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Thursday, March 04, 1999
 
AC ( 03/04/1999 : TDY )
The board of directors of the Ayala Corp. approved at their meeting yesterday the company's declaration of 20% stock dividend to its common stockholders and the creation of a new class of shares to be called Common X shares. The stock dividend, to be paid out from the authorized but unissued common shares, will have a record date of May 14 and payment date of June 23. The payment of the stock dividend will be in keeping with the rules of the SEC and the PSE. The board believes that the Common X shares will give the company the flexibility over the long term to raise additional equity capital from the international investment community, the company said in a statement. The current economic situation has created significant opportunities for those with access to capital resources. The company intends to position itself to be able to take advantage of opportunities that may arise in the near future.

Ayala continues to develop innovative financial structures to be able to take advantage of the capital market opportunities while balancing the interests of all its stakeholders. Ayala was the first Philippine company to issue an international exchangeable note and to list a convertible preferred share in the PSE. Similar to the instruments that have served the interests of debt and equity holders, the common X shares seek to address the demand of Common and Common X shareholders. Going forward, the board expects the Common X shares to be used as the primary fundraising vehicle for equity offerings by Ayala Corp.
- posted by StockMarket @ 3:04 PM

 
AC ( 03/04/1999 : PSE )
The BOD of Ayala Corp., in its meeting held today, 03 March 1999,
approved the following:
a. The declaration of a 20% stock dividend.
b. The creation and issuance of a new class of common shares. The
new class will be called Common X shares.
Details of the said cash dividend are as follows:
STOCK DIVIDEND
Stock = 20%
Ex-stock = May 10, 1999
Record date = May 14, 1999
Date Payable = June 23, 1999
- posted by StockMarket @ 3:03 PM

 
AC ( 03/04/1999 : BW )
The management of Ayala Corp. recently approved the creation of a new class of shares which will serve as the conglomerate's "fund-raising vehicle" for equity offerings to the international investment community. To be called Common X shares, the new class of shares will have a par value of P10. The company's board has also approved the increase in Ayala's authorized capital stock to P20 B from P17 B to accommodate the creation of the new shares. A source from a local brokerage house said yesterday that the Common X shares are intended to increase the price of AC shares since the new shares will be offered for conversion. "The price of Ayala shares will eventually go up since the existing common shares will be diluted after everybody has converted. Ayala shares will then become attractive to foreign investors who are on the lookout for blue chip stocks," the source said.

Having a par value 10 times greater than that of the common shares, the Common X share dividends and pre-emptive rights will also be proportionately larger than the common shares. Each Common X share will carry the same vote as the existing common share. The management said market conditions and Ayala's financing needs will dictate the timetable for the issuance of the new shares.
- posted by StockMarket @ 3:02 PM


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