PRINCIPAL shareholders of IPVG Corp. on Thursday revealed a new plan to further consolidate their stake in the company in what analysts said could pave the way for the entry of a new group seeking to use the former technology firm as a backdoor listing vehicle to the Philippine Stock Exchange.
In a PSE filing on Thursday, IPVG announced details relating to the voluntary lock-up of shares held by majority shareholders owning 58.06 percent and a plan to reacquire 10 million shares from the open market.
IPVG said the lockup period will last until December 15 or upon completion of a restructuring plan that earlier facilitated the spinoff of operating assets and liabilities into an unlisted company to allow the possible entry of a new company into IPVG.
The announcement comes even as IPVG’s principals, through unlisted IP Ventures Inc., are making a voluntary buyout offer for 40 million IPVG shares held by the minority at P1.70 each. The tender offer period will run from October 13 until November 14.
Speculation is persistent among market players and the media that interested parties include Enrique Razon Jr.-led Bloombury Investments Holdings Inc., which is building a casino and hotel complex along the Manila Bay reclamation area.
A source in the gaming industry said Bloombury is interested in a backdoor listing on the PSE, although it has alternative fundraising plans.
Majority shareholders of IPVG, including founder and chief executive officer Jaime Enrique Y. Gonzalez, are seeking to secure at least 67.45 percent of IPVG as part of the company’s ongoing “restructuring plan.”
“We are just consolidating our shares into one block as part of our restructuring program,” Gonzalez said in a text message on Thursday.
Gonzalez reiterated that IPVG has yet to sign a “definitive deal” with any party at this point.
“All the rumors in the market are speculation. That fact that we haven’t announced anything makes our position very clear,” Gonzalez added.
Still, speculation on the entry of Razon’s group has propelled IPVG to as much as P3.87 each last week, up 125 percent since a voluntary trading halt was implemented on September 28.
