Clarification on the Mandatory Engagement of an Underwriter in Rights Offering
PSE Circular for Brokers No. 3229-99 • Philippine Stock Exchange • Circulars for Brokers • Dec 17, 1999
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December 17, 1999 PSE CIRCULAR FOR BROKERS NO. 3229-99 SUBJECT : Clarification on the Mandatory Engagement of an Underwriter in Rights Offering The Exchange has recently received numerous queries regarding the requirement to engage the services of an underwriter in rights offering In view thereof, the Exchange would like to advise all concerned that the said requirement is mandatory as expressly stated in Notice to Brokers No. 28, Series of 1996. The rule which appears in Section 8, Article XI, Book III, Listing and Disclosure Rules, was inadvertently copied from Chapter 4 of the 1995 Manual of Rules Governing the Listing of Securities. The same has been modified and repealed by the aforecited Notice to-Brokers. llcd Please be guided accordingly. (SGD.) JOSE LUIS U. YULO, JR. President & CEO
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