The transfers shall be crossed on June 28, 2012 on the Philippine Stock Exchange by a special block sale upon approval by the Philippine Stock Exchange.
Transfer to First Philippine Holdings Corporation (FPH)
Beacon will be transferring to FPH 1,300,048,529 Shares, as additional consideration for the 74,700,000 Meralco common shares acquired by Beacon from FPH pursuant to the exercise of a call option on such shares on March 30, 2010. The consideration of the transfer of the 1,300,048,529 Shares to FPH is P2.01 per share or a total consideration of P2,613,097,543.29.
Beacon will likewise be selling 52,787,367 additional Shares to FPH. The consideration of the transfer of the 52,787,367 Shares to FPH is P2.01 per share or a total consideration of P106,102,607.67.
Beacon will likewise be transferring 84,546,294 Shares to FPH as instructed by First Philippine Utilities Corporation ("FPUC"). Pursuant to the agreement between Beacon and FPUC, FPUC retained its rights over such shares even after the transfer of 30,000,000 Meralco common shares to Beacon. It is assigning all its rights to receive said Shares to FPH. The consideration of the transfer of the 84,546,294 shares by Beacon to FPH is P2.01 per share or a total consideration of P169,938,050.94.
Transfer to FPH Pension Fund
Beacon will be selling 87,953,853 Shares to the FPH Pension Fund. The consideration of the sale of the 87,953,853 shares is P2.01 per share or a total consideration of P176,787,244.53.
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