PSE president Francis Lim said a deferment of the deadline will give the bourse more room to implement its ownership restructuring plan that is being crafted by its financial advisor JP Morgan.

The PSE board has already approved the issuance of new shares equivalent of up to 25 percent of the bourse’s outstanding capital stock as well as the creation and issuance of warrants under its ownership restructuring plan.

The warrants will be designed so as not to result in a dilution in excess of 10 percent with a strike price of about 120 percent to 150 percent and with maturity of three years.

The board will set the terms and conditions of the issuance of the new shares and warrants upon offering. The ORP is meant to allow the PSE to comply with the law which limits ownership of an industry to 20 percent of the PSE.

Currently, stock brokers control about 45 percent of the PSE and are not willing to divest of their holdings. The PSE has already hired JP Morgan to be its financial advisor and underwriter for the planned offering.