MGOC

AcronymDefinition
MGOCMG Owners' Club (UK car club)
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Last February, MGOC completed the landmark acquisition of about 90 percent of Pancake House for P3.50 billion at P15 per share.
"We spent several months of extensive analysis, evaluating the Pancake House business, its brands and potential synergies with MGOC, and concluded with the help of management, that the integration of MGOC and Pancake House was in the best interest of Pancake House shareholders," said Trota.
Under the agreement, Pancake House will issue to to the MGOC shareholders 270.2 million new shares at the issue price of P15 per share.
In a disclosure to the Philippine Stock Exchange, Pancake House said its board of directors has authorized the acquisition of all the issued and outstanding shares of stock of 20 firms which form part of MGOC.
While the firm has assured that they intend to keep Pancake House listed at the Philippine Stock Exchange, MGOC President Robert Trota said they have not decided whether to list the rest of the group via the backdoor using Pancake House as widely-expected by the market.
While being publicly-listed will allow MGOC to raise fresh capital from the equities market, Trota said they still do not need additional capital to fund the expansion of their restaurant brands.
Trota said they used internally-generated funds and bank loans to finance MGOC's P3.5-billion acquisition of an 89.95 percent stake in Pancake House from the Lorenzo family and public shareholders.
Meanwhile, Trota said MGOC will spend about P160 million this year to put up 10 to 15 stores of which 7 to 8 will be Max's restaurant (P12 to P15 million each) while the rest will be Krispy Kreme and Jamba Juice (P5 to P8 million each).
For now, he said MGOC and Pancake House will operate as separate entities.