"Leisure & Resorts World Corporation (LRWC) has raised P1.65 billion through a share sale of preferred shares to ten (10) private investors, foremost of which are GSIS who invested P800 million and Philippine Commercial Capital, Inc. who invested P200million.
The preferred shares have a coupon rate of 8.5% per annum and are paid semi-annually. These preferred shares are cumulative, non-voting and non-participating. Twenty (20) preferred shares will entitle each investor to one warrant. Each warrant, if exercised at a price of P15.00 or the average weighted trading price for the three months prior whichever is lower) will be converted to one common share. This option will be exercisable starting on the 5th year."
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