Haus Talk [HTI 0.9 1.1%] [link] shares owned by the Madlambayan Family come out of mandatory lockup this morning, and will be active/available for trading.
MB Quick Take: Ordinarily, these days when huge chunks of a company’s outstanding shares come out of lockup are kind of non-events, but this one is slightly different in an important way. The holdings of the Madlambayan Family are not held behind a single family-controlled holding company, but are instead held by each family member individually. This means that, at any time, any one of the 11 family members could decide to dump shares and make a run for the exit. It’ll be worth watching to see if there’s any pickup in volume today.
Jollibee [JFC 252.0 1.6%] [link] CEO Ernesto Tanmantiong sold 885,000 JFC shares on Friday, at an average price of P245.0126/share, for a total of P216.8 million to Mr. Tanmantiong. The sale reduces his stake in JFC to 14.7 million shares of JFC.
MB Quick Take: JFC has had an incredible 150% run since the dark days of the COVID crash, which pushed JFC shares down below P100/share. Mr. Tanmantiong sold near JFC’s 52-week high, but it’s hard to read too much into the sale, as it only reduced his stake by around 6%.
Solar Philippines [SPNEC 1.3 0.8%] [link] posted a conference room pic of ongoing negotiations with Enrique Razon’s Prime Infrastructure Capital, Inc., over the group’s plan to develop the world’s largest solar project though a joint venture called Terra Solar Philippines Inc. The handshake in the pic doesn’t appear to represent any kind of finality, as the text of the post suggests that work on getting to a deal is ongoing.
MB Quick Take: Using my powers of looking too deeply into photos, reading between invisible lines, and my long history of hanging out in boardrooms and conference rooms for these kinds of meetings, allow me to make the following entirely speculative observations: The modest food and beverage budget suggests that these groups have been meeting with some regularity, but the full plates of lightly picked-over food suggests that the overall comfort level in the room was relatively low. The “jeans per person” (jpp) metric is off the charts for the Prime Infra crew (0.5 jpp), whereas Leandro and his team were decidedly off the pace with 0.0 jpp. Perhaps making up for their lack of jpp, Leandro won the “power handshake” contest by obtaining the positioning that allows for the cross-body power shake pose. Who knows what’s happening. As you can tell, I don’t!
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