Villar’s Fine & Adelfa Properties and the lock-up period requirement
At this point, you should have already read the entry, Manny Villar’s P10 Billion Vista Land IPO proceeds. That’s where our discussion begun.
Now, having finished Kursong walang matrikula: The basics of IPO (initial public offering), I’m sure you are now an expert on IPO, di ba? So let me update you with what’s been happening about the Vista Land IPO while you were in IPO school. My sources are newspaper articles I read. Better di ba? I’m not inventing stories here.
According to the charges of Estrada and/or Enrile:
1.) Manuel Villar earmarked P5 billion for his presidential campaign which he raised from an allegedly irregular transaction three years ago involving his real estate firm’s shares, said Enrile.
2.) The P5 billion came from the P26 billion that the family-controlled Vista Land & Lifescapes Inc. (the corporate successor of real estate developer C&P Homes Inc.) raised in the stock market, said Enrile.
3.) According to Enrile, Villar allegedly influenced the Philippine Stock Exchange (PSE) board in June 2007 into approving his request to release almost 30 percent of his shares in Vista Land from the lock-up period in violation of stock exchange rules.
Lock-up period?!
Apparently, there is this 180-day lock-up rule “that requires a company to cause its shareholders owning at least 10 percent of its issued and outstanding capital to enter into an agreement not to sell, assign, or in any manner dispose of their shares within the 180-day period from the listing of the shares“.
“The 180-day rule effectively puts the secondary shares in escrow mainly to allow the public buying into the primary shares to have their due course, stabilize the market share of prices, and to prevent the majority stockholders from abandoning the company which could take place during a secondary offering“.
Here’s the video that talks about the lock up period:
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Related articles:
1.) Manny Villar’s P10 Billion Vista Land IPO proceeds
2.) Kursong walang matrikula: The basics of IPO (initial public offering)
3.) OF ALL PEOPLE, WHY ERAP? – Villar’s Vista Land’s IPO
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reynz is one Uragon and a Filipino-American, has many years of public accounting & auditing, broadcast investments, housing tax credits and equity investments as his background. Based in the US, he maintains his personal and humor blog at reyna elena dot com. A graduate of Aquinas U, he went to GWU and Temple U in the United States.
ipo-ipo = tornado, cyclone, whirlwind. gone with the wind! that’s a simple way to explain villar’s p10b profit from vistaland’s ipo. otherwise he would have declared such gain in his 2007-2008 SALN if it was honestly earned. here is the only question that really matters: is villar a clean politician worthy of the trust to be elected president knowing how this issue is bedeviling him?
that’s what villar said which is irrelevant to the issue. what is he saying? he’s trying to buy it?
http://newsinfo.inquirer.net/topstories/topstories/view/20100423-266017/Govt-didnt-lose-single-pesoVillar
The more I listen to him, the more I admire Villar’s business sense. He is a tough shark! I think a person like him will make it even in Wall Street out here. But of course I will not entrust the country to him because I doubt his intent, hehehe… But I must say this man’s business genius is admirable! I give him that. I want to be his apprentice and learn the tricks of the trade, hehehehe.
hahaha! i don’t think uubra ang “genius” nya sa mga tiga New York esp yong mga District Attorney dyan oramismo inimbistigahan na yan nang FBI dun pa lang sa C5. Yong rags to riches naman, paunahan sina Jerry Springer, Geraldo o kaya si Donahue. Who knows kung pati si Oprah sumali hehehe!
Hindi naman pala shares niya ang binenta eh kundi shares ng dalawa niyang anak na boys. Samakatuwid, yung mga anak niya ang kumita ng P10 billion? Teka nga, hanapin ko itong mga ‘to at nang ma-seduce.
Hahaha!
aba! aba! aba! magna cum laude ata ang estudyante ko! hahaha!
Sa akin yun isang anak!