On 04 February 2021, AC Energy Corporation (ACEN) disclosed that the Company’s Executive Committee approved a follow-on offering (“FOO”) at a price range of P6.00-P8.20 a share. The FOO will consist of primary share issuance of up to two billion ACEN shares and secondary shares the size to be determined at a later date. Of course, the secondary shares although not mentioned will refer to the ACEN shares of the Ayala group.
The ACEN shares of the Ayala group are held by AC Energy, Inc. (now/soon to be renamed AC Energy and Infrastructure Corporation) a wholly owned subsidiary of Ayala Corporation (AC). AC Energy, Inc. is the immediate parent company of ACEN.
It can be remembered that the foreign renewable assets of the Ayala’s are being infused pending regulatory approvals into ACEN in exchange for ACEN shares valued at 2.97 a share.
Now with the planned FOO, they will be selling their ACEN shares at a price range of P6.00-P8.20 a share. Quick profit in a very short-time frame, that is a value crystallization exercise in full display.
Remember Ayala’s international business and asset infusion into ACEN will be through a tax-free exchange for shares valued at 2.97. Now their ACEN shares will be included in the FOO to be sold at a price of range of P6.00-P8.20 a share. Brilliant guys employed.
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This analysis is an independent viewpoint on publicly traded stocks in the Philippine market. Accuretti Systems Inc. trades stocks in the Philippine market.