Premium Leisure [PLC suspended] [link] had its petition to delist approved by the PSE yesterday, and will be delisted from the exchange effective July 9, 2024. This comes after Belle Corp. [BEL 2.44, down 0.4%; 263% avgVol] successfully acquired 99.55% of PLC’s outstanding shares through a combination of existing holdings and the tender offer that it conducted earlier this year. Trading of PLC shares has been suspended since May 7 after BEL’s tender offer pushed PLC’s public float below the 10% minimum required for active trading.
MB bottom-line: Just noting the event. There’s nothing controversial or particularly interesting about this notification, except that we now have a certain date for when PLC will leave the PSE’s database. The stock has essentially been dead to traders for long enough to be forgotten already. It helps that industry-adjacent stocks like Pacific Online Systems [LOTO 5.06, down 2.7%; 49% avgVol] have been soaking up a lot of eyeballs and pesos. The 0.45% of the public float who wouldn’t (or couldn’t) tender will still own PLC shares after delisting, they’ll just be shares of a private company and will not have the benefit of the PSE’s infrastructure to facilitate trade matching and settlement.
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