Several corps placed on suspension notice for reporting failures

The PSE [link] notified four high-profile companies that their shares would be suspended at 9 AM today if 2023 Annual Reports were not posted. The companies that were put on notice are Tony Tiu’s AgriNurture [ANI 0.57, down 1.7%; 102% avgVol], Philippine Infradev [INFRA 0.53, up 1.9%; 262% avgVol] and two from pseudo-tycoon Dennis Uy, Chelsea Logistics [C 1.30, up 4.0%; 526% avgVol] and Phoenix Petroleum [PNX 4.17, down 0.2%; 78% avgVol]. Should any of these companies fail to submit their Annual Reports before 9 AM, they will remain suspended for up to three months until such report is submitted. If nothing has changed after three months, the PSE must begin involuntary delisting proceedings.

MB bottom-line: These companies are not a random sample, and they’re not representative of the PSE as a whole. Will ANI, INFRA, C, and PNX push their luck right up to the deadline, or will any of these companies slip into a suspended state for failure to complete one of the most basic components of public corporate life? As usual, retail bagholders will just have to wait and see what the owners decide to do.

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