Raslag’s amendments to create preferred shares class approved by SEC

Raslag [ASLAG 0.90 unch] [link], the Nepomuceno Family’s renewable energy company, updated the exchange that the SEC had approved the amendments it made to its articles of incorporation to create a class of preferred shares. ASLAG said the move would “[open] an opportunity for ASLAG to raise funds for its pipeline and other expansion projects in support of its vision of having at least a 1000 MWp capacity by 2035.”

MB bottom-line: ASLAG’s management team now has up to 100 million preferred shares that it can sell to raise cash very quickly. It can do this through a formal process, like Ayala Corp. [AC] is doing, where the shares are marketed and sold to the public and listed, or through a private sale to an institutional buyer (like we saw with Alternergy [ALTER] and its sale of shares to GSIS) or to its ownership group (like we saw with Figaro [FCG] to its owner’s holdco). A public sale takes a bit longer, but it’s not really that complicated to execute. A private sale is dead easy, and can be used by ASLAG to whip up some cash rather quickly. 

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