Highlands Prime stockholders okay share reclassification scheme

Leisure property developer Highlands Prime Inc. said 95 percent of its shareholders has approved a plan to reclassify unissued common shares into 20 million preferred shares.

The reclassification was in lieu of an earlier proposal to increase Highland Prime’s authorized capital stock to P6 billion from the current P4 billion to facilitate the issuance of preferred shares.

The preferred shares will be non-voting, non-convertible and redeemable.

Highlands Prime said it will fix the terms and conditions of the preferred shares at the time of the issuance including dividend rate and redemption price.

The company plans to issue as much as P2 billion worth of preferred shares to finance ongoing and future projects.

Highlands Prime is currently expanding its lineup of exclusive out-of-town residential villas. The Tagaytay Highlands is expanding its offerings with Woodridge Park, a residential condominium development inspired by the mountain resorts of the Colorado region in the US.

Due to the success of its Woodridge project, Highlands has fasttracked the development and sale of the The Horizon at Tagayay Midlands and The Woodridge Park at Tagaytay Highlands.

The Horizon, a mid-rise residential condominium development envisioned as a golfer’s haven, is seen to raise approximately P2 billion in gross revenues for Highlands Prime.

The Horizon’s four-bedroom units with an average floor area of 150 square meters boast of views of the Midlands golf course.

Highlands Prime expects the Woodridge Park to generate P1.8 billion in revenues for a total of 119 units. The first phase or 65 units of the Woodridge Park is targeted for completion by end-2007.