Boulevard Holdings [BHI 0.06, down 3.1%] [link] advised that its stockholders approved a measure to increase BHI’s authorized capital stock from 17 billion shares to 18.5 billion shares, and to sell the 1.5 billion shares to a company called Puerto Azul Landn Inc. (PAZI), which is also owned and controlled by the Panlilio family. The shares will be sold to PAZI at P0.10/share, which is a 58% premium to the stock’s current market price of P0.063/share.
MB bottom-line: I don’t think this is setting BHI up for any major changes, since the ownership group subscribed to the entire authorized capital increase. If they had purchased just the bare minimum amount of a much larger increase then we might be looking at a situation where BHI could be looking to raise money from outside of Panlilio Family to do something interesting, but I don’t think that’s the case here.
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