ALLIANCE Select Foods International, Inc. on Thursday said it would ask the Securities and Exchange Commission (SEC) to reconsider its decision to nullify the private placement of the company’s shares in 2014 and its stock rights offering in 2015.
In a regulatory filing, the company said it had received a resolution from the SEC ordering the commission’s sheriffs to implement the cancellation of the shares acquired by Strongoak, Inc. via the private placement and stock rights offering.
“[Alliance Select] will file a Motion for Reconsideration with the SEC and exhaust all other available remedies,” it said.
The company said it would also file with the Court of Appeals a manifestation with an urgent reiterative motion for the issuance of a temporary restraining order and/or writ of preliminary injunction.
“[The company] will continue its business operations of processing, canning, distributing, and exporting tuna products,” it said.
“It continues to implement strategic plans and initiatives to grow the business and improve the Company’s financial condition,” it added.
The legal proceedings stemmed from a complaint filed against Alliance Select in November 2020, which alleged that Strongoak acquired a majority stake in the company without first conducting a tender offer in violation of Section 19 of the Securities Regulations Code.
In May 2022, the SEC’s Markets and Securities Regulation Department (MSRD) dismissed the complaint for prescription and forum shopping.
In January this year, the company received an SEC en banc decision dated Dec. 15, 2022 reversing the MSRD ruling.
According to Alliance Select’s latest public ownership report, Strongoak is its majority shareholder owning 55.32% or 1.38 billion shares.
Alliance Select is a “private label” manufacturer of canned tuna. It processes and cans tuna in institutional and retail pack can sizes using its customers’ brands.
Its subsidiaries include Big Glory Bay Salmon & Seafood, Inc.; PT International Alliance Food Indonesia; and Alliance MHI Properties, Inc.
On Thursday, its shares closed unchanged at P0.53 apiece. — Adrian H. Halili
