Haus Talk [HTI 1.0 1.0%] [link] disclosed that the shares owned by the ownership group, composed of 11 members of the Madlambayan Family, will come out of mandatory lock-up on Wednesday next week. Each family member owns 6.73% of HTI’s outstanding shares, and combined, the ownership stake coming out of lockup represents 1.85 billion shares (~74% of HTI’s outstanding shares).
MB Quick Take: HTI has performed terribly since its IPO at P1.50/share. The stock has recovered significantly from its October lows in the P0.78/share range (+26%), but at current prices, it’s still down 36% from that original price. At IPO, each family member’s stake was worth P252 million. They all watched on in horror as their stake crumbled to around P130 million, unable to sell any due to the mandatory freeze as part of the IPO. Now that the share price has recovered a bit, each stake is worth P160 million. Are there any Madlambayans that just want to cash out, whether in whole or in part, to take advantage of the recent uptick before the stock has any chance to re-test those lows? Ordinarily, I wouldn’t expect family-owned companies to come under much selling pressure at the expiration of a lockup, but the Madlambayan Family’s unusual ownership structure (direct ownership distributed relatively equally, instead of indirect ownership behind a family holdco) means that I’ll be watching closely to see if any family members make a move to sell.
Premiere Island Power REIT [PREIT 1.59 0.6%] [link] said that it will look to make acquisitions that are “capable of being efficiently utilized for renewable energy”, but declined to mention whether there are any potential acquisitions that it will look to make in the near-term from its sponsor or from any of the other companies under the control of the Villar Family.
MB Quick Take: If PREIT invests in renewable energy real estate, it will be a major pivot from its existing portfolio of bunker fuel-burning generators that are absolutely atrocious to the environment. I get that clean power wants sometimes give way to dirty power needs, especially in a country of so many small islands and remote communities, but this REIT shouldn’t win inclusion into any investment plans that are looking to back sustainable or environmentally-friendly companies. I’d like to see PREIT walk the RE walk before I buy any of its RE talk.
Apollo Global Capital [APL 0.038 15.2%] [link] said that its President, Bonner C. Dytoc, dumped 8.3% of his small stake in the company on December 13, for a per-share price of P0.026. The transaction’s value was P364k, and it reduced Mr. Dytoc’s stake from 0.06% of APL to 0.05%.
MB Quick Take: We can’t get into Mr. Dytoc’s head to know why he sold a bunch of shares. Considering Mr. Dytoc’s relatively insignificant stake in APL, it’s hard to take anything meaningful out of the sale or of the disclosure. Maybe he just wanted to buy some onions? tHaT’s tOp lEvEl cOmEdy!
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