By Zinnia B. Dela Peña (The Philippine Star) Updated December 06, 2010 12:00 AM
MANILA, Philippines - Vista Land & Lifescapes Inc. has obtained the Securities and Exchange Commission’s nod to create a new class of voting preferred shares to attract more foreign and local investment in the company.
Based on its approved amended articles of incorporation, Vista Land’s authorized capital of P12 billion now comprises 11 billion common shares with a par value of P1 each and 10 billion voting, cumulative, non-participating, non-convertible and non-redeemable preferred shares with a par value of P0.10 apiece.
The new authorized capital stock of the company and the creation of preferred shares will enable the company to carry out further equity fund raising by allowing additional foreign and domestic investment, Vista Land said.
Preferred shares shall have the preference over common shares in case of liquidation or dissolution of the corporation. Holders of the preferred shares shall have no pre-emptive right to subscribe to any issue or disposition of shares of any class of the corporation.
The amended articles of incorporation also states that the company may issue preferred shares from time to time in one or more series as the board of directors may determine.
Dividends shall be cumulative from and after the date of issue unless the full accumulated dividends on all preferred shares for all past dividend periods and for the current dividend period shall have been declared and paid by the corporation.
Preferred shares of each and any series shall not be entitled to any participation or share in the retained earnings remaining after dividend payments shall have been made on the preferred shares.
Vista Land is the country’s leading homebuilder and has a geographic presence around the Philippines. It caters to practically all income segments of the real estate market through its four brands-Brittany, Crown Asia, Camella, and condominium developer Vista Residences.
The company successfully debuted in the offshore debt capital markets in September with a $100 million five-year unsecured bond issue. This was part of an overall financing strategy which should allow the company to diversify its sources of funding.
The company is all set to roll out new projects, which would bring the total value of its vertical developments to P12.5 billion by next year.
It is also easing into commercial property development via its existing master-planned communities, which also signals its entry into the leasing business.
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