First Gen starts new 2-year share buyback
LOPEZ- LED First Gen Corp. is commencing another two- year share buyback program that will include both common and preferred shares.
In a disclosure, First Gen said its board last July 3 approved the repurchase of up to 300 million common shares and up to P10 billion worth of Series G preferred shares from June 15, 2018 to June 14, 2020.
It said the number of shares and the buyback period would be subject to the board’s discretion “from time to time as circumstances warrant, subject to proper disclosures to regulatory agencies.”
The company said its share buyback program “will not involve active and widespread solicitation from stockholders in general, and not adversely affect the company’s prospective and existing development projects,” First Gen said.
The buyback will be done in open market through the Philippine Stock Exchange’s (PSE) trading facilities and will be supervised
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“The company will undertake a buyback transaction only if and to the extent that the price per share is deemed undervalued or highly volatile, or in any other instance where the company believes that a buyback will result in enhancing shareholder value,” it added.
First Gen said its board also approved the redemption of Series F preferred shares on July 25, 2018 “paying in cash and in same day funds the applicable Redemption Value of PHP100.00 to all holders of the Series F preferred shares as of such date.”
It said the board also approved the declaration of cash dividends of P4 per share on all its outstanding Series F preferred shares; P3.8904 per share on its 112.7 million outstanding Series G preferred shares; and P0.38904 per share on its 13.7 million outstanding Series G preferred shares, issued to First Philippine Holdings Corp. via private placement.
Founded in 1998, First Gen is a clean and renewable Independent Power Producer ( IPP) with an installed capacity of 3,468 MW as of December 31, 2016
Shares of First Gen closed down P0.14 or 0.95 percent at P14.66 each on Wednesday.