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Century Properties Group
#1
Business Profile:

East Asia Power Resources Corporation ("EAPRC" or the "Company"), formerly Northwest Holdings and Resources Corporation, is a public holding company incorporated in 1975. EAPRC owns and operates, through its subsidiaries; power-generating facilities in Metro Manila that have a total installed generating capacity of 242 megawatts ("MW").

The Company's wholly owned subsidiary, East Asia Diesel Power Corporation ("EADPC"), owns two power barges in Navotas, Metro Manila with an aggregate capacity of 109 MW. Duracom Mobile Power Corporation ("DMPC"), a 40%-owned subsidiary of EADPC, owns and operates two power barges, also located in Navotas, Metro Manila, with an aggregate capacity of 133 MW. EADPC and DMPC used to supply about 3% of the electric power requirements of the Manila Electric Company ("MERALCO").

Source: Annual Report 2010


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#2
TENDER OFFER FOR PWR


To all existing share holders of East Asia Power Resources Corporation (PWR):

Please be informed that there is a tender offer to buy the public shares of East Asia Power Resources Corporation by Century Properties Inc. (CPI).

THE OFFER


Tender offer price:

Php 0.04/share*
Target Sale Date: July 12, 2011
Target Settlement Date: July 15, 2011
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#3
Bourse mgmt starts review of backdoor-listing policy

Sunday, 12 June 2011 17:14 Miguel R. Camus / Reporter
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The Philippine Stock Exchange (PSE) may tighten the guidelines that allow private companies to list on the bourse through a merger with a public corporation, also known as the back door listing rule, citing the need to boost minority shareholders’ protection.

In a chance interview, PSE president and chief executive officer Hans Sicat said the bourse started the review of its backdoor listing rule “two weeks ago” and will likely conclude this in the latter part of this month or in July.

“The issue here is we want to make sure that the original rationale for why [ the backdoor listing rule] is there cannot be abused by various companies. We just want to review the situation and see whether the rules are adequate,” Sicat said on Friday, declining to give details.

The bourse head also declined to say which instances prompted the PSE’s review.

The development comes as listed East Asia Power Resources Corp. became the most recent firm speculated to become a backdoor listing vehicle after privately held Century Properties Inc. announced the acquisition of a 93.58 percent stake in the inactive power barge operator on May 31.

Asked to comment on that deal, Sicat said the PSE is more interested in reviewing the tender offer details for East Asia Power
.

To comply with the mandatory tender offer rule, Century Properties has offered to buy the remaining 6.42 percent it does not yet own for P0.04 each.

This is higher than the P0.038 per share it paid to East Asia Power’s majority shareholders, but well below the P0.28 trading price of the company before the deal was announced. The offer period started in June 3 and will end on July 11.

Continued speculation that Century Properties may take its assets public through East Asia Power has allowed the latter’s shares to surge more than three times to P0.86 each last week, before closing down to P0.73 per share on Friday.

Sicat said the PSE is doing a parallel study on the need to better integrate the tender offer rule with its existing guidelines. At present, imposing the tender offer falls solely under the jurisdiction of the Securities and Exchange Commission.

“When you take a look at the tender offer, it is one of those things that are not integrated with our rules in a well thought out way,” Sicat sad.

Robert Vergara, PSE director and Government Service Insurance System president, said the review of the backdoor listing rule is not likely to result in a major revamp.

“We don’t have to reinvent the wheel. It’s just a question of what other regimes have done to try and prevent some of the abuse that has taken place where a minority shareholder in a shell company is suddenly diluted massively by a backdoor listing,” Vergara said.

“We want make sure minorities do not get the short end of the stick whenever there is [ this type of ] corporate event,” he added.

The back door listing rule and listing by way of introduction are routes offered by the exchange apart from the traditional initial public offering to encourage more listings at the PSE, considered among the smallest bourses in the region.



http://www.businessmirror.com.ph/home/co...ing-policy
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#4
ahh i have to stop brooding over this haha
History repeating it self? Check the triangles drawn... when its completed a final shakeout occurs.......i hope you guys and girls saw this coming Tongue

[Image: pwr060911.png]
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#5
nice charts.^^
thanks
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#6
New high has been established. For many, that's a signal to buy. CAVEAT!
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#7
Ahmmm... mga bosing, pano kompyutin ang BV nito if totoo nga yung speculations na magbackdoor listing ang Century Properties through PWR? That means lilipad ang presyo nito ni PWR if mai-sama na sa kanila ang asset ng Century Properties, right?.. *Calling Ms Ruach kung di busy...?* TIA Big Grin
~In all your ways, acknowledge God.

Initializing Bazura Mode...
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#8
(07-11-2011, 02:42 PM)Luc23 Wrote: Ahmmm... mga bosing, pano kompyutin ang BV nito if totoo nga yung speculations na magbackdoor listing ang Century Properties through PWR? That means lilipad ang presyo nito ni PWR if mai-sama na sa kanila ang asset ng Century Properties, right?.. *Calling Ms Ruach kung di busy...?* TIA Big Grin

All I can say is NEGATIVE BOOK VALUE si PWR. You can double check it with the Weekly Market Watch. As of now, for me, I avoid this kind of stock.

When I say Negative Book Value, there are more liabilities (utang) kesa assets (which they can sell to pay off the liabilities). Therefore, yung mga ganitong klaseng company can be subject to delisting or bankruptcy. Therefore, it is a NO for me.

Besides, Com already specified the tender offer value of PWR shares. Just look above...

The one you heard is a future value of Century Properties IF and only IF Century Properties will use PWR as a backdoor listing. So para sa akin marami pang pwedeng mangyari - maganda man or di kagandahang pangyayari. Pag naging Century Properties na baka sakali interesting na at nilipat na ng Century Properties yung assets and liabilities nila sa PWR and renamed it as Century Properties.

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#9
^ ah... oks Mam Ruach, maraming salamats! medjo tempting kasi ang surge e, observer mode muna rin siguro ako dito... Big Grin
~In all your ways, acknowledge God.

Initializing Bazura Mode...
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#10
(07-12-2011, 12:52 AM)Luc23 Wrote: ^ ah... oks Mam Ruach, maraming salamats! medjo tempting kasi ang surge e, observer mode muna rin siguro ako dito... Big Grin

Be tempted to buy those stocks with income or you believe will have high income on 2011 (based on your study of the Company) which doesn't want to go down anymore because it was battered, sold down and volume is increasing without or hardly any price change. It may be bound for something...Big Grin

Just ignore PWR in the meantime. Pag Century na baka sakaling maging Century din ang price...Tongue

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