PHILIPPINE DAILY INQUIRER: First Gen to list 405M shares
September 09, 2009

LOPEZ-LED FIRST GEN CORP. has filed an application with the Philippine Stock Exchange to list 405 million shares of common stock, which will be issued to cover the 50 percent stock dividend.

In a disclosure to the local bourse, First Gen said the 50 percent stock dividend, which was approved by the Securities and Exchange Commission (SEC) last month, has a record date of Sept. 11 and payment date of Oct. 7, 2009.

First Gen also disclosed that the conversion price of the company’s USD260 million, 2.5 percent convertible bonds due 2013 will be automatically adjusted according to the terms and conditions of the bonds following the 50 percent stock dividend.

The bonds are listed with the Singapore Exchange Securities Trading Ltd.

Recently, the SEC approved the increase in the authorized capital stock of First Gen to P3.27 billion from P1.65 billion.

The capital stock would be divided into 2.77 billion common shares with a par value of P1 a share, and 1 billion redeemable preferred shares with a par value of 50 centavos a share.

According to First Gen, the SEC had approved the company’s amended articles of incorporation, which reflect the increase in authorized capital stock as well as the increase in the number of authorized common shares to 2.77 billion from 1.15 billion shares.

First Gen plans to generate an additional capacity of 406 megawatts from eight geothermal and wind projects in the pipeline.

“First Gen shall focus on developing more indigenous sources of clean and renewable energy,” First Gen CEO Federico R. Lopez had said.

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