From zero to hero? Nix Nolledo to buy P100M shares of Xurpas at more than 5 times the 10 centavos offered by Wavemaker’s Eric Manlunas

From zero to hero? Nix Nolledo to buy P100M shares of Xurpas at more than 5 times the 10 centavos offered by Wavemaker’s Eric Manlunas

Xurpas co-founder and chairman Nico Jose “Nix” Nolledo is buying P100 million worth of shares of the Information technology bust a month after its white knight deal with Wavemaker led by Eric Manlunas.

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Nolledo has offered to buy Xurpas shares for a floor price of 55 centavos per share or more than five times Wavemaker’s offer to buy 1.707 billion shares of the company for 10 centavos per share.

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Wavemaker dropped its takeover of Xurpas due to the Nolledo-led management’s failure to close the transaction by 31 December 2020.

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Nolledo’s final offer price will be based on Xurpas’ 30-day weighted average share price plus a five percent premium.

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Nolledo and Xurpas signed the subscription agreement on January 20 when its stock closed at a historic low (intraday) of 38.50 centavos each.

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Xurpas surged 34 percent to 53 centavos on P41.04 million worth of trades on the same day it announced Nolledo’s plans.

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Nolledo, son of Xurpas director and retired Ayala executive Mercedita Nolledo, currently has a 17 percent stake in Xurpas with his two co-founders Raymond Gerard Racaza and Fernando Jude Garcia owning 20 percent each.

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Xurpas president Mar Corpuz said: “The past two years have been quite challenging, all the more so due to the ongoing pandemic. But there have also been opportunities for growth, as many companies try to accelerate their digital transformation and other IT initiatives.

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We have made meaningful progress in rebuilding our revenue base by focusing on staff augmentation. Nix (Nolledo’s) continued support through this infusion will go a long way towards allowing us to further grow the business while strengthening our balance sheet.”

From IPO bubble to IT bust: Xurpas in full meltdown as Racaza-Nolledo-Garcia’s losses swell to P3.5B


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