Roxas and Co. Inc. has announced its slate of board of directors for the coming year, with the notable absence of acquisitive businessman Leandro Leviste, whose recent share purchases in the century-old property firm have made him the company's third-largest individual shareholder.
RCI, which is controlled by the Roxas and Elizalde families, disclosed the board nominees ahead of its annual stockholders’ meeting on May 29.
The names are identical to its composition for most of the past year, with the exception of veteran banker Aurelio Montinola III, who is returning as a regular director and no longer an independent director.
This change comes after the real estate company of Montinola’s wife, Gizela, purchased a large block of shares at an unusual 38 percent market discount earlier this month, making her the company’s fourth-biggest stockholder in RCI with 8.92 percent, just behind Leviste, who owns 8.93 percent.
The Roxas and Elizalde families also purchased discounted shares in that transaction.
Mr. Montinola resigned as independent director a day after his wife’s buy-in was disclosed.
RCI noted that Mrs. Montinola’s shares have no impact on her husband’s 0.03 percent stake since his wife’s company is “totally separate and distinct from his person.”
Last week, Leviste said on Facebook he had informed the board of his plans to purchase more shares in RCI. This would give him over 15 percent of the company and comfortably entitle him to a seat on the board.
Leviste offered to purchase 250 million shares for P750 million, or P3 per share.
This was a premium to the market price at the time and also 50 percent higher than the share purchase made by Mrs. Montinola, who also acquired 250 million shares.
The news sent RCI shares skyrocketing to a high of P4.55 each.
On Monday, RCI disclosed the sale of 620,000 treasury shares at the market price of P4.15 each. The buyer or buyers were not disclosed.
