(Last Updated On: August 30, 2022)
Solar Philippines has set its Stock rights offer ex date starting August 22, 2022.
Last August 18, 2022, SPNEC informed the Philippine Stock Exchange (PSE) that the final Offer Price of its SRO is Php 1.50 per Rights Share. The Offer Price represents a 14% discount to the 15-day volume-weighted average price of SPNEC’s Common Shares as of August 17, 2022.
On its PSE edge disclosure, SPNEC dates are as follows. Offer price would be Php1.50 per share and those who have held shares or bought shares before August 22 will be entitled to buy 1 share of SPNEC for every 1.28 shares held. If a holder has 1,280 shares they will be entitled to 1,000 shares at a discounted price of 1.50 per share.
Proceeds of the SRO will be used for the Project development (including securing land and off-take agreements) for the expansion of SPNEC’s portfolio, and general corporate purposes.
SPNEC closed at 1.69 and prices adjustment and final number of shares will reflect on August 22.
Last July 28, 2022, the PSE issued a Notice of Approval for the application of SPNEC to list 1,875,649,995 shares as part of its SRO to eligible stockholders, based on the Ex-Date of August 22, 2022 and Record Date of August 25, 2022. The PSE has approved the proposed SRO timetable.
Solar Philippines Power Project Holdings Inc. (“SPPPHI”) and Countryside Investments Holdings Corporation (an affiliate of SPPPHI or “CIHC”), which collectively own 70.46% of the Issuer’s outstanding capital stock as of the Record Date, will not participate in the mandatory First Round of the Rights Offer and the mandatory Second Round of the Rights Offer to provide maximum availability of Rights Shares to minority Eligible Shareholders.
SPPPHI has committed to subscribe for all Rights Shares that remain unsubscribed after the mandatory Second Round of the Rights Offer and after the QB Take-Up pursuant to the Principal Shareholder’s Undertaking.
The gross proceeds from the Offer are expected to be ₱2,813,474,992.50. The net proceeds from the Offer, after deducting fees and expenses, are expected to amount to ₱2,795,250,188.50 assuming all the Rights Shares are subscribed during the Rights Offer and the QB Take-Up.
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