(Last Updated On: September 1, 2022)
ABS CBN and TV5 decided to scrap their previous mutual agreement for the plan share swap deal which saw the stock price of ABS CBN upsurge by 40% after previous disclosures. Currently ABS CBN share price dipped by as much as 22% from its peak.
Last week, there was only a momentary pause to address the issues which have been raised by certain legislators and the National Telecommunications Commission on the proposed investment by ABS-CBN for a minority interest in TV5.
As of today it is now confirmed that the agreement will be terminated. ABS CBN had a momentary trading halt as disclosed on PSE edge.
“Request for a one-hour halt of the trading of ABSP in view of disclosures made by ABS-CBN Corporation on the termination of the parties of the Investment Agreement and Convertible Note Agreement with TV5 Network, Inc. relating to ABS-CBN Corporations’ investment in TV5 and of the Sale and Purchase Agreement and Debt Instruments Agreement in relation to the sale of the ABS-CBN Corporation’s shares in Sky Cable Corporation to Cignal Cable Corporation.”
In a recent statement from ABS CBN “Sky Vision Corporation (“Sky Vision”), ABS-CBN Corporation, Lopez, Inc., and Cignal Cable Corporation (“Cignal Cable”), announced that they have mutually agreed to terminate the Sale and Purchase Agreement dated 10 August 2022 covering the proposed acquisition by Cignal Cable of 38.88% equity interest in Sky Cable Corporation and the Debt Instruments Agreement dated 10 August 2022 covering the proposed subscription by Cignal Cable to an Exchangeable Debt Instrument to be issued by Sky Vision and the proposed acquisition by Cignal Cable of a Convertible Note issued by Sky Cable.
The termination was formalized through a Memorandum of Agreement. The Parties confirmed that they have not implemented any of the transactions covered by the Sale and Purchase Agreement and the Debt Instruments Agreement”
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