MANILA, Philippines – The Board of Directors of Vista Land & Lifescapes, Inc. has authorized the company to explore various funding options including, if appropriate, a US dollar bond offering.

In a disclosure to the Philippine Stock Exchange, Vista Land said the board has also authorized management to implement all necessary corporate and other actions to proceed with the offering, and to decide on the final size and terms and conditions of the offer.

The firm is also seeking shareholder approval to create a new class of voting preferred shares to allow more foreign and local investment in the company.

Vista is amending’ its articles of incorporation to reclassify one billion common shares with a par value of P1 apiece into 10 billion preferred shares, with a par value of P0.10 per share.

The company is calling a special stockholders meeting on September 27, where it will also seek shareholder approval to expand its primary purpose to allow it to extend loans and guarantees for the benefit of its indirect subsidiaries and investee companies.

“The new authorized capital stock of the company and the creation of preferred shares will enable the company to carry out further equity fund raising by allowing additional foreign and domestic investment,” Vista Land said.

The firm has just declared a cash dividend of P0.054 per share with a total value of P459.88 million, equivalent to 20 percent of the company’s consolidated net income as of December 31, 2009.

The record date is September 30, 2010, and payment date is October 26, 2010.

Leading international stock brokerage house Credit Lyonnais Securities Asia-Pacific (CLSA) recently reiterated its “Conviction Buy” rating on Vista Land shares which have been performing relatively well.

In its research report dated September 8, 2010, CLSA’s property sector analyst Leo Venezuela stated that “Vista Land remains a conviction buy with a 51 percent upside.”

Besides CLSA, other analysts have also given “buy” ratings to Vista Land shares during the first semester of the year.

Vista Land has announced a spate of expansion and other developments in most of its market segments notably in vertical, low-rise and mid-rise properties.

It is all set to roll out new vertical development projects, which would bring the total value of its vertical units to P12.5 billion by next year.