Ayala Corp. (AC) will distribute to its shareholders three (3) shares of ACEN Corp. (ACEN) for every 1 AC share owned as of the record date (May 27, 2022).<\/p>\n\n\n\n
The payment date for the Property Dividend is 9 January 2023 or, for stockholders who have not been issued a CAR by the BIR for the payment of the Property Dividend, the 5th business day following their submission of a CAR to AC.<\/p>\n\n\n\n
For AC shareholders, this would equate to a yield of 4% (based on AC share price prior to ex-date of May 24). <\/p>\n\n\n\n
On another note, given that 951 million ACEN shares (2% of ACEN\u2019s OS and 12% of free float) will be paid out to AC public shareholders, this could induce undue selling pressure, specifically on the property dividend payment date (January 9, Monday next week). <\/p>\n\n\n\n
We would therefore advise investors to topslice on ACEN prior to Monday to mitigate downside risks. Do note that current market price of ACEN at P8.37\/share is already beyond the consensus Target Price of P8.29\/share.<\/p>\n\n\n\n