On November 25, 2020, the Board of Directors of Liberty Flour Mills, Inc. (“LFM”) declared the distribution of its 10,350,000,000 common shares (the “Property Dividend Shares”) in LPC, as property dividends to its shareholders of record as of December 18, 2020 (the “Property Dividend”). The Property Dividend declaration resulted in the distribution to LFM shareholders sixty-nine (69) LPC common shares for every one (1) LFM common share held by the LFM shareholders.
Prior to the Property Dividend declaration, LFM owned 100.00% of the Company’s issued and outstanding shares. After LFM’s property dividend distribution of 41.40% of its shareholdings in LPC, LFM now owns 58.60% of LPC’s outstanding capital. The indicative reference opening price (“Initial Listing Price”) of the Common Shares upon Listing shall be at Php 0.107 per Common Share based on the Valuation and Fairness Opinion Report dated May 25, 2021 and issued by R.G. Manabat & Co., a member firm of the KPMG global organization, an independent advisor. Please refer to LFM’s disclosure which was released via C08240-2020 dated November 25, 2020.
The Exchange's approval of the listing of the Company’s shares is subject to its compliance with all of the post-approval requirements of the Exchange.
The Exchange will advise the investing public of developments on the listing by way of introduction of the Company, including the listing date and the availability of the listing prospectus.
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