The board of directors of ISM Communications Corp. has authorized its executive committee to raise funds through the issuance of treasury shares as well as unissued shares from of its authorized capital stock, the company told the stock exchange on Friday.
The approval, which was given during a board meeting on Friday, covers the raising of funds by issuing 841,945,107 treasury shares and 883,730,659 unissued shares at a minimum issue price of P1.45 per share.
The price per share is equivalent to a 20% discount to the 60-day volume weighted average price as of Thursday of ISM, “and on such other terms and conditions as the Executive Committee may find appropriate and proper.”
“The Executive Committee has a period of 90 days from date of this approval to exercise this authority granted by the Board. One of the investors who has committed to participate in the private placement is Mr. Dennis A. Uy, the founder of the Udenna Group of Companies,” ISM said.
“ISM intends to use the proceeds of this issuance to fund the investment opportunities currently being pursued by management,” it added. — Victor V. Saulon