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| Finance - Financial injection - Finance (Photo credit: @Doug88888) |
The board of property developer Vista Land & Lifescapes, Inc. has cleared the sale of all the company’s treasury shares to take advantage of perceived strong investor demand and in a bid to boost liquidity, the Villar-led firm said in a disclosure yesterday.
“On Jan. 3, the board of directors of Vista Land authorized the company to sell all of its existing treasury shares totaling 133.91 million shares to meet demand from investors and increase liquidity of the company’s shares of stock,” the disclosure read.
Vista Land’s management team was tasked to determine the terms and conditions of the planned share sale.
“The board likewise authorized the implementation of all necessary corporate and other actions to proceed with the sale of the aforementioned treasury shares, and further authorized and empowered management to determine and decide on the price at which the treasury shares shall be sold,” the disclosure added.
The Philippine Stock Exchange defines treasury shares as “shares of stock which were previously issued and fully paid, but subsequently reacquired by the issuing corporation by purchase, redemption, donation, or through some other lawful means.”
Treasury shares are not considered outstanding, are non-voting and are not included in dividend issuances.
http://www.bworldonline.com/content.php?section=Corporate&title=Villar-property-company-to-sell-all-treasury-shares&id=63741
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