PXP, Tidemark swap P1.56-b shares

By Alena Mae S. Flores – May 13, 2024, 6:50 pm
from manilastandard.net

PXP Energy Corp. said Monday its board approved the issuance of 430,243,903 common shares to Tidemark Holdings Ltd. in exchange for 24,125,383 shares held by Tidemark in Forum Energy Ltd. (FEL)

PXP said in a disclosure to the stock exchange it intends to issue the PXP shares to Tidemark at the aggregate value of P1.56 billion at P3.62 per share in exchange for the Tidemark FEL shares at the share swap ratio of 17.8337 PXP shares for every 1 Tidemark FEL share.

It said the Tidemark FEL shares are valued at P1.56 billion at P64.5579 per share. The share valuation is subject to Securities and Exchange Commission’s confirmation.

PXP said that after the share swap, the corporation’s effective interest in FEL will increase to 97.88 percent from 77.88 percent and its effective interest in SC 72 to 68.5 percent from 54.5 percent.