MPI REVERSE STOCK SPLIT
Dear Valued Client:
The Board of Directors (the Board) and shareholders of the “delisted” Metro Pacific Investments Corporation (MPI) “the Company” have approved the increase in the par value of the Company’s common shares from One Peso (Php1.00) to Five Hundred Pesos (Php500.00) per common share, resulting in the reduction of common shares (the Reverse Stock Split) duly approved by the Securities and Exchange Commission and became effective on 12 September 2024 (the Effective Date).
All fractional shares that resulted from the Reverse Stock Split were cancelled as of the Effective Date (the Cut-Off Date). Each Shareholder of the Company would have been entitled to receive a fractional share as a consequence of the Reverse Stock Split (the Fractional Shareholder) shall be entitled to exercise either of the Options as defined and discussed in detail below.
- Payout Option
Fractional Shareholders have the option (the Payout Option) for their fractional shares in an amount (the Payout Price) equivalent to Five Pesos and 20/100 Centavos (Php5.20) multiplied by the total number of fractional shares in the Company.
Proceeds of the Payout Option, net of applicable tax will be credited to the SETA of the Shareholder upon receipt of cleared funds from the Company.
2. Differential Payment Option
Fractional Shareholders have the option to remain as shareholders of the Company and continue to hold one (1) common share by paying the Company in cash the difference (the Differential Payment) between (1) the resulting par value per common share of the Company or the amount of Five Hundred Pesos (Php500.00), and (2) the resulting par value of the fractional shares of the Company.
The Differential Payment Option Fractional Shareholders who wish to exercise the Differential Payment Option shall be required to pay the amount of the Differential Payment.
IMPORTANT:
Fractional Shareholders who (1) do not exercise the Differential Payment Option; or (2) fail to exercise the Differential Payment Option; or (3) do not exercise (or fail to notify the Company of the exercise of) either the Differential Payment Option or the Payout Option on or before November 20, 2024, shall be deemed to have exercised the Payout Option.
Should you wish to avail any of the Payment Options above, please send your confirmation to bpiseccorpact@bpi.com.ph, or call BPI Trade hotline at 8580-4000 on or before November 20, 2024.
