PAL Change in Par Value09 Jan 2018
PAL Holdings, Inc. (PAL) simultaneously filed (1) an application for a decrease in par value from P1.00 per share to P0.45 per share in connection with an equity restructuring, and (2) an application to revert the par value from P0.45 per share to P1.00 per share which will reduce the number of shares corresponding to the authorized and subscribed capital stock of the Corporation from 30,000,000,000 shares to 13,500,000,000 shares, but without increasing the authorized capital corresponding thereto.
|Date of Approval by Board of Directors||March 28, 2017|
|Date of Approval by Stockholders||May 25, 2017|
|Date of Approval by Securities and Exchange Commission||December 22, 2017|
|Previous Par Value||Php 0.45|
|New Par Value||Php 1.00|
|Rationale for the change in par value of the Issuer's shares||
The first change in par value (from P1.00 to P0.45) is pursuant to the Corporation’s equity restructuring plan to generate a reduction surplus to be used to partially wipe out the deficit of the Corporation as of 31 December 2017. The subsequent change in par value (from P0.45 to P1.00) is intended to align the par value of the Corporation with that of its subsidiaries.