Stock Rigths Offering - SECB Update 1

RIGHTS DETAILS : One Rights Share for every 3.7 Existing Shares
OFFER PRICE : P28.00
RECORD DATE : 05-Nov-2009
START OF OFFER DATE : 05-Nov-2009
END OF OFFER DATE : 11-Nov-2009
EX RIGHTS DATE : 30-Oct-2009

Click here for SECB PSE disclosure.

Key changes in PSE index bared

BusinessMirror
Miguel R. Camus

THREE new firms will join the 30-company Philippine Stock Exchange index (PSEi) after meeting the rigorous requirements set by the local bourse, read a statement on Thursday.

By November 3, the Philippine Stock Exchange Inc. (PSE), DMCI Holdings Inc. and Security Bank Corp. will officially join the PSEi, replacing Vista Land and Lifescapes Inc., Rizal Commercial Banking Corp. and ABS-CBN Broadcasting Corp.

This would also mark the first time the PSE will be included in the main index like the Singapore Exchange, Hong Kong Exchanges and Clearing Ltd. and Australian Securities Exchange among others.

“This recent review follows the same objective criteria for inclusion in the PSEi, which we have set out in 2006,” PSE president and chief executive officer Francis Lim said.

Among sectoral indices, all six sectors will have fewer member-companies by a total of 18 firms. Only two companies will be added to the six sector indices. Metro Pacific Investments Corp. and Apex Mining Co. Inc. will become new members of the holding firms and mining and oil indices, respectively.

To be included in the PSEi, a listed company must satisfy five criteria—the free float level, liquidity, volume turnover, tradability and free float market capitalization. Free float, also known as public float, refers to the portion of the outstanding shares that are freely available and tradable in the market. The free float portion should represent at least 10 percent of the outstanding shares of a listed stock.

To pass the liquidity criterion for the main index, a stock must have an average daily value turnover of not less than P5 million to be considered for index retention.

The volume turnover criterion prescribes that the total volume of shares traded must be at least 10 percent of the company’s free float shares. Read More...

Stock Rights Offering - SECURITY BANK CORPORATION (the “Bank” or “SECB”)

Please be informed that the Board of Directors of the Exchange, based on the representations and documents submitted, and subject to the conditions set forth below, approved on October 14, 2009, the application of SECURITY BANK CORPORATION (the “Bank” or “SECB”) to list approximately 82,336,424 common shares, with a par value of P10.00 per share, with an offer size of up to P2,500,000,000.00, to cover its stock rights offering to all stockholders of record as of November 5, 2009, at an offer price to be based on the 15-day volume-weighted average price of the Bank’s shares on the Exchange for the period ranging from October 6, 2009 to October 26, 2009, subject to a discount of 25% to 50%.

Amount of Proceeds

Gross: Up to P 2,500,000,000.00

Estimated Expenses for the Offer: P 124,960,575.00

Net: P 2,375,039,425.00

Number of Rights Offer Shares : Approximately 82,336,424 shares or up to P2,500,000,000.00. The Offer Shares will come from the unissued shares in the Bank’s authorized capital stock.

Par value P 10.00 per common share

Timetable of the Rights Offer

Pricing Date : October 26, 2009
Ex-Date : October 30, 2009
Record Date : November 5, 2009
Rights Offer Period : November 5 to 11, 2009
Rights Offer Settlement Date : November 11, 2009
Domestic Offer Period : November 12, 2009
Domestic Offer Settlement Date : November 12, 2009
International Offer Period : November 12, 2009
International Offer Settlement Date : November 12, 2009
Listing Date and commencement of trading of the Offer Shares on the PSE : November 16, 2009
Offer Price : The Offer Price shall be computed based on the 15-day volume-weighted average price of the Bank’s shares on the PSE for the period ranging from October 6, 2009 to October 26, 2009, ending on October 26, 2009, subject to a discount of 25% to 50%.
Eligible Shareholder : All existing common shareholders of the Bank as of the Record Date who are: (i) located in the Philippines; and (ii) located in jurisdictions outside the Philippines where it is legal to participate in the offer under the securities laws of such jurisdictions.
Rights Entitlement : To be determined on Pricing Date
Minimum Subscription: Each application must be for a minimum of [100] Offer Shares, and thereafter in multiples of [100] Offer Shares. Applications for multiples of any other number of Shares may be rejected or adjusted to conform to the required multiple, at the discretion of the Bank.

Click her for SECB PSE disclosure.