Premiere Horizon board OKs P500-M private share placement

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LISTED resorts developer Premiere Horizon Alliance Corp (PHA) said on Thursday its board of directors has approved the indicative terms of its proposed private placement of preferred shares in its subsidiary West Palawan Premiere Development Corp. (WPP) to raise up to P500 million.

Proceeds will be used to fund the first phase of its master-planned tourism project in Palawan.

In a disclosure to the Philippine Stock Exchange (PSE), PHA said the preferred shares are classified as cumulative, non participating and non-voting, with 6.5-percent yearly dividend rate, redeemable after five years from issuance.

“Investors will also have the option to swap up to 25 percent of their WPP preferred shares for new PHA shares at a price of P0.75 each,” it said.

At full exercise, the investors’ P125-million convertible investment will correspond to 166.7 million new PHA shares, equivalent to 7.7 percent public ownership in PHA, post-swap. The investors may exercise their option within three years from the transaction closing. The option is exercisable in tranches of P25 million, PHA said.

PHA subsidiary WPP is developing a 580-hectare eco-tourism township along the West Palawan corridor. The first phase of this development comprises Nagtabon Beach, North Cove and Midlands pods covering over 60 hectares.

Incorporated in January 1988, PHA is primarily engaged in businesses related to entertainment, gaming, hotel and leisure.

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