THE Philippine Stock Exchange (PSE) has officially removed agribusiness firm Calata Corp. from the roster of listed companies following an official memorandum posted on Tuesday.
“Please be informed that, following the conclusion of involuntary delisting proceedings involving the company [Calata], the Exchange issued a Decision dated November 3, 2017, ordering the delisting of the company’s shares from the Official Registry of the Exchange and the imposition of concomitant penalties under the Exchange’s Delisting Rules,” the bourse posted on its website.
“The effective date of delisting will take into account the timetable of the company for the conduct of a tender offer to the public stakeholders of the company as of June 30, 2017 which the Exchange required the company to undertake in order to provide the public stockholders an exit mechanism,” it added.
Trading of Calata Corp. shares has been suspended for four months starting June 30, 2017 following multiple violations on the timely disclosure of the disposition of shares by a company’s directors and principal officers and on the disclosure of updates of previous disclosures on material information that may affect investors’ decision.
“The Exchange will notify the investing public of further developments on the said tender offer and shall issue a separate announcement on the effective date of delisting,” it said.
Calata President Joseph Calata earlier said that as an alternative to the delisting by the PSE, the company plans to list on a cryptocurrency exchange in two months’ time.
The plan, however, was tagged “not workable” by a PSE official, who said the company’s shares per se “are not convertible to other securities unless the articles of incorporation say so.”
Last week, some minority shareholders of Calata asked the local bourse to reconsider its decision on the delisting. The said investors proposed that either Calata Corp. President and CEO Joseph Calata or the minority investors should look for an investor willing to purchase the shares of the public.