ACEN details shelf registration program

AYALA-LED energy firm ACEN Corp. on Wednesday detailed a planned shelf registration for up to 50 million preferred shares, and a public offer and sale of up to 25 million of such shares.

“Further to the disclosures on March 8, 2023 and on April 24, 2023, please be informed that on May 23, 2023, ACEN filed a registration statement with the Securities and Exchange Commission (SEC) in respect of its shelf registration program of up to 50 million preferred shares with a par value of P1 … and proposed public offer,” the company said in a disclosure.

The 25 million shares comprising the latter comes with an oversubscription option of up to 12.5 million preferred shares at an offer price of P1,000 per preferred share.

The shares will come from 100 million preferred shares that are set to be created after the SEC approves amendments to the company’s articles of incorporation where 100 million unissued common shares will be reclassified.

The energy firm said all of the preferred shares to be issued would be non-voting and that the registration statement was not yet effective.

The creation and offering of the preferred shares is intended to diversify the corporation’s sources of funding and to enable access to a wider base of institutional and retail investors as it continues to expand its renewable energy portfolio.

ACEN’s share price went down by 0.81 percent, or 5 centavos, to P6.15 amid a 0.19-percent rise for the benchmark Philippine Stock Exchange index.