SyCip Salazar Hernandez & Gatmaitan February 12, 2021 - Philippines PSE Issues Amendments to the Voluntary Delisting Rules
Footnotes: 1 Please see https://www.pse.com.ph/resource/rulesAndRegulations/Supplemental%20Rules/CN%20No.%202020- 0104%20-%20Amended%20Voluntary%20Delisting%20Rules.pdf for reference. 2 PSE Memorandum CN-No. 2020-0104 dated December 21, 2020 (PSE Amended Voluntary Delisting Rules), Section 2(a), Annex A. 3 PSE Amended Voluntary Delisting Rules, Section 2(a), Annex A. 4 PSE Amended Voluntary Delisting Rules, Section 2(b), Annex A. 5 PSE Amended Voluntary Delisting Rules, Section 2(b), Annex A. 6 PSE Amended Voluntary Delisting Rules, Section 2(c), Annex A. 7 PSE Amended Voluntary Delisting Rules, Section 2(d), Annex A. 8 Securities Regulation Code (SRC) Rule 19.2.6 provides for the guidelines on the conduct of valuation and issuance of a fairness opinion. Only qualified independent firms may conduct valuation and issue fairness opinion to comply with SRC Rule 19. It lists down the requirements that must be observed in the conduct of the valuation and issuance of fairness opinion by an accredited firm. It also enumerates the information that must be provided in the firm’s Fairness Opinion Report. 9 PSE Amended Voluntary Delisting Rules, Section 2(d), Annex A. The tender offer price of a Listed Company that has been under suspension for one year or more as of the disclosure of the approval of the board of directors shall be the highest valuation based on the fairness opinion or valuation report prepared by an independent valuation provider. 10 PSE Amended Voluntary Delisting Rules, Section 2(e), Annex A. 11 PSE Amended Voluntary Delisting Rules, Section 2(e), Annex A. 12 PSE Amended Voluntary Delisting Rules, Section 2(f), Annex A. 13 PSE Amended Voluntary Delisting Rules, Section 2(g), Annex A. 14 PSE Amended Voluntary Delisting Rules, Section 1, Annex A.
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