The Philippine Stock Exchange has sanctioned Leandro Leviste’s SP New Energy Corporation (SPNEC) for the company’s failure to comply with its listing and disclosure rules.
According to the PSE, SPNEC violated Sections 7 and 17.1 of the its rules.
Under Section 7, the PSE requires a written notice for the holding of any stockholders’ meeting at least 10 trading days prior to the record date fixed by the issuer.
The notice must include all the necessary details including the time, venue, and agenda of the meeting and the inclusive dates when the stock and transfer books will be closed.
The issuer is also mandated to further submit within five trading days after the record date the list of stockholders who are entitled to notice and to vote at a regular or special stockholders’ meeting.
Meanwhile, Section 17.11 requires the issuer to submit to the exchange the list of stockholders who are entitled to notice and to vote at a regular or special stockholders meeting not later than five trading days after the record date fixed by the issuer for the holding of such meeting in a format as prescribed by the exchange.