This is with reference to Listing Notice No. LN00031-2022 dated January 29, 2022 regarding the Stock Rights Offering (“SRO”) of DITO CME Holdings Corp. (“DITO” or the “Company”). As stated therein, the Company notified the Exchange that its “management has determined that current market conditions are less than ideal to pursue the offering” and that “upon careful consideration of its business strategies, DITO CME has decided to defer the Stock Rights Offer.”
Further, the Company filed its disclosures in relation to the above matter under Company Announcement Nos. C00508-2022, C00509-2022 and C00510-2022 all dated January 30, 2022. Under Company Announcement No. C00510-2022, the Company disclosed that:
“With reference to the Listing Notices of the PSE (Listing Notices LN00396-2021 dated December 20, 2021, LN00014-2022 dated January 14, 2022, and LN00031-2022), DITO CME Holdings Corp. (the ‘Company’), please note that as an update, the Company has notified the PSE of its deferment of the Stock Rights Offer due to the less than ideal market conditions and other perceived risks.
In lieu of this, the Company is studying several alternative financing proposals recently made available which it sees to be more value-enhancing to its shareholders. When conditions improve, the Company may return to the market.
Thus, please be advised that the Company shall refund any and all subscription payments made by any existing shareholder or qualified institutional buyer during the offer period of the Stock Rights Offer.
Also, in connection with the Company’s notice of the deferment of the SRO, the PSE issued notice LN00031-2022 dated January 29, 2022, which provides that the PSE, as a self-regulatory organization, shall ensure that there is full compliance with the applicable rules and for the protection of the investing public, consistent with the mandate of the exchange, to maintain a fair and orderly market.”
Please refer to the PSE Listing Notice and the Company’s disclosures for more details.
The Exchange has required DITO to submit a full and comprehensive disclosure on the foregoing matter.
In view of the materiality of the foregoing information and pending submission of the comprehensive corporate disclosure, the Exchange implemented a trading halt on the shares of DITO effective at 9:00 a.m. on January 31, 2022.
UPDATE:
In its disclosure under Company Announcement No. C00548-2022 dated January 31, 2022, the Company provided additional information in relation to the deferment of its SRO, including the schedule for the refund of payments for the subscriptions.
In view of the foregoing, trading of DITO shares will resume on February 2, 2022 at 10:30 a.m.
We wish to emphasize that the lifting of the trading halt should not be construed as an approval by the Exchange of the deferment of the offering and is without prejudice to any regulatory action that the Exchange may pursue in order to ensure full compliance with the applicable rules and for the protection of the investing public consistent with the mandate of the Exchange, as a self-regulatory organization, to maintain a fair and orderly market. The Company, its underwriter, and other advisers are responsible for strict compliance with the rules of the Exchange.
For your information and guidance. |
NOTICE