In a disclosure made today, First Philippine Holdings Corporation (First Holdings) announced that it has executed an Option Agreement with Rightlight Holdings Inc. (RHI) over First Holdings' 74,700,000 common shares (The Option Shares) or 6.6 percent of the total outstanding common shares in Manila Electric Company (Meralco). The Option Shares will be exercisable at the option of RHI from March 15 to May 15, 2010. The exercise price shall be Php300 per Option Share or an aggregate exercise price of Php22.41 billion.

Through an Omnibus Agreement, First Holdings has also consented to the rights assignment by Metro Pacific Investments Corporation (MPIC) and Pilipino Telephone Corporation (Piltel) to RHI over MPIC and Piltel's rights in their respective Meralco common shares. At present, MPIC and Piltel own 223,000,000 and 163,602,961 Meralco common shares, respectively, accounting for approximately 34.7 percent of the total oustanding shares of Meralco. Under the terms of the Omnibus Agreement, First Holdings will be assigned with property dividends with respect to the Rockwell Land Corporation (Rockwell) shares of Meralco that may be declared and distributed. With respect to the Option Shares, the rights to be acquired by RHI shall also exclude shares in Rockwell that may be declared and distributed by Meralco as property dividends.

On November 5, 2009, First Holdings and MPIC entered into a Term Sheet Agreement whereby First Holdings gave MPIC an option to purchase Meralco common shares owned by First Holdings.

ROCKWELL Land draws on the traditions of art in the yard and the growing spirit of environmentalism in its newest residential project, the Edades Tower and Garden Villas. To those who choose to live in the heart of Makati and still reimagine more green in their controlled spaces, Edades is the answer. It’s a new concept in Manila condo living: units where squaremeters of space are devoted to gardens. The Garden Villas form a landscaped cluster of townhome-like, bi-level units that extend from the main tower. Each unit also comes with more opportunities for greening, with lawn areas providing ornamental and horticultural options as larger yards. In the two-story garden villa, freeflowing hedges, colorful climbers and vines on pergolas, arbors and arches are even possible.

The tower’s Garden Z-Lofts have also turned convention on its head. Each Z-Loft spills out to warm sunshine by having a sizeable garden deck. The garden itself makes for a tranquil retreat in Makati. The gardens of Rockwell’s Edades—not a strike against urbanization, but a way of imagining an increasingly modernized world as functioning and spiritually enriching, for people who want to keep nature close to their beds, though sky-high. Watch for the model unit unveiling in March. For more info, call 793-0088.