First Gen declares dividends

Lopez-led First Gen Corp. said its board on Friday approved the declaration of 2012 cash dividends on three series of preferred shares.

In a disclosure to the Philippine Stock Exchange, First Gen said that for all outstanding Series “F” preferred shares, a cash dividend of P4 apiece will be given to stockholders of record as of Jan. 6, 2012.

The Series “F” perpetual preferred shares have an annual coupon rate of 8 percent per share and are entitled to receive dividends semi-annually.

In July this year, First Gen raised P10 billion from the issuance of 100 million Series “F” preferred shares.

In the meantime, the board also approved a cash dividend of two centavos for all outstanding Series “B” preferred shares and one centavo for all outstanding Series “E” preferred shares.

First Gen said its parent firm. First Philippine Holdings Corp., was the sole holder of the company’s Series “E” preferred shares. These shares have the following features: Voting, entitlement to dividends, nonparticipating, nonconvertible to common shares, and once redeemed, they revert to and may be reissued by the corporation.

According to First Gen, the cash dividends will be paid to its stockholders on Jan. 25, 2012.