A holder of a Philippine Depository Receipt (PDR) has the right, but not the obligation, to sell the underlying ABS-CBN share and receive the proceeds. To exercise such right, he must pay the amount of P0.10 to ABS-CBN Holdings as exercise price. A PDR holder also has the right to receive cash amounts equivalent to dividends on the underlying ABS-CBN shares, less administrative expenses of ABS-CBN Holdings.

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