ALTERNERGY Holdings Corp. said Wednesday that its board had approved the filing of a shelf registration program with the Securities and Exchange Commission for a public offering of perpetual preferred shares.
“The Alternergy board’s decision to proceed with a shelf registration is a pivotal move given current market volatility brought about by the Middle East conflict,” Alternergy President Gerry Magbanua said.
“A shelf registration will provide flexibility in future capital raising. We believe this is [a more] prudent approach than a full public offering in the near term,” he added.
The company plans to issue up to 50 million shares in one or more tranches over a period of five years at P100 apiece.
Proceeds will be used to raise capital for projects under the fourth round of the government’s Green Energy Auction program.
Alternergy’s share price rose by a centavo to close at P0.76 apiece on Wednesday.
ED PAOLO SALTING
