The Exchange approved the application of Petron Corporation (“PCOR” or the “Company”) for the follow-on offering of up to 17,000,000 Series 4 Preferred Shares (“Second Tranche Shares”) to be issued in two subseries, Series 4D (PRF4D) and Series 4E (PRF4E) (the “Offer Shares”) which is the second tranche under the shelf-registered and shelf-listed Preferred Shares of the Company, at an offer price of Php1,000.00 per Offer Share. The Second Tranche Shares consists of the following:
a. Base Offering: 13,000,000 Series 4 Preferred Shares; and
b. Oversubscription Option: In the event of an oversubscription, the Joint Lead Underwriters, in consultation with the Issuer, reserve the right, but do not have the obligation, to increase the Offer size by up to 4,000,000 Offer Shares, subject to the applicable requirements of the SEC.
Please refer to the attached copy of the signed preliminary offer terms of the Company’s Series 4 Preferred Shares for the details on the offer terms and conditions, as well as the features of the Offer Shares.
The number of issued and outstanding shares indicated in the fields above is on the assumption that the oversubscription option is fully exercised.
Further, please refer to C04220-2024 dated June 26, 2024, and C05405-2024 dated August 12, 2024, for the Company’s disclosures relevant to the issuance of Series 4 Preferred Shares.
The Exchange’s approval of the listing of the Second Tranche Shares is subject to the Company’s compliance with any and all of the post-approval conditions and requirements of the Exchange, the Securities and Exchange Commission and other relevant regulatory bodies. The same is without prejudice to any subsequent action that the Exchange may take in relation to the Company’s compliance with applicable rules of the Exchange.
The Exchange will advise the investing public of developments on the Offer of the Company.
For your information and guidance. |