On 17 February 2017, the Board of Directors approved the subscription by certain individuals (namely, Hyung Rae Doo, Napoleon M. Deleon Jr., Lloyd Reagan C. Taboso and Daniel Chua Go and, collectively, the “Subscribers”) to a total of 247,396,071,520 APL shares (the “Subscription Shares”) to be issued out of the proposed increase of capital stock of the Corporation in exchange for the assignment by the Subscribers to APL of 4,133,740 common shares of JDVC Resources Corporation (“JDVC”) owned by the Subscribers, representing 83% of the outstanding capital stock of JDVC (the “Transaction”). The transfer value of the JDVC Shares at Php598.48 per share or an aggregate transfer value of Php2,473,960,715.20 is based on the appraised value of JDVC’s assets.
A Deed of Exchange and an Amended Deed of Exchange covering the Transaction was entered into by APL and the Subscribers on 17 February 2017 and 18 May 2017, respectively.
Accordingly, pursuant to the approval of the increase of capital of the Corporation by the SEC on 09 October 2017, there is a change in the number of issued and outstanding shares of the Corporation.
The Corporation issued 247,396,071,520 common shares in favor of the following: 1. Hyung Rae Doo - 109,065,080,064 common shares 2. Napoleon M. Deleon, Jr. - 46,224,979,304 common shares 3. Lloyd Raegan C. Taboso - 46,471,972,000 common shares 4. Daniel Chua Go - 45,634,040152 common shares |