To all shareholders of Calata Corporation
It is with deep regret that the shareholders of Calata Corporation have been unduly and unfairly affected by the decision of Philippine Stock Exchange to delist the company. As you can see, the company has been consistently profitable. Management tried its best to make a big leap but there has not been any significant growth for the last several years due to the negative publicity since the initial public offering.
Our legal team tried to persuade the delisting committee to lift the suspension and even asked PSE to just penalize those who have purportedly committed the violations. Management firmly believes that it should not be the public who would carry the burden of such penalty.
The decision of the PSE to delist the Company is under appeal. However, once the PSE decides with finality, Management will look into and carefully study the offering off a gradual buyback of the shares of the Public even if the tender offer is not mandatory.
However, please understand that this can only be done gradually so as not to adversely affect the day-to-day operations of CAL. We are currently attempting to formulate a plan on how to go about this, but we intend to start from the smallest shareholders up to the largest.
Management would also be studying on pledging a certain amount of our annual net income as cash dividend so that those who choose to stay can at least receive cash annually.
Management will be announcing at the soonest possible time the details of the proposed buyback. In the meantime, we call on CAL's shareholders to remain patient as the Company is committed to find a win-win solution for all. Rest assured that the Company is looking to get this issue behind us all and continue with the business that has been operating for decades.