Wellex’s P2.088-B deficit

3,271,938,180 common shares, which is, incidentally, the same number as that of outstanding.

Since Wellex’s POR is silent on the number of treasury shares, it is the public stockholders’ guess that the huge difference between listed and outstanding common shares would be treasury shares that the company has not retired yet.

In the same POR, Wellex listed its free- float level at 43.19 percent, which, perhaps, refer to the company’s publicly owned common shares, which was listed at 1,413,467,270 WIN common shares, or 43.19 percent.

11- person board

As listed on the PSE website, Wellex has 11 directors including one independent director ( ID). Its POR listed the same number of outstanding common shares but has 1,858,470,910 WIN common shares as the total number of non- public shares.

By adding 1,413,467,270 and 1,858,470,910, this would result to the company’s outstanding WIN common shares shown on the PSE website. Where would Sherwin and Dee Hua get the number of their common shares that represent 24.78 percent of outstanding?

If Wellex’s public stockholders would do their own arithmetic, they would arrive at Dee Hua and Sherwin’s ownerships of 810,712,632 WIN common shares plus 1,858,470,910 non- public shares plus 1,413,467,270 equals 4,082,650,812 common shares.

Wellex could not have 4,082,650,812 common shares as outstanding, which stands at 3,271,938,180 WIN common shares. It could even have more than 4 billion common shares as outstanding has Due Diligencer added to the total 1,047,758,278 WIN common shares, or 32.03 percent, which are held by the company’s 11- person board.

By the way, Diaz Murillo Dalupan and company, Wellex’s external auditors, had this to say on its audit findings: “Without qualifying our opinion, we draw attention to Note 1 of the consolidated financial statements which indicate that the Group had incurred losses in prior years and has accumulated deficit of about P2.088 billion and P2.006 billion as at Dec. 31, 2018 and 2017. These factors, along with the matters discussed in Note 1 of the consolidated financial statements, may cast significant doubt about the Group’s ability to continue as a going concern.”

Will the public investors be interested in finding out what WIN’s Note 1 is all about? Just asking.