C07268-2021

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Oct 29, 2021
2. SEC Identification Number
39274
3. BIR Tax Identification No.
000-506-020-000
4. Exact name of issuer as specified in its charter
AC Energy Corporation
5. Province, country or other jurisdiction of incorporation
Makati City, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
4th Floor, 6750 Office Tower, Ayala Avenue, Makati City Postal Code 1226
8. Issuer's telephone number, including area code
(02) 7730 6300
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common 38,225,838,177
11. Indicate the item numbers reported herein
N/A

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

AC Energy CorporationACEN

PSE Disclosure Form 4-2 - Acquisition/Disposition of Shares of Another Corporation
References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Acquisition by ACEN of the effective ownership interest of UPC Renewables Asia Pacific Holdings Pte Limited (“UPCAPH”) and Mr. Anton Rohner in UPC-AC Renewables Australia
Background/Description of the Disclosure

On 18 October 2021, the Board of Directors approved the acquisition by the Company, through its subsidiary AC Renewables International Pte Ltd (“ACRI”), a Singapore company, of the [effective] ownership interest of its joint venture partner UPC Renewables Asia Pacific Holdings Pte Limited (“UPCAPH”) and Mr. Anton Rohner in UPC-AC Renewables Australia, their joint venture holding company for Australia energy and power projects and investments, for up to USD243.3 million (subject to adjustments), subject to agreed conditions precedent and required partner, financing, and regulatory approvals, including as applicable, from the Foreign Investment Review Board (“FIRB”) of Australia, and subject further to execution of definitive documentation.

Moreover, the Board of Directors approved the issuance of up to 942 million ACEN common shares to the owners, affiliates, and/or partners of UPCAPH and Mr. Anton Rohner, at up to Php11.32 per share (subject to adjustments), and subject to agreed conditions precedents and applicable regulatory approvals.

The parties are currently finalizing the definitive documentation on the transaction and will submit an application for the approval or non- objection by the Australian FIRB of the acquisition.

The issuance of the ACEN common shares and the listing thereof will be taken up for approval by the ACEN stockholders on 15 December 2021.
Date of Approval by
Board of Directors		 Oct 18, 2021
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction

The acquisition of the remaining stake of the Company’s joint venture partners in UPC-AC Renewables Australia allows the Company to have full ownership and control of the joint venture company, which is currently constructing a 520 megawatts (MW) solar farm in New England, Australia and has a development pipeline of more than 8,000 MW spanning New South Wales, Tasmania, Victoria, and South Australia.
Details of the acquisition or disposition
Date TBA
Manner

Payment in cash, subject to agreed conditions precedent and required corporate, financing and regulatory approvals, and subject to execution of definitive documentation
Description of the company to be acquired or sold

UPC-AC Renewables Australia is a joint venture of the Company through its subsidiary ACRI and UPC Renewables Asia Pacific Holdings Pte Limited. It is currently constructing a 520 MW solar farm in New England, Australia and has a development pipeline of more than 8,000 MW spanning New South Wales, Tasmania, Victoria, and South Australia.
The terms and conditions of the transaction
Number of shares to be acquired or disposed -
Percentage to the total outstanding shares of the company subject of the transaction 51.6
Price per share TBA
Nature and amount of consideration given or received

Up to USD243.3 million (subject to adjustments).
Principle followed in determining the amount of consideration

Consideration is the result of negotiation between the parties taking into account the valuation of UPC-AC Renewables Australia when the Company’s parent company, AC Energy and Infrastructure Corporation, infused its international assets into ACEN in exchange for additional ACEN common shares earlier this year.
Terms of payment

TBA
Conditions precedent to closing of the transaction, if any

Definitive Documentation

Approval of or non-objection by the Foreign Investment Review Board of Australia.

Approval of stockholders (for the issuance and listing of ACEN common shares in favor of the owners, affiliates, and/or partners of UPCAPH and Mr. Rohner)
Any other salient terms

TBA
Identity of the person(s) from whom the shares were acquired or to whom they were sold
Name Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates
UPC Renewables Asia Pacific Holdings Pte Limited None
Anton Rohner None
Effect(s) on the business, financial condition and operations of the Issuer, if any

The transaction will have minimal effect on the ownership and capital structure of the Company. Upon completion of the issuance of up to 942 million common ACEN shares to UPCAPH and Mr. Rohner, they will own a combined 2.38% of the resulting outstanding shares of the Company.

The transaction will enable the Company to have full ownership over the Australian development pipeline of more than 8GW. The Company will also gain a high-quality team of some 30 people who have a proven track record of delivering value to the business by being able to find opportunities and new projects.
Other Relevant Information

The interest which directors of the parties to the transaction have in the transaction, if any: The Company’s directors have no interest in the transaction. Mr. Rohner’s shares in UPC-AC Renewables Australia will be directly purchased by ACRI.

Steps to be taken, if any, to safeguard the interests of any independent shareholders: The issuance and listing of the ACEN common shares shall be presented to the stockholders for approval on 15 December 2021.
Filed on behalf by:
Name Alan Ascalon
Designation Vice President/ Asst. Corporate Secretary