (SEC) approval for its planned listing on the local bourse, a document released to media showed.

The developer bagged the recommendation of the SEC en banc after the regulator’s corporation finance department endorsed the Lopez-led firm’s planned listing by way of introduction on the Philippine Stock Exchange (PSE) as well as the distribution of property dividends, a document dated April 25 showed.

A total of 6.23 billion common shares will be listed on the bourse, a number which represents 100% of its issued and outstanding common shares, the document showed.

Listing shares by way of introduction in the bourse allows companies to have its shares traded without having to undergo an initial public offering immediately.

The document also clarifies that the so-called chainlisting rule does not apply to Rockwell Land, thus allowing the firm to list.

PSE rules state that “...a subsidiary or a parent company of an existing listed issuer will not be considered for listing if the assets and operations of the applicant are substantially the same as those of the existing listed issuer.”

The company said that its business and revenue streams are separate from its major stakeholders, Manila Electric Co. and First Philippine Holdings Corp.

The company has long declared its targeted listing on the bourse last year, after Meralco announced its planned divestment of its shares in Rockwell.

Meralco is disposing its 51% stake by distributing them as property dividends.

Rockwell Land is the developer behind the Power Plant Mall, residential One Rockwell and the Edades Tower. -- MJOC


vgal0579

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Reply #2 on: May 14, 2012, 09:55 AM
Rockwell Land shares surge on first trading day

ROCKWELL LAND Corp. bucked the market’s downtrend on Friday, with its share prices more than tripling at the close of its first trading day amid announcements the property developer was looking to grow profits by 20% this year.

Rockwell Land shares closed at P4.90 apiece, up 235.62% from its initial price after hitting an intraday high of P7.71 on the same day. The firm had listed by way of introduction 6.23 billion common shares totaling P9.1 billion on the stock exchange’s first board, resulting into a public float of 14.9%.

In contrast, the Philippine Stock Exchange index shed 0.65% or 33.96 points to close at 5,158.14, while the broader all-share index dipped by 0.49% or 16.91 points to close at 3,405.22.

Listing by introduction is a method that allows firms to have shares traded in the PSE without having to immediately conduct an initial public offering (IPO). No fundraising was involved in the transaction.

CLSA Exchange Capital, Inc. served as financial adviser for the transaction.

For 2012, Rockwell Land is looking at double-digit growth on the back of sustained sales from its ongoing and existing properties.

"We would like to break the P1 billion [net income] level in 2012. So I think that would be at least 20% growth for this year," Nestor J. Padilla, Rockwell Land president, told reporters at a briefing yesterday.

This translates into a full-year net income target of approximately P1.10 billion for 2012.

The company met earlier-announced goals in 2011, recording a 14.23% profit growth to P915 million as revenues climbed to P6.15 billion versus P4.89 billion year-on-year on the back of higher sales from condominium units.

"The growth of Rockwell [Land] this year will really be driven by two reasons: one is our development income out of the condominiums that we develop and sell to the market, while the other half is driven by our mall earnings," Mr. Padilla said.

Moving forward, Rockwell Land is open to further fundraising via an equity sale in the future, as well as project expansions beyond Metro Manila.

"We may look in Cebu and even Davao. That’s being looked at by our business development people. In Metro Manila, we have also been acquiring some good properties," said Manuel M. Lopez, Rockwell Land chairman.

"We are contemplating bringing the brand of Rockwell into the serviced apartment and hotel management business. Our first attempt to be in the tourism segment is in Edaes where we designed it to have four floors of serviced apartments," Mr. Lopez added, noting that the apartments will be operational by December of 2014.

This year, Rockwell Land said it is launching three projects: Greater Rockwell, a 3.6-hectare, mixed-use expansion of its flagship 15.5-hectare Rockwell Center district in Makati City; Lopez Tower, which is intended to be the headquarters of the firms under the Lopez Group; and 205 Santolan, a 1.8-hectare low-density townhouse development, the company’s first project in Quezon City. - F Dela Fuente


Senyor

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Reply #3 on: Nov 24, 2012, 10:10 PM
Release the Kraken.
Where else will you go when you are at the bottom of the ground.
.99 - Maybe?
NOT THIS ONE.
LPZ is up
FGEN is up
FPH is up
EDC is up
The Rock is about to bounce


« Last Edit: Nov 24, 2012, 11:45 PM by Senyor »


pmtmember

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Reply #4 on: Jan 16, 2013, 05:53 PM
Relationship with this stock may be on the rocks if the Dark Cloud Cover pattern will be confirmed tomorrow. This pattern suggests that a top reversal may happen soon. Although there is still a chance the relationship will be saved as the real body of the red candlestick didn't close at the middle point of yesterday's candlestick.

Kabit.. I mean caveat!

ROCKWELL LAND CORPORATION



yllor

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Reply #5 on: Jun 25, 2014, 09:41 PM
wala pa bang news dito sa ROCK.

naisantabi na lang ang bato sa tabi-tabi. :hihi:

PD. ipit ako :harhar:


 


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