C03050-2016 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common shares | 174,300,000 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
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GT Capital Group disposes of shares in Global Business Power Corporation ("GBPC") |
Background/Description of the Disclosure |
GT Capital Group disposes of 56% equity stake in GBPC in favor of Beacon PowerGen Holdings, Inc. (“Beacon”) for P22 B |
Date of Approval by Board of Directors |
May 24, 2016 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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Please see the attached press release. |
Date | May 27, 2016 |
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Manner |
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Execution of Sale and Purchase Agreement |
Description of the company to be acquired or sold |
GBPC is a holding company that, through its subsidiaries, is a leading power producer in the Visayas Region and Mindoro Island, with a combined gross dependable capacity of 625MW comprising 617.5 MW of power supplied to the Visayas grid and 7.5 MW of power supplied to Mindoro Island. |
Number of shares to be acquired or disposed | 1,077,451,739 |
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Percentage to the total outstanding shares of the company subject of the transaction | 56 |
Price per share | P20.47 |
Nature and amount of consideration given or received |
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P22,058,400,000.00 cash |
Principle followed in determining the amount of consideration |
The purchase price was based on an agreed valuation of GBPC as confirmed by an independent third party valuator. |
Terms of payment |
Payment of 50% on the date of the SPA (May 27, 2016). Remaining 50% to be paid no later than ninety (90) days from the date of the SPA. |
Conditions precedent to closing of the transaction, if any |
None. |
Any other salient terms |
- |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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Beacon PowerGen Holdings, Inc. | GT Capital, in a separate disclosure announced its acquisition of a 15.6% equity stake in Metro Pacific Investment Corporation (“MPIC”). Beacon PowerGen Holdings, Inc. is a wholly owned subsidiary of Beacon Electric Asset Holdings, Inc., an associate of MPIC. |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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Please see the attached press release. |
Other Relevant Information |
None. |
Name | Renee Lynn Miciano-Atienza |
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Designation | Head |