PHA Catalyst: Timeline of PHA After Releasing a Disclosure - SIGNING OF MEMORANDUM OF AGREEMENT WITH A NEW INVESTOR GROUP (Backdoor Listing Move), What Happened After That?

Some Points To Ponder for Newbies for Future Reaction...

Squidpay buys into Premiere Horizon Alliance for backdoor listing move

Squidpay buys into Premiere Horizon Alliance as a backdoor move to list at the Philippine Stock Exchange.

MANILA - Squidpay, a contactless payment solutions provider, is acquiring 55 percent stake in Premiere Horizon Alliance Corp (PHA) -- to be used as vehicle for its prospective backdoor listing at the Philippine Stock Exchange (PSE).

PHA said in a disclosure on Wednesday that it signed a memorandum of agreement (MOA) with Squidpay on October 29 that will allow the financial technology firm to subscribe to a total of 2.8 billion PHA shares at P0.33 apiece.

A third or P300 million of the P925 million transaction value will be settled by Squidpay in cash, while the rest will be paid via combined cash and stock infusion of Squidpay Technology Inc. (SPT) shares in a period of 2 years.

Since its announcement on October 30, the PSE halted the trading of PHA stocks at P0.355 per share.

Read more from Source: https://news.abs-cbn.com/business/11/11/20/squidpay-buys-into-premiere-horizon-alliance-for-backdoor-listing-move

The Disclosure in October 30, 2020:
SIGNING OF MEMORANDUM OF AGREEMENT WITH A NEW INVESTOR GROUP

Subject of the Disclosure
SIGNING OF MEMORANDUM OF AGREEMENT WITH A NEW INVESTOR GROUP
Background/Description of the Disclosure
We advise that on October 29, 2020, Premiere Horizon Alliance Corporation (the “Company” or “PHA”) entered into a Memorandum of Agreement with an investor group led by Marvin Dela Cruz for the equity infusion through a subscription of a total of 2,803,030,303 shares (the “Subscription Shares”) or up to 55% ownership in PHA. Subscription to these shares will be at Php0.33per share for a total consideration of Php925.0 Million, of which Php300 Million will be in cash and the balance of Php625 Million will be via a combination of cash and/or infusion of Squidpay Technology, Inc (“SPTI”) shares over a period of 2 years, with the intent of making SPTI a subsidiary of PHA. The Subscription Shares consist of 263,636,364 shares to be issued out of the current unissued capital stock of PHA and 2,539,393,939 shares to be subscribed out of an increase of authorized capital stock to be applied for by PHA, such that, the aggregate shares held by the Investors shall constitute fifty-five percent (55%) of the resulting issued and outstanding capital stock of PHA after the increase. The parties also executed today, the subscription agreements covering the 263,636,364 PHA shares to be issued from the unissued authorized capital stock, at a price of Php0.33 per shares or total consideration of Php87.0 million payable in cash. The remaining 2,539,393,939 shares will be issued from an increase in authorized capital stock of PHA to 6.0 Billion common shares, which will be subject to the approval of the shareholders in the upcoming Annual Shareholders Meeting scheduled for December 17, 2020. Mr. Dela Cruz and his group are the majority owners of Squidpay Technology, Inc. a rising payment solutions company that aims to provide a convenient electronic payment and collection system through the use of stored value cards and mobile applications. The terms and conditions of the foregoing transactions and execution of the agreements were approved by the PHA Board of Directors at its meeting held on the same day, October 29, 2020. The Board also approved the following additional matters: 1. The amendment of the articles of incorporation and increase of the authorized capital stock of PHA from Php563,556,000.00 divided into 2,254,224,000 shares with a par value of Php0.25 per share, to Php1,500,000,000.00 divided into 6,000,000,000 common shares with a par value of Php0.25 per share; 2. The issuance of 303,030,304 shares worth up to Php100 million out of the increase in authorized capital stock to existing creditors at a price of Php0.33 per share. Read more from Source: https://edge.pse.com.ph/openDiscViewer.do?edge_no=738dbe1802ac4af10de8473cebbd6407 PHA Trading Halt: Otober 30, 2020 In view of the materiality, and subject to the Exchange’s further evaluation of the information disclosed by the Company, the Exchange will extend the trading halt on PHA shares today, October 30, 2020. The Exchange will inform the Trading Participants and the investing public of further developments on the matter. Read more from Source: https://edge.pse.com.ph/openDiscViewer.do?edge_no=ea73e94cc6a8dd9a0de8473cebbd6407 The Price Action of PHA After The Halt Ended and Started Trading Again in November 16, 2020: PHA gap up and was able to make a ceiling on the opening day after the halt ended. Although there's some profit taking at the the beginning, the bulls overcame the onslaught of the bears. Fast Forward from The Trading Day after The Halt Until The Current Trading Date (Jan. 15, 2021) PHA skyrocketed to 452% from Trading Day After The Halt Until the Current Trading Date (Nov. 16 2020, Jan. 15, 2021)

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