Title: Political fireworks
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Blog Entry: The Pwersa ng Masang Pilipino (PMP) Presidential candidate Erap started the offensive by accusing Senator Manuel Prada Handbags Villar, NP presidential candidate, of using undue influence in order to be able to sell his personal shares without the usual lock up requirements of 180 days when his Vista Land real estate firm was granted by the Philippine Stock Exchange (PSE) to list and sell its shares in an IPO. This matter was denied by Villar's Chief Legal Officer Nalen Rosero Galang that all the public offerings of the shares of stock of Vista Land and Life Escapes was done in compliance with the requirements of the Securities Regulation Code and the rules of the PSE. Under PSE rules major stockholders are required to lock in or are not allowed to sell their shares within 180 days from the listing of shares. However, Vista Land shareholders were able to sell shares in the secondary offering of the FOO, since unlike listings after public offerings there is no lock in period required by way of introduction. Per PSE rules, listing by introduction do not require a 180-day lock in. In the case of Vista land, it said it complied and in fact extended the lock in period voluntarily through announcement and disclosure that they will no longer sell anymore shares. PSE sources said Vista Land sold R24.75 billion worth of shares consisting of 2.12 billion new shares worth R14.5 billion while its major stockholder firms controlled by the Villars sold 1.45 billion shares worth R10.2 billion. Galang said that UBS Investment Bank acted as Global coordinator and book runner of the international offering of said shares. BDO Capital and Investment Corporation acted as Issue Manager and Domestic Lead Paris Hilton Underwriter. Galang said that 85 percent of the shares were bought by foreign investors. And that the Philippine law firm Romeo Mabanta etc and Picazo Buyco, etc., and two international law firms, Allen and Overy and Skadden Arps Slate Meagher and Flom, passed upon the legality of the offering. Galang further claimed that the pricing of shares for purposes of the public offer was done through an international book building exercise that was coordinated by the UBS(Swiss Bank). Contrary to the allegations of Estrada, no waiver was granted, since the PSE Board did not grant the requested waiver. A director of PSE who is the daughter of a taipan was alleged to have said that the Vista Land transaction was legal and that if there is anything to be investigated it should be the alleged BW manipulation of share prices. I hope that President Erap was Chloe not a victim of what the local press calls "nakuryente"(false news). I am surpised why the PMP is concentrating its attack on the NP candidate. Is it because they believe that if they succeed in destroying Villar's image they could overtake the LP presidential candidate's lead? I cannot further speculate. Furthermore, an LP release last week described how their youth corps would visit several regions in a "song and dance" campaign aimed at enticing the youth to go for their candidate.The said release revealed that of the 18-29-year-old voters, Villar leads Noynoy by one percent and from the 30-40-year-olds Villar's lead is two percent. I cannot say whether this age group will go for Erap. Besides, I was told that some hot heads in the NP coalition allegedly want to revisit the old graft charges against Erap especially those at the Sandiganbayan. I hope this is just gossip, because if this will happen then we'll have even bigger political fireworks... . Other articles: http://www.stlpunk.com/blog/view/id_10359/title_Colleges-see-big-influx-of-new/ http://www.ycltedu.cn/bbs/Blog.asp?BlogUserName=photoshop&menu=ShowBlog&BlogID=1052
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