Please be advised, that as of date, the Company updated the subscription by participants of the ABS-CBN Employee Stock Purchase Plan (“ASPP”) and the Executive Stock Purchase Plan (“ESPP”) to a total of 3,365,177 common shares in ABS-CBN Corporation.
The total issued shares as of date is 875,487,529. The total outstanding shares as of date is 854,164,968.
The number of subscriptions decreased by 25,500 (from 3,390,677 to 3,365,177) common shares due to various withdrawals of the participants up to November 30, 2021, the monthly report of which is provided to the Philippine Stock Exchange. The total withdrawn shares up to November 30, 2021 is 8,026,323 common shares which reverted to the Company as part of its unissued common shares.
Under Sections 12 and 13 of the ASPP, a participant forfeits any rights or interest relating to the plan except for the right to receive a full refund for all purchase payments made: when a participant voluntarily withdraws from the plan for any reason; when the participant’s employment terminates or ceases as a result of resignation or voluntary separation from employment; when the participant’s service agreement ends; or when the participant involuntarily withdraws from the plan with fault on the part of such participant (e.g., termination for just case or termination due to breach of service agreement). The said shares shall revert to the Company.
Under Section 13 and 14 of the ASPP, in addition to the option to withdraw from the plan, the option to purchase shares equivalent to the paid portion is also available: when the participant involuntarily withdraws from the plan without fault on the part of such participant (e.g., closure of establishment and reduction of employees, separation due to disease or permanent disability, or retirement) or in case of the death of a participant. The shares corresponding to the unpaid portion shall revert to the Company.
The ESPP has the same forfeiture and option features for its participants. |