RLC prices rights offer at P18.20 per share
Robinsons Land Corp. has firmed up a P20 billion rights offering at a price of P18.20 each share.
The right offering was priced at a discount of 16 percent based on the 45-day volume weighted average price of RLC shares as of Jan. 24.
The company is offering up to 1.1 billion shares, proceeds of which will be used to fund the acquisition of land in various parts of the country.
Each shareholder is entitled to subscribe to one share for every 3.71217 existing common shares held as of record of Jan. 31, 2018.
Documents earlier filed with the stock exchange showed that the offering is slated to run from Feb. 2 to 8 while the listing of the shares has been set on Feb. 15.
BPI Capital Corp. is the sole issue manager, book runner and underwriter of the offering.
RLC’s parent firm JG Summit Holdings Inc. has committed to purchase not just its rights entitlements but any unsubscribed portion as well.