AC Energy [ACEN 7.11 1.57%] [link] canceled its property-for-share swap with ACE Enexor [ACEX 12.74 1.11%], which would have transferred fossil fuel assets and its energy exploration assets to ACEX in exchange for a huge batch of shares. ACEN’s board also canceled its planned stock rights offering and follow-on offering, due to “unfavorable market conditions”. This has got to feel like something like a rug-pull to the investors that were dumping into ACEX to take advantage of this gas-up. This feels like a weird course of action for the Ayala Group.
Xurpas [X 0.33 4.41%] [link] board has voted to appoint Joey Gurango as its new Chairman and CEO, replacing Nix Nolledo. The press release pumps Mr. Gurango as the “40-year IT veteran” (obvious joke is too obvious) who is “honored” to lead X at “such an exciting time”. It’s true that the broad times in the market are indeed exciting, but the problem has recently been X’s inability to monetize that excitement.
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