(March 20, 2018)
We are pleased to announce that the Board of Directors of Premiere Horizon Alliance Corporation (“PHA” or the “Company”) has approved, out of the unrestricted retained earnings as of December 31, 2017, a property dividend consisting of 268,000,000 shares of stock with at the new par value of Php0.10 per share of Redstone Construction and Development Corporation (RCDC) and a cash dividend of Php0.001482 per share or a total of Php2,950,000 to be applied to the payment of any applicable withholding taxes on the property and cash dividends so declared. The Company’s President was authorized by the Board to determine and finalize the Record Date sometime in April 2018 and the Payment Date subject to the necessary regulatory approvals.
The property dividend ratio will be paid at 1,346 RCDC shares for every 10,000 shares of PHA. No fractional shares shall be issued. In case a stockholder is entitled to a fractional RCDC share, the Company shall pay for such fraction in cash based on par value.
Together with the property and cash dividends, the Board also approved the grant of 268 million detachable nil-paid warrants that will entitle the warrantholder to acquire one RCDC share from PHA for each warrant held. The strike price of the warrants and the final terms shall be finalized and subsequently disclosed. The warrants shall be applied for listing in the Philippine Stock Exchange.
The shareholders of RCDC has approved the repositioning into an infrastructure company and will undertake a listing by way of introduction within the third quarter of this year. The RCDC shareholders also approved an investment of up to 85% in two companies with MPSAs over probable commercial-grade limestone deposits. The RCDC repositioning is envisioned in order to capitalize on the booming construction industry and the bullish infrastructure environment supported by the government’s Build Build Build program.