MT:Sys get deeper into mining as copper turns into gold
FORTY million dollars in placement in 2006, plus another $40 million in between, will turn into $368 million in five years.
Sounds like another e-mail scam, except that this incredible investment opportunity just happened to a Singapore-based fund after Friday’s announcement of the exit of Crescent Asia from Atlas Mining’s subsidiary, Carmen Copper.
Atlas will hand over the $368-million windfall to Crescent Asia and end up fully owning its dollar-spewing money-machine.
Atlas chairman Alfredo Ramos will finance the buyout with additional issuance of Atlas shares, equivalent to 33 percent of Atlas post-offering, with Banco de Oro firmly undertaking the chunk of the “private placement,” with only a month to close the deal.
Do not be surprised if BDO owner Henry Sy Sr., or any Sy-related company, eventually ends up acquiring for itself the private placement, especially with BDO having just declared P1 billion in extraordinary income out of the initial $25-million facility it extended to Atlas just two years ago.
Take note also that the deal adviser and arranger happens to be Stephen CuUnjieng of Evercore Partners, still the flavor-of-the-month, actually ears, of the Sys.
CuUnjieng and Ramos will discuss the impact of the latest capital-raising exercise this afternoon at the Makati Shangri-La.
One immediate effect: The planned listing of Atlas in London, as reported earlier in the Financial Times, will no longer push through.
(Disclosure: Cocktales’ modest stock portfolio includes Atlas.)
Court stops P.Noy boys
THE Manila Regional Trial Court has made permanent its restraining order against Pagcor chairman Cristino Naguiat Jr. and his board from shutting down the two Thunderbird resort-casinos chaired by former Finance secretary Roberto de Ocampo.
The court on Thursday issued a writ of preliminary prohibitory injunction against Philippine Amusement and Gaming Corp. directing the state agency to cease and desist from initiating “cessation proceedings” against Thunderbird.
Thunderbird sued Pagcor after the new board threatened to shut down the fun houses, unless Thunderbird agrees to a new contract that shortens the life of Thunderbird’s franchise, among others.
“This order protecting [Thunderbird’s] rights to operate shall remain in full force and effect indefinitely unless modified by court,” Thunderbird said.
Money-go-round
• The alliance between TV5 and Regal Films has been further cemented with Mother Lily’s daughter, Roselle Monteverde-Teo, agreeing to become a consultant, with a fabulous package as sweetener, for the PLDT Group.
• A Philippine edition of Esquire is due to come out starting October, with the monthly US men’s magazine becoming the 23rd title in the Summit Publishing empire of Lisa Gokongwei-Cheng.
Philippine Star columnist Erwin Romulo, a son of former Foreign secretary Alberto Romulo, will be in charge of the local content as editor-in-chief.
The local cover price is still a hush-hush, but it should be considerably less than the $4.99 listed in the mother edition.
Heard through the grapevine
Five years after she formally asked for them, society lady Tereret Tambunting-Liboro still could not have her shares in the family-owned Planters Development Bank transferred to her name because of the legal obstacles lobbed by nephew, Manila Polo Club president Miguel A. Tambunting, against her in court.
