Converge Information & Communications Technology Solutions Inc.

03/24/2022 | Press release | Distributed by Public on 03/23/2022 21:10

Clarification of News Reports

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported) Mar 24, 20222. SEC Identification Number CS2007160943. BIR Tax Identification No. 006-895-049-0004. Exact name of issuer as specified in its charter CONVERGE INFORMATION AND COMMUNICATIONS TECHNOLOGY SOLUTIONS, INC.5. Province, country or other jurisdiction of incorporation Metro Manila, Philippines6. Industry Classification Code(SEC Use Only) 7. Address of principal office New Street Building, Mc Arthur Highway, Balibago, Angeles City, PampangaPostal Code20098. Issuer's telephone number, including area code (02) 8667-08889. Former name or former address, if changed since last report N/A10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 7,526,294,461
11. Indicate the item numbers reported herein Item 9. Other events

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Converge Information and Communications Technology Solutions, Inc.CNVRG

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Clarification of News Report

Source Manila Bulletin (Online Edition)
Subject of News Report SEC approves Converge P20-B bonds
Date of Publication Mar 23, 2022
Clarification of News Report

This is in kind reply to your request for explanation to the news article entitled "SEC approves Converge P20-B bonds" posted in Manila Bulletin (Online Edition) on March 23, 2022. The article reported:

"The Securities and Exchange Commission (SEC) has approved the P20-billion shelf registration of fixed rate bonds of Converge Information and Communications Technology Solutions, Inc.

The Commission En Banc resolved to render effective the registration statement of Converge covering up to P20 billion fixed-rate bonds to be offered in tranches within three years.

. . . .

Assuming the oversubscription option is fully exercised, the company could net up to P9.87 billion from the offer.

Proceeds will be used to fund the company's capital expenditures in connection with plant equipment and other property, plant, and equipment and intangible assets for the expansion of its nationwide fiber network.

The bonds comprising the first tranche will be offered at face value from March 14 to 18, and will be listed on the Philippine Dealing & Exchange Corp. on March 25, according to the latest timetable submitted to the SEC.

. . . ."

We wish to inform the Exchange and the investing public that Converge Information and Technology Solutions, Inc. (the "Company") has not received official confirmation from the SEC on the approval of the Corporation's Registration Statement for its Php20 billion Debt Securities Program Shelf Registration.

We confirm that, as disclosed in the latest draft of the preliminary prospectus submitted to the SEC last March 21, 2022, the estimate net proceeds from the offer is at Php9.87 billion, assuming full oversubscription is exercised, and that the net proceeds will be mainly used to fund capital expenditures. This is in connection with the expansion of the Company's nationwide fiber network, including to new markets in Visayas and Mindanao. Subject to determination by management of the appropriate amounts, taking into consideration the abovementioned factors, a portion of the proceeds may be allocated for general corporate purposes.

Lastly, we will need to wait for the receipt of the official confirmation from the SEC before the official offer period and listing date can be determined.

Rest assured that the Company will make the necessary disclosures once we receive the pre-effective letter from the SEC.

Other Relevant Information

Not applicable

Filed on behalf by:
Name Laurice Tuason
Designation Corporate Compliance Officer