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SEC eases IPO cornerstone investor rules in 2nd draft of proposed rule - philstar.com - Philippines

SEC eases IPO cornerstone investor rules in 2nd draft of proposed rule

The SEC’s proposed second draft [link] of its new set of rules on IPO cornerstone investors contains a few adjustments to ease the burden of the new rules on both issuers and cornerstone investors. A cornerstone investor (sometimes called an anchor investor) negotiates directly with the company doing the IPO and receives a guaranteed allocation at the final offer price. The first draft of the rules required the company doing the IPO to negotiate with and disclose the identity of any cornerstone investors before filing the preliminary prospectus with the SEC and required any cornerstone investors to hold their shares in lock-up for 30 days after the IPO. This has been amended to require negotiation and disclosure on or before the official pricing of the IPO, and the 30-day lock-up has been removed entirely.

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AREIT maintains dividend dominance - philstar.com - Philippines - city Manila

AREIT maintains dividend dominance

AREIT [AREIT 34.00, up 0.3%] [link] declared a Q4/23 dividend of P0.55, payable on March 20 to shareholders of record as of March 4. The dividend has an annualized yield of 6.47% and a trailing 12-month (TTM) yield of 6.32%. The total amount of the dividend is P1303 million, which is 87% of the P1500 million in distributable income that AREIT reported for the quarter. Relative to AREIT's IPO price, the dividend increased AREIT's total stock and dividend return to 52.67%, up from its pre-dividend total return of 50.63%. The stock is up 1.8% year-to-date (YTD). AREIT’s full-year distribution ratio settled at 90.3%.

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Citicore Renewables officially moves IPO to next quarter - philstar.com - Philippines - Usa

Citicore Renewables officially moves IPO to next quarter

Citicore Renewable Energy Corp. [CREC] [link] gave notice to the exchange that it “decided to adjust the indicative date of the Offer from March 2024 to the 2nd quarter of 2024.” CREC explained that it “recently received inquiries from other institutions with regard to participation in the IPO”, and that CREC is “carefully evaluating the offers from the various institutions.” CREC is the parent company of Citicore Energy REIT [CREIT 2.69 unch], and is a major component of the Megawide [MWIDE 3.22, down 0.6%] group of companies owned by Edgar Saavedra. The original IPO offer period was scheduled to begin on March 11, with a listing set for March 22.

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REDC anchor investor buys secondary share stake - philstar.com - Philippines

REDC anchor investor buys secondary share stake

Repower Energy Development [REDC 7.40 ?1.9%] [link] recently disclosed that its IPO anchor investor, TOKAI Corporation, purchased an additional 65.1 million REDC shares at ?7.47/share to double its stake in REDC to 20.1%. The company issued a clarification yesterday to say that the shares TOKAI acquired were purchased from REDC’s parent company, Pure Energy Holdings (PEH), and not directly from REDC. This means that the ?486 million that TOKAI paid will go to PEH, not to REDC. The company did note, however, that PEH is “committed to the advancement of REDC’s renewable energy projects”, and as such, will provide “capital infusion, advances and/or lending its credit... to enable REDC to pursue more projects.”MB BOTTOM-LINE: This transaction highlights the important differences between primary (new) and secondary (pre-owned) shares. In this case, had TOKAI purchased the stake in primary shares from REDC, then REDC would have had to issue new shares to TOKAI and the ?486 million would go directly to REDC’s bank account, for direct use on things that could benefit other REDC shareholders both now and in the future. Instead, by buying secondary shares from REDC’s parent company, no new shares are created, the shares are just transferred from PEH to TOKAI, and the cash goes directly to PEH.  

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Cebu Landmasters shareholders approve FOO plan - philstar.com - Philippines

Cebu Landmasters shareholders approve FOO plan

Cebu Landmasters [CLI 2.62 ?0.8%] [link] said that its shareholders approved the board’s plan to raise up to ?5 billion from the sale of 5 million Series “A” preferred shares at ?1000/share. The follow-on offering (FOO) would be CLI’s first equity raise since its ?2.15-billion IPO in 2017.MB BOTTOM-LINE: Not a big update, just noting the administrative steps of the issuance as it works its way through the system. CLI’s application to conduct the FOO is still pending with the SEC. Once approved by the SEC, CLI will need to obtain approval from the PSE, at which time we’ll learn the tentative dates for the issuance’s offer period and listing.  

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PREIT finally declares Q3 divs - philstar.com - Philippines

PREIT finally declares Q3 divs

Premiere Island Power REIT [PREIT 1.60, up 1.9%] [link] declared a Q3/23 dividend of P0.0388/share, payable on March 12 to shareholders of record as of February 20. The dividend has an annualized yield of 9.7% based on the previous closing price, which is much larger than PREIT's pre-dividend annualized yield of 8.98%. The total amount of the dividend is P128 million, which is 109% of the P117 million in distributable income that PREIT reported for the quarter. Relative to PREIT's IPO price, the dividend increased PREIT's total stock and dividend return to 18.19%, up from its pre-dividend total return of 15.6%.

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ABS-CBN Foundation ends 25-year stewardship of La Mesa Watershed - rappler.com - Philippines - city Quezon - county Mesa - city Manila, Philippines

ABS-CBN Foundation ends 25-year stewardship of La Mesa Watershed

MANILA, Philippines – After almost 25 years of stewardship, the ABS-CBN Foundation Incorporated (AFI) will turn over management of La Mesa Nature Reserve and La Mesa Ecopark to the Metropolitan Waterworks and Sewerage System (MWSS).

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Gaea Katreena Cabico - ABS-CBN Foundation ends stewardship of La Mesa after nearly 25 years - philstar.com - Philippines - city Quezon - city Manila, Philippines

ABS-CBN Foundation ends stewardship of La Mesa after nearly 25 years

MANILA, Philippines — The ABS-CBN Foundation Inc. (AFI) announced Thursday that it is set to turn over the management of the La Mesa Nature Reserve and La Mesa Ecopark to the Metropolitan Waterworks and Sewerage System (MWSS) on February 15.

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