C00584-2017 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common | 2,000,000,000 |
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Subject of the Disclosure |
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Revocation of the previous approval of the amendment to the seventh article of the Articles of Incorporation and issuance and approval of new resolution amending the same seventh article of the Articles of Incorporation to increase the authorized capital instead by Php 98,000,000.00. |
Background/Description of the Disclosure |
Please be informed that at the meeting of the Board of Directors of Pryce Corporation held today, December 21, 2016, the Board revoked its resolution dated November 25, 2016 increasing the authorized capital stock of the Corporation by Php 240,000,000.00. The Board thereafter issued and approved a resolution amending the Seventh Article of the Articles of Incorporation to increase the authorized capital stock of the Corporation instead by Php 98,000,000.00, or from Two Billion Pesos (Php 2,000,000,000.00) divided into two billion (2,000,000,000) shares with par value of one peso (Php 1.00) per share to Two Billion Ninety-Eight Million Pesos (Php 2,098,000,000.00) divided into two billion ninety-eight million (2,098,000,000) shares with par value of Php 1.00 per share. The Board accordingly approved the amendment to the Seventh Article of the Articles of Incorporation to read as follows: |
Date of Approval by Board of Directors |
Dec 21, 2016 |
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Date of Approval by Stockholders | Feb 2, 2017 |
Other Relevant Regulatory Agency, if applicable | - |
Date of Approval by Relevant Regulatory Agency, if applicable | TBA |
Date of Approval by Securities and Exchange Commission | TBA |
Date of Receipt of SEC approval | TBA |
Article No. | From | To | |
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7 | Two Billion Pesos (Php 2,000,000,000) divided into two billion (2,000,000,000) shares, with a par value of One Peso (Php 1.00) per share | Two Billion Ninety-Eight Million Pesos (Php 2,098,000,000) divided into two billion ninety-eight million (2,098,000,000) shares, with par value of One Peso (Php 1.00) per share |
Rationale for the amendment(s) |
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To allow for the subscription by Josefina Multi-Ventures Corporation to 24,500,000 shares at the subscription price of Php 5.00 per share under the placing and subscription transaction disclosed to the Exchange last December 7, 2016, and, otherwise, to allow the company to expeditiously raise funds via stock subscriptions. |
Expected date of filing the amendments to the Articles of Incorporation with the SEC | TBA |
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Expected date of SEC approval of the Amended Articles of Incorporation | TBA |
Effect(s) of the amendment(s) to the business, operations and/or capital structure of the Issuer, if any |
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Infusion of fresh capital into the company. |
Other Relevant Information |
The previous disclosure was revised to reflect the date of the approval by the stockholders of the amendment. |
Name | Erica Encabo |
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Designation | Corporate Information and Compliance |