AC Energy: Acquisition or disposal of assets

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SAFETY AND EXCHANGES COMMISSION
SEC FORM 17-C

CURRENT ARTICLE 17 REPORT
OF THE SECURITIES REGULATORY CODE
AND CBC RULE 17.2(c)

1. Report Date (Date of first reported event) April 19, 20222. SEC Identification Number 392743. BIR tax identification number 000-506-020-0004. Exact name of the issuer as specified in its charter AC Energy Company5. Province, country or other jurisdiction of incorporation Makati, Philippines6. Industry classification code (SEC use only) 7. Principal office address 4th Floor, Office Tower 6750 Ayala Avenue, Makati CityPostal code12268. Issuer’s phone number including area code (02) 7730 63009. Former name or address, if changed since last report N / A10. Securities registered pursuant to Articles 8 and 12 of the SRC or Articles 4 and 8 of the RSA

Title of each class

Number of Common Shares Outstanding and Amount of Outstanding Debt

Ordinary actions 38 315 838 177

11. Indicate the article numbers reported here N / A

The Exchange does not warrant or assume any responsibility for the accuracy of the facts and statements contained in any corporate disclosures, including financial reports. All data contained herein is prepared and submitted by the Disclosing Party to the Exchange, and is being released for informational purposes only. Any questions about the data contained herein should be addressed directly to the disclosing party’s Corporate Information Officer.


AC Energy CompanyACEN

PSE Disclosure Form 4-1 – Acquisition or Disposal of Assets References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Purpose of disclosure

Sale of Power Barge 103

Background/Description of Disclosure

On August 20, 2021, the Company’s Executive Committee approved the sale of Power Barge (PB) 103 to SPC Island Power Corporation (“SIPC”) or its designated affiliate or subsidiary.

On September 15, 2021, the Company and SIPC signed the Asset Purchase Agreement (APA) relating to the transaction. SIPC has since assigned all of its rights and obligations under the APP to its parent company, SPC Power Corporation (“SPC”).

On April 19, 2022, the Company and SPC signed the deed of sale and absolute transfer implementing the effective sale on April 18, 2022.

Date approved by
board of directors

N / A

Rationale for the transaction, including the benefits expected to be accrued by the issuer as a result of the transaction

Rebalancing of the Company’s portfolio to focus on renewable energies

Details of acquisition or disposition

Description of the Operation

The transaction involves all right, title and interest of the Company in PB 103 and, to the extent permitted by law, all necessary permits and licenses to own, operate and maintain the power barge.

Way

Signature of a deed of sale and absolute transfer

Description of the assets concerned

PB 103 is a 4 x 8 MW oil-fired diesel barge and is currently decommissioned. PB 103 is located in Barangay Poblacion, Lapu-lapu city.

Transaction terms and conditions

Nature and amount of consideration given or received

Cash in the amount of Php39,200,000.00 including VAT

Principle followed to determine the amount of consideration

The consideration is the result of a negotiation between the parties

Payment terms

Full payment of the purchase price upon signing the deed of sale and absolute transfer

Conditions precedent to closing the transaction, if any

Nothing

Any other salient term

Nothing

Identity of the person(s) from whom the assets were acquired or to whom they were sold

name

Nature of any material relationship with the issuer, its directors/officers or any of its affiliates

SPC Energy Company Nothing

Effect(s) on the Issuer’s business, financial position and operations, if any

With the sale of the currently decommissioned PB 103, the Company will reinvest the proceeds of the sale into its renewable energy projects.

Other relevant information

Nothing

If the reported transaction is an acquisition, please provide the following additional information:

Sources of funds

N / A

If an asset so acquired by the issuer or its subsidiaries constituted plant, equipment or other physical property, disclose the nature of the business in which the assets were used by the persons from whom they were acquired and whether the the issuer intends to continue such use or whether it intends to devote the assets to other purposes, indicating those other purposes

N / A

Filed on behalf of:

name

Alain Ascalon

Designation

Vice President/Asst. Corporate Secretary

Warning

AC Energy Company published this content on April 19, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on April 19, 2022 07:13:09 UTC.

Public now 2022

All news about AC ENERGY CORPORATION

2022 sales 30,270 million
579 million
579 million
Net income 2022 8,742 million
167M
167M
Net debt 2022 28,535 million
546M
546M
PER 2022 ratio 37.6x
2022 return 0.98%
Capitalization 320B
6,114M
6,114M
EV / Sales 2022 11.5x
EV / Sales 2023 11.0x
# of employees 207
Floating 36.8%

Chart AC ENERGY CORPORATION


Duration :

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AC Energy Corporation Technical Analysis Chart |  MarketScreener



Evolution of the income statement

To sell

To buy

Medium consensus SURPASS
Number of analysts 4
Last closing price PHP 8.34
Average target price PHP 10.26
Average Spread / Target 23.0%


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