SP New Energy suspended again for public float violation
SP New Energy [SPNEC 1.21 suspended] [link] was suspended at the close of trading on Friday by the PSE after a block sale pushed SPNEC’s public float down to 19.57%, below the PSE’s minimum public float requirement of 20%. Earlier in the day, SPNEC disclosed a change in the number of issued shares from ~34 billion to ~50 billion after the SEC approved the amendments to SPNEC’s articles of incorporation to increase its authorized capital stock to facilitate Meralco’s [MER 377.40, down 0.7%; 91% avgVol] takeover of SPNEC through its subsidiary, MGEN. SPNEC’s disclosure, issued at around 10:30 AM, showed that the change in the number of issued shares would reduce SPNEC’s public float from 23.8% to 20.01%. The PSE’s suspension order was issued at 3:27 p.m., and mentioned only that the “execution of block sale applications” had caused the stock to slip below the 20% minimum threshold.
