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Good move PSE! Be TOUGH on erring public stocks!

bauer · 7 · 1561

bauer

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PSE flags Alphaland’s share sale

 By Neil Jerome C. Morales (The Philippine Star)  | Updated February 9, 2014 - 12:00am

MANILA, Philippines - The operator of the country’s stock exchange has flagged the P270-million share sale of upscale property developer Alphaland Corp. that was exclusively targeted for minority stockholders.

In a public notice, the Philippine Stock Exchange (PSE) said “the terms and conditions of the said stock rights offering, as published in several newspapers and in various related advisories that may be circulating among the trading participants, do not comply with the applicable rules of the PSE.”

“The PSE has properly communicated to Alphaland the said non-compliance with the PSE’s rules for stock rights offerings,” it added.

Late last month, Ongpin-led Alphaland announced its plan to sell 108 million new shares, which is expected to raise P270.8 million in gross proceeds.

The stock rights offering, exclusively for shareholders that own less than 10 percent of Alphaland shares, ran from Feb. 3 to 7.

Alphaland earlier said the stock rights offering will give minority shareholders a chance not to be diluted following a billion-peso capital infusion from large stakeholders early in January.

Business ( Article MRec ), pagematch: 1, sectionmatch: 1     

The high-end property developer allowed minority shareholders to buy new Alphaland shares at a heavy discount of P2.50 apiece compared with the closing price of P17.48 on Jan. 20, when its shares were suspended from trading.

Proceeds will be used to partly fund the working capital and capital expenditure requirements of the company. Any shares not taken up in the offering will be acquired by underwriter Unicapital Securities Inc.

“We will appropriately inform the trading participants and the investing public of developments on the matter,” the PSE said.

Early last month, Alphaland issued new shares in line with a capital call to ease the effects of a credit crunch experienced by the company.

Given time constraints, the capital call was made only to owners of more than 10 percent via a private placement. The transaction allowed the group of former Trade Minister Roberto V. Ongpin to secure 50.57 percent of Alphaland’s outstanding shares after London-based investment fund manager Ashmore Group ignored the capital call.

Prior to the transaction, the Ongpin Group owned 21.73 percent of Alphaland while Ashmore Group controlled 69.37 percent, which is now down to 24.41 percent.

Alphaland, which is into high-end leisure developments catering to the affluent, is a joint venture between the Ashmore Group and Ongpin’s RVO Capital Ventures.


bauer

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Reply #1 on: Feb 09, 2014, 05:41 PM
And I thought RVO is an astute and well respected businessman and partner.

Masama palang galitin si RVO, gagawa ng mga 'unfair' moves against business partners that wants to quit the business. 

How come that a minority partner can make a capital call without securing the consent of the majority owner?  Posible pala yun dito sa Pilipinas.

After making a capital call, the minority INSTANTLY becomes a majority owner, not by infusing CASH in a credit crunch company, BUT by giving a PROPERTY.  Is it high value?  Can you call a property in ITOGON a high value?  Where is ITOGON again??

To add insult in the face of PSE, the capital call was OPEN only to them!  Not even offered to the public by a lame excuse of time constraints!

I was made to assume that old businessmen like RVO, after all these years of enriching themselves, has become wiser and fair in his business dealings.  Pareho lang pala tulad nina JPE, Erap, et.al.


« Last Edit: Feb 10, 2014, 01:40 PM by bauer »


Wills

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Reply #2 on: Feb 10, 2014, 01:37 PM
May magandang lesson dito pagsa-umpisa pa lang ay mandurugas na, asahan mo hanggang as dulo mandurugas pa rin.


lemreyes

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Reply #3 on: Feb 10, 2014, 02:19 PM
There are companies i directly avoid based on the management.


wilch23

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Reply #4 on: Feb 10, 2014, 05:38 PM
But the first capital call was above board? There was no disapproval, so that must be so.

Anyway, it is perfectly legal for someone to own more than half of the equity of a corporation and yet cannot control it. He may even own 99% of the capital and still cannot control it. Knowledge of the corporate law is the key.

I wonder what term and/or condition didn't conform with the PSE rules. It may just be some technicalities, let the lawyers get back to work. I'm just trying to be the voice of reason here. You know, underdogs, etc


bauer

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Reply #5 on: Feb 10, 2014, 05:59 PM
But the first capital call was above board? There was no disapproval, so that must be so.
 

^ If the first capital call was above board, PSE will not oppose it.  The majority owner (before the dilution) also contested the first capital call.

Food for thought:  If forbes includes RVO in one of the richest Filipino businessmen, why is he so angry if his partners will pull the plug?  if the business is truly rewarding, it is easy for him to get new partners di ba ??


wilch23

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Reply #6 on: Feb 11, 2014, 12:57 PM
it may not be easy to get minor partners who will give a big amount of investment. Because they usually want control. But RVO may also be choosy in getting partners, so who knows.


 


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