Greenergy’s property dividend of ANI stock still with SEC for approval

As requested by the PSE, Greenergy [GREEN 0.23, down 2.1%; 77% avgVol] [link] provided an update on GREEN’s proposed property dividend of AgriNurture [ANI 0.67, up 1.5%; 37% avgVol] shares to GREEN shareholders of record as of June 30, 2023. GREEN said that it already submitted its “Application for Approval of Property Dividend Declaration” to the SEC on February 10, 2023, and “is still awaiting the approval by the SEC of the Application.”

MB bottom-line: I don’t think anyone is happy with the approvals process for property dividends, to the point where we have lawmakers like Representative Joey Salceda talking openly about possible legislative remedies. I’m not an expert on what happens to an application such as this at the SEC level, so I don’t know if the delays are due to something as frustratingly simple as a manpower deficiency, but when a relatively simple application like this takes more than a year to get through the process, it feels like something is wrong. 

--

Merkado Barkada is a free daily newsletter on the PSE, investing and business in the Philippines. You can subscribe to the newsletter or follow on Twitter to receive the full daily updates.

Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.