NO SHARES were tendered after Udenna Corp. offered to buy 37.994% of Philippine H20 Ventures Corp.’s issued and outstanding common shares to complete its acquisition of the company.
“The tender offer period ended last May 29, 2018. The tender offer agent reported that no shareholders tendered their shares,” H20 told the stock exchange on Friday.
The common shares — totalling 92,416,614 — represent the remaining shares in H2O that are not part of the 62.006% bought by Udenna from the sellers, which are the company’s parent firm Jolliville Holdings Corp. and its subsidiaries and related parties.
The outcome of the tender offer is the latest development in the sale of H20, whose shareholders were notified by parent firm Jolliville on Dec. 21, 2017 that a memorandum of agreement had been signed between the sellers and Udenna Development Corp. (Udevco).
The agreement relates to the sale of the sellers’ shareholdings in H20 to Udevco or any of the latter’s subsidiaries or affiliates.
The other sellers were KGT Ventures Inc., Melan Properties Corp., NGTO Resources Corp., OTY Development Corp., Nanette T. Ongcarranceja, Ortrud T. Yao, Kenrick G. Ting, Jolly L. Ting, and Lourdes G. Ting.
The sellers own a total of 150,824,890 common shares, representing 62.006% of the issued and outstanding capital of H2O, inclusive of the 36.728% held by Jolliville.
Udevco later assigned all its rights and obligations under the H20 sale and purchase agreement to Udenna, which launched a tender offer for the purchase of all remaining shares in H2O that are not subject of the sale and purchase agreement.
The tender tender offer started on April 30, 2018.
Upon completion of the tender offer, and the fulfillment of the closing conditions as provided in the agreement, on June 1, the H20 common shares were transferred to Udenna through a special block sale at the Philippine Stock Exchange.
Meanwhile, Udenna Chairman and Chief Executive Officer Dennis A. Uy has been named chairman of H20, leading its new board after the resignation of its previous members.
Shares in H20 Friday rose by 3.30% to close at P5.95 each, while Jolliville shares also climbed by 3.59% to P5.20 apiece. — Victor V. Saulon

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