Globe Telecom finally announce the details of its upcoming stocks rights offering with an ex-date in September 16,2022. SEC has also approved the conducting of offering today. Its’ initial announcement of 32Billion peso SRO was slashed to 17 Billion peso SRO.
Below are the details of the stocks rights offering. The final price has not been shared yet and will be decided by September 8, 2022.
Company Name: Globe Telecom, Inc.
Ex-Rights Date: September 16, 2022
Record Date: September 21, 2022
Price Setting Date: September 8, 2022
Offer Period: October 3-7, 2022
In its PSE edge disclosure it states;
Following our disclosure dated June 17, 2022 on our proposed stock rights offer (the “Rights Offer”), please be informed that The Philippine Stock Exchange, Inc. (the “PSE” or “Exchange”) has approved the Rights Offer through a Notice of Approval issued on September 1, 2022 for the offer and issuance of up to ₱[17.0 Billion] worth of Globe’s common shares (the “Rights Shares”) by way of Rights Offer on a preemptive basis to eligible shareholders of record, and the subsequent listing of said shares.
Further, on August 25, 2022, the Securities and Exchange Commission (the “SEC”) issued a Confirmation of Exempt Transaction confirming that the Rights Offer is exempt from the registration requirements under Section 8 of the Securities Regulation Code.
Globe Telecom stocks prices is currently on a down trend and it matters to see how the stocks rights offering will affect its price, as we know that additional shares will weigh in on investors sentiment.
Share prices closed at 2,168 pesos per share on Tuesday trading day.
