Who are insiders and who are not?
Credit to Author: EMETERIO SD. PEREZ| Date: Thu, 09 May 2019 16:18:01 +0000
The Philippine Stock Exchange (PSE) announced the disposal by Dakila B. Fonacier of one PSE common share in a “statement of changes in beneficial ownership of securities” dated May 4, 2019. On the same day, it issued a nominal PSE common share each to Roberto Cecilio O. Lim and Edgardo G. Lacson in connection with their election to the 15-person board. It classified Lim as the board’s independent director while Lacson represents non-broker-other market participants.
A public ownership report (POR) as of March 31, 2019 showed PSE had 85,099,815 issued shares. Minus 100,006 treasury common shares, it reported 84,999,809 outstanding common shares.
San Miguel Corporation Retirement Plan is one of PSE’s four principal stockholders, according to the POR. It directly owned 7,552,200 million PSE common shares, or 8.89 percent. The three others were Premier Capital Venture Corp., 6,673,204 PSE common shares; Banco de Oro for PLDT Retirement Fund, 6,673,200 PSE common shares; and Government Service Insurance System, 6,673,201 PSE common shares.
Unlike San Miguel, Premier, BDO and GSIS indirectly held PSE common shares.
On May 8, 2019, PSE opened trading at P181, hit a high of P183, dropped to a session’s low of P179 and closed at P183.
Pays and perks
In a definitive information statement (DIS) in connection with PSE’s annual stockholders’ meeting on May 4, 2019, the five highest paid executives were paid P35,412,195 in 2017. The exchange divided the amount into salary of P25,389,353 and bonus of P10,022,841. In the same year, it paid the 15-man board P20,415,785.
The same DIS listed PSE’s chief executive office and four most highly compensated officers as follows: Hans B. Sicat, president and CEO, Jan. 12, 2011 to May 5, 2017; Ramon S. Monzon, president and CEO from May 5, 2018 to present; Roel A. Refran, promoted effective June 1, 2012 to senior vice president; Rachelle C. Blanch, promoted to vice president effective April 1, 2011; and Argel G. Astudillo, who was hired effective Dec. 1, 2010.
As PSE president and CEO in 2018, Monzon, Refran and Blanch were paid P47,469,092 of which P33,775,855 was their salary and the remainingP13,893,236 their bonus.
For 2019, PSE, according to the DIS, had a low estimate of the five-man group’s highest paid executives. Under “other compensation,” the CEO and four most highly compensated executives” would be paid P24.380 million. It listed only three, namely Monzon, Refran and Blanch.
AEV insiders’ trades
Gabriel T. Manalac is senior vice president and group treasurer of Aboitiz Equity Ventures Inc. (AEV). On May 6, he reported his acquisition of 28,704 AEV common shares at P52.65 each, which are lodged with PCD Nominee Corp. The acquisition increased the number of AEV common shares he owns to 171,369, or 0.003 percent.
Also on May 6, 2019, Lourdes Y. Tanate, AEV vice president and group audit head, bought 3,472 AEV common shares at P52.65 each. The acquisition increased the number of AEV common shares she owns to 15,784.
David Jude Sta. Ana, senior vice president and chief external affairs officer of Aboitiz Equity, bought and lodged with PCD Nominee 18,519 AEV common shares at P52.65 each. This increased the number of AEV common shares he owns to 29,156 or 0.001 percent.
Susan V. Valdez, senior vice president and chief human resource officer of Aboitiz Equity, bought 37,037 AEV common shares on May 6, 2019. The acquisition, which she lodged with PCD Nominee, increased her holdings to 806,963 AEV common shares, or 0.0143 percent.
Ricardo F. Lacson, vice president-data privacy officer of Aboitiz Equity, increased the number of AEV common shares he owns to 120,486, or 0.002 percent, after buying 4,167 AEV common shares, which he lodged with PCD Nominee.
Manuel Alberto R. Colayco is AEV first vice president and chief legal officer, corporate secretary/compliance officer. On May 6, 2019, he increased his ownership to 64,717 AEV common shares, or 0.001 percent, after his acquisition of additional 19,630 AEV common shares.
Aboitiz Equity opened the session on May 8, 2019 at P52, peaked at P53.05, fell to a low of P50.80 and closed trading at the stock’s high of P53.05.
Should the Securities and Exchange Commission define for the public who may be deemed insiders and who are not? Just asking.
esdperez@gmail.com
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