HOLDING COMPANY THEMIS Group Corp. has priced its mandatory tender offer for publicly held shares of listed shell company Ferronoux Holdings, Inc. at P2.22 per share, with the overall offer amounting to P284.81 million as a part of its backdoor listing plan.
The tender offer will run from March 19 to April 21, Ferronoux said in a stock exchange disclosure on Thursday.
Aside from the tender offer, Ferronoux previously disclosed that it could conduct a follow-on offering inside one yr of completing its P4.31-billion property-for-share swap with Eagle 1 Landholdings, Inc., in compliance with the Philippine Stock Exchange’s (PSE) rules on backdoor listings.
In December last yr, Ferronoux’s board approved a property-for-share swap with Eagle 1 and the issuance of 240 million shares to Themis Group, leading to a change on top of things and facilitating a backdoor listing.
The property-for-share swap involves issuing as much as 918 million common shares at P4.70 each to Eagle 1 in exchange for roughly 9.4 hectares of land adjoining to the Okada Manila integrated casino resort in Parañaque City.
Themis Group may even subscribe to 240 million Ferronoux shares at a par value of P1 each.
Ferronoux’s board also previously approved a rise in its capital stock to P2.5 billion from P550 million to accommodate the transaction.
On Thursday, Ferronoux shares rose by 2.86% or 20 centavos to P7.20 apiece. — Revin Mikhael D. Ochave
