Falling prices of listed stocks
BDO Unibank Inc. recently updated the number of its outstanding to 4,382,561,539 common shares and 515 million preferred shares. According to the bank’s filing, it used to have 4,382,381,614 outstanding common shares, and has classified a public float of 44.24 percent and foreign ownership of 28.94 percent.
With BDO’s public float and foreign ownership, which the bank said did not change when it increased its outstanding, it would have a public float (44.24 percent of 4,382,561,539) of 1,938,845,224.8536 common shares and foreign ownership of 1,268,313,309.3866 common shares (28.94 percent of 4,382,561,539). When added, BDO’s public float and foreign ownership equal 3,207,158,534.2482 common shares, or 73.18 percent of the total outstanding common shares. (The same percentage was obtained when 44.24 percent and 28.94 percent were added.)
On March 24, 2020, BDO common shares opened trading at P94.70, hit a high of P96, dropped to a low of P92.55 and closed at P94. The stock peaked at a 30-day high of P155.40 and fell to a 30-day low of P75.
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Ayala Corp. (AC) should have 625,451,136 outstanding common shares and not 625,601,136 as reflected on the website of the Philippine Stock Exchange (PSE), because it has allocated P10 billion to buy out the public. Of the company’s buyback budget, it has spent P1,412,834,485.17, which means the Zobel-owned listed holding company still has P8,587,165,514.83 to spend.
On March 23, 2020, AC bought back 150,000 common shares at P408 each. In a note to readers in its posting, the company said “the total amount of shares repurchased includes other incidental costs” and the amount it spent was “from the date when the share buyback program commenced,” referring to the number of repurchased shares, which totaled 1,939,210.
On March 24, AC common shares opened trading at P431, hit a high of P444.80, dropped to a low of P421.20 and closed at P439.60. The stock peaked at a 30-day high of P767 and fell to a 30-day low of P360.
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Jadel Holdings Co. increased its ownership in D&L Industries Inc. (DNL) to 4,271,109,796 common shares, or 59.80 percent of the 7,142,857,990 outstanding common shares, according to DNL’s “statement of changes in beneficial ownership of securities.”
The increase resulted from Jadel’s acquisition of 4 million DNL common shares at P3.9850 each on March 19, 2020 and 3.915 million common shares at P4.0841 each the next day.
On March 19, DNL shares hit a high of P4.76, dropped to a low of P3.97 and stayed there until closing. On March 20, they opened trading at P4.01, hit a high of P4.50, dropped to a low of P4.01 and closed at P4.07.
On March 24, these shares opened trading at P4.12, hit a high of P4.70, dropped to a low of P4.12 and closed at P4.42. They peaked at a 30-day high of P9.70 but fell to a 30-day low of P3.97.
*** Eusebio H. Tanco is the chairman of the 11-person board of STI Education Systems Holdings Inc. On March 20, 2020, he bought an additional 300,000 STI common shares, which increased his direct and indirect holdings to 1,424,605,875 common shares, or 14.383 percent, from 1,424,305,875 common shares, or 14.380 percent.
The day Tanco bought those common shares — 290,000 at P0.3900 each and 10,000 at P0.395 each — STI stock opened trading at P0.400, hit a high of 0.440, dropped to a low of P0.390 and closed at P0.395.
On March 24, shares traded at P0.400 throughout on 870,000 common shares. The stock recorded a 30-day high of P0.60 and fell to a 30-day low of P0.360.
A public ownership report dated Dec. 31, 2019 listed Tanco as the direct holder of 1,253,666,793 STI common shares and indirect owner of 172,475,082 common shares for total ownership of 1,426,141,875 common shares, or 14.398 percent of 9,904,806,924 outstanding common shares with a par value of P0.50.
Do independent directors exercise their independence inside the boardroom? Just asking.