
LISTED Filinvest Land, Inc. (FLI) has released the schedule of its planned voluntary tender offer via share swap that will make room for potential asset infusions into its real estate investment trust (REIT) company.
The tender offer period will start on the morning of Oct. 7 and run until noon of Nov. 27, the property developer said in a regulatory filing on Wednesday.
The cross date will be Dec. 9, while the settlement date will be on Dec. 11.
FLI recently announced a P1.87-billion capped voluntary tender offer via a share-swap deal in exchange for Filinvest REIT Corp. shares held by the property developer.
Once completed, the share swap will provide room for a “potential dividend-accretive asset infusion by FLI into FILRT.”
The tender offer consists of up to 1.87 billion FLI common shares. The FLI shares will be exchanged at P1 each.
The Gotianun-led property developer will exchange 0.32 FILRT shares for every one FLI share tendered.
FILRT’s public ownership will increase to 46.75% from the current 34.48% following the tender offer.
The REIT company’s public float will also be higher than the 33.33% minimum public ownership threshold set by the local bourse operator for REITs.
On Wednesday, FLI shares were unchanged at 82 centavos apiece, while FILRT stocks gained 0.99% or three centavos to P3.07 per share. — Revin Mikhael D. Ochave