LRWC Redeemed All Outstanding Preferred Shares on January 31, 2020 (Press Release)
February 10, 2020
LRWC Redeemed All Outstanding Preferred Shares on January 31, 2020
LRWC (the “Company”) redeemed all its outstanding preferred shares on January 31, 2020. The total number of shares redeemed at par value was 1,650,000,000, amounting to Php1.65 billion. The Company also paid the accrued interest from July 1 to December 31, 2019 with a step-up rate of 9.42 percent per annum. The total amount of interest paid was Php77.72 million. Interest from July 1, 2018 to June 30, 2019 has been paid off in August last year with the same step-up interest rate.
In July 2013, LRWC issued and listed 1.65 billion preferred shares through private placement at Php1.00 per share. The features of the preferred shares that had been issued with an interest rate was of 8.5 percent are cumulative, non-voting and non-participating, and redeemable at the option of LRWC starting on the 5th year anniversary. Since the company redeemed the shares on the 6th year anniversary, it carried a step-up rate of 9.42 percent per annum.
Leisure & Resorts World Corporation (LRWC, stock code “LR”) is one of the leading gaming and leisure providers in the country. The Company dominates the retail gaming market through its traditional bingo, e-bingo, and other gaming facilities. With its expertise in the industry, the Company provides world-class multi-gaming platforms with a strong distribution network of entertainment sites in key locations in the Philippines.
For more information about LRWC, please visit https://lrwc.com.ph/
Category: Press Releases