Energy Development Corp. (EDC) said its board had approved on Wednesday, Aug. 8, the voluntary delisting of the Lopez-led renewable energy company’s common shares from the main board of the Philippine Stock Exchange.
In a disclosure to the exchange, the company said in accordance with the PSE’s delisting rules, it would conduct a tender offer for up to 2,040,413 million common shares held collectively by shareholders of the company other the four entities that hold a significant stake in EDC.
The offer for the common shares is at P7.25 apiece, “subject to certain terms and conditions as now or hereafter set forth” by the company. Excluded from the tender offer are shares held by Red Vulcan Holdings Corp., First Gen Corp., Northern Terracotta Power Corp., and Philippine Renewable Energy Holdings Corp.
EDC said the tender offer report will be filed with the Securities and Exchange Commission and the PSE on or before the start of the tender offer on Sept. 25, 2018. The report offer report will contain, among others, the terms and conditions of the offering.
Shareholders were told that the tender offer report and the relevant tender offer materials will be sent to each common shareholder separately. — Victor V. Saulon