|
PUBLICLY
traded Vista Land & Lifescapes Inc. said Thursday it
will do a second-tender offer for the 5,464,420 common
shares held by minority shareholders in C&P Homes Inc.
Tender
offer refers to an offer by a company to its
stockholders to submit their stock for sale at a
specified price for a specified time.
In a
disclosure to the stock exchange, real-estate developer
Vista said the offer period will start on August 21 and
end on September 18.
“Vista
is making a second tender offer to provide C&P minority
shareholders who were not able to tender their shares
during the first tender offer another opportunity to
submit their shares before the C&P shares are delisted
from the stock exchange,” the company explained.
The said
activity will also allow the company to further
consolidate its ownership in C&P. Vista is offering to
buy all the common shares of the C&P minority
shareholders at the ratio of one Vista common share for
every one C&P common share.
To date,
the total outstanding shares of C&P number to
4,910,669,609, of which Vista owns 4,905,205,189. The
balance of 5,464,420 shares are held by minority
shareholders.
“Subject
to the approval by the PSE, the shares [up for] tender
are intended to be crossed on the stock exchange] on
September 21. Vista intends to issue the Vista shares as
payment for the tendered and accepted C&P shares on
September 24. The shares will be listed at the stock
exchange,” it said.
Vista,
the holding firm of the MB Villar Group for its four
property units, sold last month 3.105 billion primary
and secondary shares to both domestic and international
investors via a follow-on offering.
The
activity generated gross proceeds of P21.25 billion.
Around P14.5 billion went directly to the company, while
P6.75 billion went to the selling shareholders.
President and chief executive Benjamarie Therese N.
Serrano said the company’s proceeds will fund the
expansion projects of Brittany Corp. and Crown Asia,
pursue vertical residential developments and settle some
P5.2 billion of debts.
The
company this year has set a capital expenditure of P9
billion to finance land developments, housing expansions
and land acquisitions. Another P9 billion will be spent
next year for similar undertakings. |
