C00476-2021 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common Shares | 13,692,457,210 | |
Amount of Debt Outstanding 3Q 2020 (in billions) | 31.17 |
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Subject of the Disclosure |
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Acquisition by AC Energy Corporation of shares in Solar Philippines Central Luzon Corporation from Solar Philippines Power Project Holdings, Inc. |
Background/Description of the Disclosure |
The Company, AC Energy Corporation ("ACEN"), signed a Deed of Absolute Sale of Shares with Solar Philippines Power Project Holdings, Inc. (“SP”) for the acquisition by ACEN of SP’s two hundred forty-four thousand (244,000) common shares (the “Sale Shares”) in Solar Philippines Central Luzon Corporation ("SPCLC") with a par value of Php1.00 per share or a total par value of Two Hundred Forty-Four Thousand Pesos (Php 244,000.00) (the “Purchase Price”). |
Date of Approval by Board of Directors |
Jan 22, 2021 |
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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 will allow ACEN to have a significant ownership interest in SPCLC and is meant to implement the joint venture between ACEN and SP for the development of solar power projects in the Philippines. |
Date | Jan 22, 2021 |
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Manner |
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Acquisition of secondary shares from SP |
Description of the company to be acquired or sold |
SPCLC is a special purpose vehicle for the development and operation of solar power projects. |
Number of shares to be acquired or disposed | 244,000 |
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Percentage to the total outstanding shares of the company subject of the transaction | 97.6 |
Price per share | 1.00 |
Nature and amount of consideration given or received |
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Total Purchase Price of Php 244,000.00 for the 244,000 common shares payable on date of acquisition |
Principle followed in determining the amount of consideration |
Purchase at par value for 244,000 common shares |
Terms of payment |
Upon date of acquisition, full payment of the Purchase Price |
Conditions precedent to closing of the transaction, if any |
None |
Any other salient terms |
None |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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ACEN will have the opportunity to earn stable dividend income from the operations of the solar power projects. |
Other Relevant Information |
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Name | Alan Ascalon |
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Designation | Vice President/ Asst. Corporate Secretary |