Legacy-Consolidated merger OKd

The Securities and Exchange Commission (SEC) has approved the merger of Legacy Scholarship Pension Plans Inc. (LSPI) with Consolidated Plans Inc. (CPI) with the merged entity to be known as Legacy Consolidated Plans Inc. (LCPI).

At the same time, the SEC also approved the increase in the capital stock of LCPI from P200 million to P400 million.

As a result of the merger, LCPI’s trust fund is now P657,580,649.33 with an asset base of P3,633,502,329.88.

According to the pre-need firm’s spokesman, LCPI’s paid-up capital of P197,787,000 – which resulted from the merger – is by far the highest in the industry today.

The merger has provided an opportunity for LCPI to engage in the marketing of three products, memorial, pension and educational plans.

Formerly known as Legacy Plans Inc. (LPI), the pre-need firm was originally incorporated in 1988 with educational plans as its only product. In 1998, LPI was able to secure approval from the SEC to engage in the marketing of pension plans.

"With no trust fund deficiency, LCPI is backed by a strong capital base which resulted from management’s thrust toward product innovation and excellence in the pre-need industry," the spokesman said.