042707: C&P eyes shares swap with Vista

C&P Homes Inc., a homebuilder owned by Philippine Senator Manuel Villar, said its majority owners will swap shares in the company for Vista Land & Lifescapes Inc’s. stock, which may lead to the developer’s delisting. Vista Land has also offered to acquire the rest of the C&P Homes shares, Estrelita Tan, C&P Homes’ controller, said in a statement to the Philippine Stock Exchange. “This is part of the clean-up process in C&P Homes,” Astro del Castillo, managing director of First Grade Holding Inc., a financial management and advisory company in Manila, said. “The Villar family is overhauling C&P Homes and minority shareholders are being given a way out.” The exchange of shares comes a month after C&P Homes completed a proposal to repay $150 million of bonds that it sold 10 years ago with shares and new bonds. C&P Homes, which didn’t pay the old debt when it was due in 2003, said in March that most of its bondholders accepted its repayment offer. Fine Properties Inc. will get 3.02 billion shares in Vista Land for Fine and Brittany Corp.’s 3.02 billion C&P Homes shares, Tan said. Vista Land offered to acquire the rest of C&P Homes’ 1.89 billion shares on the same terms, she said. Those who don’t accept the swap will remain shareholders of C&P Homes, which won’t be publicly traded, she said.                                                                 C&P Homes shares were suspended from trading. --Bloomberg

 

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