This is with reference to Company Report Nos. CR01468-2023 dated March 13, 2023 and CR01557-2023 dated March 20, 2023 with regard to 2GO Group, Inc.’s (“2GO” or the “Company”) disclosure of a Tender Offer Report (“TO Report”) filed by SM Investments Corporation (“SM”) for the conduct of a tender offer from March 15, 2023 to April 28, 2023 and cross date on May 5, 2023. As stated therein, “(t)he tender offer is being conducted by SMIC in view of applying for a voluntary delisting from the Main Board of The Philippine Stock Exchange, Inc. (PSE).”
As announced in PSE Memorandum TPA-No. 2023-0018 dated May 4, 2023, the Exchange was in receipt of a block sale application for 2GO shares which will be executed tomorrow, May 5, 2023. It was further stated in the same memorandum that “the Exchange will implement a trading suspension on 2GO shares after the execution due to non-compliance with the rule on minimum public ownership requirement.”
Pursuant to the Amended Rule on Minimum Public Ownership of the Exchange (the “MPO Rule”), listed companies which become non-compliant with the minimum public ownership “shall be suspended from trading for a period of not more than six (6) months and shall be automatically delisted if it remains non-compliant with the MPO after the lapse of the suspension period.”
Given the foregoing and pursuant to the Amended MPO Rule, the Exchange will implement a trading suspension on the shares of 2GO after completion of the cross of the tendered shares during market pre-open phase tomorrow, May 5, 2023.
The Exchange will apprise the Trading Participants and the investing public of further developments on the matter. |
NOTICE