Saturday, September 29, 2012

stok tots: aba, lihc (29 sept 2012)

just for the archives: on aba, lihc, abacoal and abagold

abacoal, lihc

1. aba owns 100% of abacoal

2. there's a heads of agreement between aba and lihc wherein lihc will merge with abacoal with lihc as the surviving entity and lihc as payment will issue to aba (thru abacoal) 250 m new shares of lihc (lihc has 740 m outstanding shares and 1B acs,) ... which means aba will eventually own about 25% of lihc. as of 30 june 2012, the merger has not yet been effected  but the agreement between aba and lihc is still binding

3. on 12 april 2011, the Department of Energy approved the conversion of abacoal's Coal Operating Contract 148 to Development and Production phase.  The proposed 5-year work program of abacoal was evaluated and found to be technically and financially qualified to undertake development and production of coal resources located at Tago, Surigao del Sur. due diligence over the coal property has been undertaken for purposes of verifying the reserves and studying the financial viability of the Coal Project, which per the appraisal conducted by Cuervo Appraisers, Inc., is valued at approximately P2.7 billion

4. abacoal is completing the post-approval requirements prior to actual operation, namely, the Environmental Compliance Certificate (ECC) and the Clearance from the National Commission on Indigenous Peoples (NCIP).  It is expected to start operations in the middle or latter part of 2012.


5. aba issued a 10% property dividend in abagold shares in the amount of Php 265,494,500. with a par value of 1 peso, abagold thus is assumed to have the same no.of shares as aba: 2,654,945,000. by implication, aba shareholders will own 1 abagold share for every 10 shares of aba on exdate (8 aug 2012)


6. on 27 sept 2012, the bod of aba authorized its president to enter into a joint venture agreement, operating agreement, memorandum of agreement and/or such appropriate agreement or tie up with other parties for the following purposes:

a. exploration and/or development of the company's gold properties located in Agusan del Sur and Surigao del Sur, upon the issuance of the appropriate national and local permits and clearances.

b. comprehensive real estate development, inclusive of acquisition and consolidation of properties in Lipa City, adjacent to the Fernando Air Base

c. lease, sublease and similar real estate activities over commercial properties in the area of Batangas International Port

d. development of real estate and communication infrastructure in Aurora Province.

7. aba owns 40% of pride star development bank (formerly rural bank of batangas)


1. 2Q 2012 FS, LIHC
2. 2Q 2012 FS, ABA
3. PSE circular 5450-2012
4. PSE circular 6949-2012