The Philippine Stock Exchange said Thursday it has approved the request of Ayala Corp. for an indefinite, voluntary trading suspension of its preferred “B” Series 2 shares from 14 November.
The decision aligns with the PSE’s mandate as a self-regulatory organization to ensure orderly trading within the market. The Exchange will keep trading participants and the investing public updated on any further developments regarding this matter.
Ayala sought the trading suspension as it prepares to exercise its call option on the APB2R shares on 29 November. The date marks the 5th anniversary of the shares’ issuance. As outlined in the original prospectus, the preferred shares will be redeemed at P500 each, plus all accrued and unpaid dividends up to the redemption date, calculated at an annual dividend rate of 4.8214 percent.
To facilitate the redemption process, the registrar for the APB2R shares is required to prepare a certified redemption entitlement report. This report must be delivered to Ayala and its paying agent no later than 19 November, which is eight banking days prior to the redemption date.
As part of the redemption timeline, the record date for the full redemption of the shares is set for November 15. This means shareholders must be on record by this date to be eligible for the redemption.
The trading suspension of the APB2R shares will begin on 14 November 2024, and will remain in effect until the re-issuance of the shares.
