The following companies, Manulife Financial Corporation (PSE:MFC), Alliance Select Foods International (PSE:FOOD), and RFM Corporation (PSE:RFM) issued disclosures before the opening of trading at the Philippine Stock Exchange (PSE) that could affect their stocks today.
Manulife Financial Corporation (PSE:MF) announced conversion privilege of non-cumulative rate reset class 1 shares series 7. Manulife said it does not intend to exercise its right to redeem all or any of its currently outstanding 10 million non-cumulative Rate Reset Class 1 Shares SEries on 19 March.
As a result, the holders of the series 7 preferred shares have the right, at their option, to convert all or part of their series 7 preferred shares on a one-for-one basis into non-cumulative floating rate class 1 shares series 8 of Manulife on 19 March.
The foregoing conversion right is subject to the conditions that: if, after March 6, 2017, Manulife determines that there would be less than 1,000,000 Series 7 Preferred Shares outstanding on March 20, 2017, then all remaining Series 7 Preferred Shares will automatically be converted into an equal number of Series 8 Preferred Shares on March 19, 2017, and alternatively, if, after March 6, 2017, Manulife determines that there would be less than 1,000,000 Series 8 Preferred Shares outstanding on March 20, 2017, then no Series 7 Preferred Shares will be converted into Series 8 Preferred Shares.
In either case, Manulife will give written notice to that effect to any registered
holders of Series 7 Preferred Shares affected by the preceding minimums on or before March 12,
Alliance Select Foods International (PSE:FOOD) told the Philippine Stock Exchange that it approved the appointment of Joweehlyn B. Liao as the Chief Finance Officer, Chief Information Officer, and Treasurer of the company effective 10 February.
Prior to joining FOOD, Liao was the Chief Finance Officer of Schneider Electric Philippines. She also held various finance positions from Senior Manager, Finance Head, as well as Finance Comptroller for Del Monte Pacific Ltd.
RFM Corporation (PSE:RFM) informed the Philippine Stock Exchange that it has bought a total of 16,000 RFM shares on 10 February as approved by the company’s board. RFM paid P4.98 a piece for 7,000 shares and P4.99 a piece for 9,000 shares.
The cumulative number of shares purchased by RFM to date is 77,617,500. RFM has allocated P600 million for its buy-back program. – BusinessNewsAsia.com