Par value is the stated amount per share in the articles of incorporation. It is a promise that no shares shall be issued below the indicated amount.
Vitarich Corporation (VITA, the Company) has been vocal in their intention to sell whole or part of the Company.  This statement may provide an investment opportunity for an individual investor since VITA is occasionally trading at below its par value of P1.
A patient investor can allocate below .95 and may reap a decent return should VITA be taken over or a strategic investor may infuse more cash to the Company.
Non-occurrence if the buy-in will render the investment thesis invalid.
- Clarification of news article: “Cebu firm may get Vitarich; Paje’s special mining permit”, http://www.pse.com.ph/resource/disclosures/2012/pdf/dc2012-9089_VITA.pdf
Disclaimer: I do not claim to be an expert and nothing I say should be taken as a recommendation to buy or sell.