This is with reference to Company Announcement No. C03792-2021 dated May 31, 2021 filed by Synergy Grid & Development Phils., Inc. (“SGP” or the “Corporation”) pertaining to the approval by the Securities and Exchange Commission (“SEC”) of the increase in its authorized capital stock from Php50,000,000.00, divided into 50,000,000 common shares at a par value of Php1.00 per share, to Php5,050,000,000.00, divided into 5,050,000,000 shares at a par value of Php1.00 per share.
As previously disclosed by SGP in its PSE Disclosure Form BL-1 - Comprehensive Corporate Disclosure on Backdoor Listing under Company Announcement Nos. C02519-2020 and C02520-2020 both dated April 2, 2020:
“. . . upon approval by the [SEC] of the Corporation’s increase in authorized capital stock, 4,100,400,000 common shares of the Corporation, which will be created and issued out of such increase in authorized capital stock, will be issued at a price of P20.00 per share in exchange for 67% of the outstanding shares of OneTaipan Holdings, Inc. (‘OneTaipan’) and 67% of the outstanding shares of Pacifica21 Holdings, Inc. (‘Pacifica21’).
. . . .
The share swap will involve the issuance of the Corporation’s common shares in exchange for shares in OneTaipan and Pacifica21. Specifically, 2,050,200,000 common shares of SGP will be swapped with 86,430,000 common shares of OneTaipan legally and beneficially owned by Mr. Sy.
Additionally, 2,050,200,000 common shares of SGP will be swapped with 871,000,000 common shares of Pacifica21 legally and beneficially owned by Mr. Coyiuto.
After completing the share swap as described above, SGP will legally and/or beneficially own 67% of the outstanding shares of each of OneTaipan and Pacifica21.”
The above-mentioned issuance resulted to the Corporation’s public ownership level falling below the required minimum percentage under the Exchange’s existing rules and guidelines on minimum public ownership.
Pursuant to the Rule on Minimum Public Ownership of the Exchange, the Exchange implemented a trading suspension on SGP shares today, May 31, 2021.
The Exchange will apprise the investing public of further developments on the matter.
For your information and guidance. |
NOTICE