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Philequity Shifts to Scripless Issuance of Shares

Product Update: PHILEQUITY SHIFTS TO SCRIPLESS ISSUANCE OF SHARES

Good news!  Beginning September 15, 2007, you will have the option to purchase Philequity fund shares in scripless form. This will increase transactional efficiency and convenience whenever you deal with us. Read on and find out how you can benefit from this change.

What are scripless shares?

Scripless shares are shares that are issued without a certificate and are electronically tracked by the mutual fund’s custodian bank in conjunction with the mutual fund management company.

Without certificates, what will I receive from Philequity as confirmation of my investment?

Instead of receiving a share certificate which currently takes several months to process, you will be receiving a system-generated Confirmation Notice from Philequity within ten (10) banking days from the date of investment.  The Confirmation Notice is an official document that will clearly state the details of your investment as well as the total number of outstanding shares in your account as of the date of the transaction. 

What are the benefits of scripless shares?

1. Redemption Flexibility

Because there are no longer any physical share certificates to surrender, you are no longer constrained to sell shares on a per certificate basis.  You have the flexibility to sell any number of shares in your account at any time. 

2. Transaction Convenience

•          You don’t need to wait for several months to get official confirmation of your investments.  The official Confirmation Notice of your investment will be sent to your mailing address within ten (10) banking days. 

•          You also no longer need to present physical share certificates upon redemption of shares.

3. Safeguard Against Loss and Fraud

Physical share certificates are susceptible to loss and fraud. The process of canceling lost certificates and requesting for new ones is lengthy and inconvenient. Scripless issuance of shares eliminates this risk since share holdings are tracked electronically.  Electronic data is backed-up both by Philequity Management, Inc as well as our custodian bank, Equitable PCI Bank.

What do I need to do to convert my physical share certificates to scripless shares?

To convert your shares, you need to surrender all your physical share certificates to Philequity along with a conversion instruction letter authorizing us to convert your shares to scripless form. Philequity will then issue a Conversion Confirmation Notice specifying the total number of shares in your account that were converted to scripless form. Please note that conversion to scripless form is not a redemption from your account.  Your unsold shares remain outstanding in your account.

When can I convert my shares to scripless form?

You may convert your shares to scripless form at any time beginning September 15, 2007. 

Can I still opt to maintain my shareholdings in certificated form?

Yes, you may.  However, you will need to surrender certificates upon redemption and will be limited to sell shares on a per certificate basis.  Furthermore, certificates issued for investments after the conversion date will be subject to a processing charge of P100 and a processing time of six (6) months. 

For further information on converting shares to scripless form, please contact us at 689-8080.