PSE presses Calata Corp on tender offer

ABS-CBN News

Posted at Nov 08 2017 10:10 AM

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MANILA - The Philippine Stock Exchange said Wednesday its notice of delisting to Calata Corp came with an order to give shareholders an option to leave the agribusiness company through a tender offer.

Calata Corp was given 5 days to respond to the notice, PSE President Ramon Monzon told ANC's Market Edge.

"If you are sincere about taking care about your small shareholders, it can be done," Monzon said.

"There is no set fast rule that a tender offer has to done at the book value," the PSE chief said, responding to Calata's claim that it did not enough money to buy out investors.

Should Calata refuse to hold a tender offer, the matter would be up to the Securities and Exchange Commission, Monzon said.

One previously delisted company tapped one of its subsidiaries to help raise funds for a tender offer, he said.

The PSE suspended trading in Calata shares last July.

Last week, company CEO Joseph Calata said he was seeking shareholder approval to move the company to a cryptocurrency trading platform using his own "calcoins."

A group of minority shareholders however said they were opposed to Calata's proposal, while at least one fund manager said investors should be give the option to stay or leave through a tender offer or share sale.