C05615-2017

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Sep 13, 2017
2. SEC Identification Number
069039274
3. BIR Tax Identification No.
000506020000
4. Exact name of issuer as specified in its charter
PHINMA Energy Corporation
5. Province, country or other jurisdiction of incorporation
Makati City, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
Level 11 PHINMA Plaza, 39 Plaza Drive, Rockwell Center, Makati City Postal Code 1200
8. Issuer's telephone number, including area code
632-8700100
9. Former name or former address, if changed since last report
Not applicable
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common 4,885,897,908
11. Indicate the item numbers reported herein
N/A

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

PHINMA Energy CorporationPHEN

PSE Disclosure Form 4-26 - Legal Proceedings References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Filing of complaint for damages with prayer for a writ of preliminary injunction/writ of preliminary mandatory injunction and temporary restraining order against Power Sector Assets and Liabilities Management (“PSALM”) Corp. and its former President Emmanuel R. Ledesma, Jr.
Background/Description of the Disclosure

PHINMA Energy seeks to restrain PSALM from terminating the “Administration Agreement for the Selection and Appointment of Independent Power Producer Administrators for the Strips of Energy of the Unified Leyte Geothermal Power Plants located in Tongonan, Leyte” (the “Agreement”) on grounds of Administrator’s default.

On November 07, 2013, PHINMA Energy (then Trans-Asia Oil and Energy Development Corporation) was declared as one of the winning bidders with the right to administer 40 Megawatts (MW) “strips of energy” from the ULGPP. On November 08, 2013, typhoon Yolanda severely hit Region 8 which resulted in extensive damage to the ULGPP. It was only after a one (1) year delay that PSALM awarded the Strips to the bidders.

In several letters to PSALM, PHINMA Energy formally sought the renegotiation of the Agreement and proposed several measures for relief. Representatives of PSALM and PHINMA Energy met on several occasions. PHINMA Energy wrote PSALM expressing the difficulties suffered by the Administrators under the Agreement.

PHINMA Energy, through counsel, wrote a letter exercising its right to withdraw from the Agreement. Discussions on the termination were initiated. However, PHINMA Energy received a Notice from PSALM of the Administrator Default and PSALM has resolved to terminate the Agreement and forfeit the Performance Bond. Thus the filing of the Complaint.
Name of the court or agency in which the proceedings are pending Regional Trial Court- Makati City
Date Instituted Sep 13, 2017
Docket Number R-MKT-17-03089-CV
Principal Parties

Complainant- PHINMA Energy Corporation
Defendants- PSALM and Emmanuel R. Ledesma, Jr.
Nature and description of the legal proceedings

Civil case for damages and annulment of the Agreement with prayer for a writ of preliminary injunction/writ of preliminary mandatory injunction and temporary restraining order (TRO).
The effect(s) on the Issuer's business or operations, if any

The case has no material adverse effect on the operations of the Corporation. The grant of the prayer for a temporary restraining order (TRO) will restrain PSALM from terminating the Agreement on the ground of Administrator’s Default and prevent PSALM from asserting any further claim to the detriment of the Corporation. In the event that the Court rules in favor of PHINMA Energy, the Agreement may be invalidated and an award for damages may be made to the Corporation. An adverse decision may open the Company to possible financial claims by PSALM.
Other Relevant Information

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Filed on behalf by:
Name Alan Ascalon
Designation Vice President/ Asst. Corporate Secretary