Retired shares. Prime Gaming Philippines Inc. is not reissuing or reselling its 39.907 million treasury shares which it bought back for P747.762 million, or P18.738 per share. Instead, it will retire them. When the retiring process is completed, it will only have authorized capital stock, par value of P1 and outstanding shares. Prime Gaming, which decided to reduce its capital stock’s par value from P10, now has authorized capital stock of 100 million shares, of which 99.531 million are issued; of which, in turn, 59.624 million shares are outstanding and 39.906 million are treasury shares. (Outstanding shares plus treasury shares equals issued shares). Prime Gaming said after retiring its treasury shares, its capital stock will consist of authorized capital stock of 60.093 million shares and 59.624 million in issued and outstanding shares, which are all listed on the Philippine Stock Exchange. The retirement process also involves the reduction of Prime Gaming’s authorized capital stock by the number of treasury shares (100 million authorized capital stock minus 39.907 million treasury shares equals 60.093 million shares).

Buyback. Grand Plaza Hotel Corp. spent more in buying back shares than in distributing dividends. In a filing, it said it had 19.654 million treasury shares as of June 27, the day when its latest in a series of stock buybacks ended. The hotel company, which paid P982.689 million in reacquiring its own shares at P50, gave out P144.712-million dividend in the last three years—P70.462 million in 2007; P51.363 million in 2006; and P22.887 million in 2005. Grand Plaza’s authorized capital stock consists of 115 million common shares with par value of P10 of which it has issued 87.318 million shares. Minus 19.654 million treasury shares, it now has 67.665 million outstanding shares to share in future profits. As of end-March 2008, it had retained earnings of P19.888-million net of the P982.689-million spent in buying back shares.

Pay and perks. The Sorianos are generous to their executives. Here is why. A. Soriano Corp., the family’s listed holding company, reported to regulators that net income in 2007 plunged 77.77 percent to P695.670 million from P3.129 billion in 2006 because of investments gains—which, it said, amounted to P3.594 billion in 2006 and only P821.597 million in 2007 and P427.213 million in 2005. Among the investments, which Anscor sold in 2006 were its shares in International Container Terminal Services Inc. (ICTSI), from which it gained P2.784 billion. In May 2006, Anscor grossed P2.80 billion from the sale of its 442.234 million ICTSI shares to the Razon group at P11.75 each. In a filing, Anscor said it “declared a special and nonrecuring bonus” to its executive officers and directors in the amount of P82.5 million, as approved by the Board and the Compensation Committee on November 10, 2006. The additional perk was on top of the executives’ regular pay and incentives which amounted to P64.047 million in 2007 and P64.458 million in 2006. This year, Anscor estimated the group’s pay and perks at P70.986 million.

Insider’s trades. Manuel Lopez, chairman and chief executive officer of Manila Electric Co. (Meralco) should thank Winston Garcia, president, general manager and vice chairman of the board of the Government Service Insurance System who owns one Meralco share, for unintentionally dragging down the price of Meralco shares with his attempt to takeover the electricity company. In a filing, Meralco said Lopez spent about P5.909 million in buying 140,000 shares in the open market. The acquisition raised Lopez’s direct holdings in Meralco to 2.052 million shares, or 0.1841 percent.

Independent directors. Eduardo Cojuangco Jr., chairman and chief executive officer of San Miguel Corp., nominated for reelection as independent directors of San Miguel Corp. Inigo Zobel and Winston Garcia, president, general manager and vice chairman of the board of trustees of the Government Service Insurance System (GSIS)—but not Corazon de la Paz Bernardo, president and chief executive officer of the Social Security System (SSS). Instead, Cojuangco nominated Carmelo Santiago as SMC’s third nominee independent director. In previous years, Garcia and Bernardo were nominated by GSIS and SSS respectively as independent directors, thereby depriving the two pension funds of full representation in SMC’s 15-man board.

ALI to develop 12-ha John Hay property

AYALA Land Inc. (ALI) is leasing a 120,636.92-square meter lot at John Hay Special Economic Zone in Baguio City, where it will put up mixed-use facilities intended for retail and business process outsourcing (BPO).

Dell to inject repairs service in retail outlets on bullish outlook

A SLUMPING US economy hasn’t dented Dell Inc.’s bullish outlook in Asia and the Philippines, with its executives citing expansionary moves.

Globe eyeing broadcast firm?

ARE the Zobels and their Singapore partners buying Radio Mindanao Network (RMN) and Associates or not to enable Globe Telecom Inc. to go into mobile television and IPTV (Internet Protocol TV) services?

CODE nerds now have a new arena where their programming savvy could very well pay off. Search engine giant Google Inc. on Wednesday opened registration for the Google Code Jam 2008. Programmers ready to use their coding skills, creativity and ingenuity to solve a series of challenges can register online at http://code.google.com/codejam.

Vizcaya board reverses self on Oceana

NEW Zealand-owned Oceana Gold’s mining project in Didipio, Nueva Vizcaya suffered another blow after the Provincial Board of Nueva Vizcaya passed a resolution withdrawing its support from the company’s mining project.

Ownership fight over mine still rages

THE question as to who owns a mine site in Palawan is still unresolved, Platinum Group Metals Corp. (PGMC) said Wednesday.

Due Dilgencer: Retired shares.