Cebu Landmasters [CLI 2.60, up 0.8%; 142% avgVol] [link] announced that its board of directors approved a measure to sell up to P5 billion worth of its Series A preferred shares in an upcoming follow-on offering. The transaction will feature 3,000,000 “firm” offer shares, plus up to 2,000,000 shares in an oversubscription option, for a total of 5,000,000 Series A preferred shares at a price of P1000.00/share. The measure authorizes CLI’s management team to apply with the SEC and the PSE to conduct the offering and eventually list the shares on the PSE.