AC Energy has clarified that the Securities and Exchange Commission (SEC) has confirmed that its stock rights offering (SRO) slated for next year, and has not yet been approved.
In a disclosure to the Philippine Stock Exchange, Ayala’s energy said that “what was issued by the SEC was not an approval of the SRO but rather a confirmation letter that the SRO is exempt from the registration requirements under Section 8 of the Securities Regulation Code (“Code”), under Sections 10.1 (e) and (i) of the Code, respectively, provided that the conditions on pages 4-5 of the attached Confirmation Letter are met.”
“We wish to also note that the SEC confirmation does not state or imply the approval of the SRO, nor that the SEC has approved the offer shares or determined if the Prospectus relating to the SRO is accurate or complete,” the disclosure added.
The SRO will also have a mandatory second round, in which unsubscribed rights shares from the first round shall be offered to those who exercised their rights in the prior round and had simultaneously signalled their intention to subscribe to any unsubscribed rights shares by tendering payment of the total offer price of all rights shares subscribed to.
The company’s rights offer is part of the corporate restructuring process that it will be pursuing in the coming year, which will also include the Php20 billion placement that Singaporean investment firm GIC Private Ltd. will be injecting into the Ayala-led energy firm.