PSE Circular for Brokers No. 2811-98
PSE Circular for Brokers No. 2811-98 • Philippine Stock Exchange • Circulars for Brokers • Dec 23, 1998
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December 23, 1998 PSE CIRCULAR FOR BROKERS NO. 2811-98 LTDI PROCEEDS WITH ISSUANCE OF CONVERTIBLE PREFERRED SHARES La Tondea Distillers, Inc. (LTDI) has announced that due to improving market conditions, it is pursuing the issuance of its P2 billion convertible preferred shares. Approved in a special stockholder's meeting last July, the issue was deferred due to deteriorating stock market conditions caused by the Asian economic crisis. aisadc For its part, parent-company San Miguel Corporation (SMC) has committed to invest P1 billion or 50% of the issue, which it will advance to LTDI chargeable against subscription. The application of SMC's advance deposit will be subject to the same price, terms and conditions of the convertible preferred shares. SMC's investment manifests its confidence in the value of LTDI's convertible preferred shares. The proceeds will allow LTDI to reduce its short-term debt before the end of the year. JP Morgan is the assigned agent of the issue.
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