Serafica is Premier Horizon’s top man
Credit to Author: EMETERIO SD. PEREZ| Date: Tue, 07 May 2019 16:28:53 +0000
Augusto Antonio C. Serafica Jr. is chairman of the nine-person board of Premiere Horizon Alliance Corp. (PHA) and the company’s president and chief executive officer, according to the website of the Philippine Stock Exchange (PSE).
The nine-man board also includes Siso M. Lao as vice chairman and five regular directors namely Raul Ma. F. Anonas, Ramon A. Recto, Victor Y. Lim, George Y. Sycip and Winston A. Chan. Its independent directors are Arsenio Benjamin E. Santos and Ramon G. Santos.
On May 3, 2019, Serafica bought 1 million PHA common shares at P0.89 each. The additional acquisition increased the number of PHA common shares he either directly or indirectly owns to 116.57 million PHA common shares, or 5.856 percent of 1.990 billion outstanding PHA common shares.
In a separate filing dated April 19, 2019, Serafica disclosed his acquisitions of PHA common shares in three trades, which raised his holdings to 115.57 million PHA common shares, or 5.806 percent.
Serafica bought 1 million PHA common shares at P0.93 each; 147,000 PHA common shares at P0.90 each; and 353,000 PHA common shares at P0.89 each. Again, he classified his ownership of PHA common shares only as D&I. The two letters stand for direct and indirect. He failed to disclose the percentage equivalent of his total holdings.
On May 6, 2019, PHA opened the session at P0.89 and hit a high of P0.90; dropped to a low of P0.87 but closed higher at P0.88.
Insider’s sale
Eduardo J. Soriano is vice chairman of the seven person board of A. Soriano Corp. (ANS). A public ownership report (POR) as of March 31, 2019 showed he directly owned – and still does – 20,000 ANS common shares. In addition, he also indirectly held 188.496 million ANS common shares, placing his total holdings to 188.516 million ANS common shares, or 7.54 percent of 2.5 billion outstanding ANS common shares.
In a filing, Soriano reduced his indirect holdings to 180.396 million ANS common shares after selling 8.1million shares at P6.35 each on May 2, 2019. After selling he was left with direct ownership of 20,000 ANS common shares and 180.416 million ANS common shares. His direct and indirect ownership of ANS common shares represents 7.22 percent.
The same disclosure listed the public stockholders as owners of 448.184 million ANS common shares, or 17.93 percent. Like other companies with listed common shares, A. Soriano’s public stockholders do not have anyone to represent them in the company’s board.
Majority owner
Anscor Consolidated Corp. is not only “more than 10%” owner of common shares in ANS; it is the company’s majority stockholder.
A public ownership report (POR) as of March 31, 2019 listed Anscor as direct owner of 902.172 million ANS common shares and indirect holder of 392.495 million ANS common shares for total holdings of 1.295 billion ANS common shares, or 51.79 percent of 2.5 billion outstanding ANS common shares.
In April 2019, Anscor bought 643,600 ANS common shares mostly at P6.50 each in 10 transactions, It had only one trade when it bought 70,000 ANS common shares at P6.499 each.
Anscor’s acquisitions of 643,600 ANS common shares increased its holdings to 1.295 billion ANS common shares, or 51.82 percent.
On May 6, 2019, ANS opened trading at P6.50, the session’s high; fell to a low of P6.40 and closed at P6.48.
Due Diligencer’s take
Will it be bothering too much the Securities and Exchange Commission (SEC) if as the regulatory authority, it would require listed companies, though not necessarily public, to also disclose the buyers of common shares sold by insiders?
It is the public who suffer most when they are confronted by PSE postings dealing with either sales or acquisitions of additional shares, which could be either common or preferred. They would never know who are buying and who are selling unless SEC officials strictly implement the full disclosure rule.
Speaking of the market’s full disclosure rule, it is possible that when insiders sell, something could be happening inside the boardroom. The reverse could also be true so much so that when insiders buy, a positive development inside the boardroom could explode anytime, if not soon, then perhaps, sooner.
Of course, the stock market may not be covered by the SEC’s own rules, the PSE being a self-regulatory organization (SRO). Yet, this is no excuse for expanding the rule or rules to cover the stock exchange.
The same thing could be true with other listed stocks. The dispositions of shares are usually done by insiders, many if not most of them are executives who may know if dividends ether in cash or in stock are forthcoming.
As the PSE website shows, the public could only speculate that Anscor bought 8.1 million ANS common shares that Soriano sold on May 2, 2019. Did it? Just asking.
esdperez@gmail.com
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