C01528-2014 |
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 Holdings, Inc. (GTCAP) acquires an additional 9.21% of Toyota Cubao, Inc. (TCI), raising its stake to 89.10%. |
Background/Description of the Disclosure |
GT Capital Holdings, Inc. (GTCAP) acquires an additional 9.21% of TCI, raising its stake to 89.10%. |
Date of Approval by Board of Directors |
Mar 11, 2014 |
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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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The acquisition improves the synergies among the automotive, banking and insurance businesses of GTCAP. |
Date | Mar 31, 2014 |
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Manner |
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Sale and purchase of shares. |
Description of the company to be acquired or sold |
TCI is a dealership for Toyota motor vehicles, parts and services. |
Number of shares to be acquired or disposed | 7,200,000 |
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Percentage to the total outstanding shares of the company subject of the transaction | 9.21 |
Price per share | 4.99 |
Nature and amount of consideration given or received |
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Sale of shares, paid in cash. |
Principle followed in determining the amount of consideration |
Fairness opinion by independent professional firm. |
Terms of payment |
Full payment of purchase price on transaction date. |
Conditions precedent to closing of the transaction, if any |
Related Party Transaction Committee approval, Board approval, due diligence and fairness opinion. |
Any other salient terms |
None |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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First Metro Investment Corporation | FMIC is a subsidiary of Metrobank. GTCAP owns 25.1% of Metrobank. |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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It is expected that the transaction will improve GTCAP's net income. |
Other Relevant Information |
None. |
Name | Renee Lynn Miciano |
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Designation | Senior Legal & Compliance Officer |