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In a disclosure to the Philippine Stock Exchange (PSE), SMC said a total of more than 476 million class A shares and more than 396 million class B shares have been offered for conversion into series one preferred shares.
The total of more than 873 million common shares were short of the target of up to 1.1 billion shares, representing a 35-percent block in the company's total outstanding stock.
The preferred shares were priced at P75 apiece with the dividend rate at 8 percent per annum.
SMC has scheduled the execution of the special block sale of the concerned common shares on the PSE on October 9 this year.
"The review and processing of the necessary documentation for the completion of the share exchange and in preparation for the execution of the special block sale on the PSE has been delayed due to shortage in company personnel," SMC said.
The conglomerate said that "most of [its personnel] were unable to report for work due to the recent calamity" brought about by tropical storm Ondoy.
Included in the converted 873 million common shares were the 24 percent, or more than 753 million shares of the national government in SMC, through the Coconut Industry Investment Fund (CIIF) and its holding companies.
Former Senator Jovito Salonga had said the conversion of the sequestered shares was a devious compromise favorable only to SMC Chairman Eduardo "Dan-ding" Cojuangco.
Preferred shares have higher claims on company earnings and assets than common stocks but these do not carry voting rights.
Last month, the Supreme Court granted the conversion of the sequestered SMC shares, saying it is necessary to preserve the value of CIIF stake amid the worldwide economic crisis that has adversely affected the country's banks and financial institutions.
Ramon Ang, SMC president and chief operating officer, had said the share swap option aims to address concerns of its shareholders about the company's new businesses such as its investments in Petron Corp., Manila Electric Co. (Meralco), and Liberty Telecommunications Holdings Inc.
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