9. Former name or former address, if changed since last report
N.A.
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
1,148,534,866
11. Indicate the item numbers reported herein
ITEM NO. 2
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.
Paxys, Inc.PAX
PSE Disclosure Form 4-3 - Amendments to Articles of Incorporation References: SRC Rule 17 (SEC Form 17-C) and Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
Amendment of Articles of Incorporation
Background/Description of the Disclosure
During its meeting held on November 6, 2017, the Board of Directors of Paxys, Inc. approved the decrease in number of directors thereby amending the Sixth Article of the Corporation's Articles of Incorporation.
Date of Approval by Board of Directors
Nov 6, 2017
Date of Approval by Stockholders
Dec 6, 2017
Other Relevant Regulatory Agency, if applicable
N/A
Date of Approval by Relevant Regulatory Agency, if applicable
N/A
Date of Approval by Securities and Exchange Commission
Jan 10, 2018
Date of Receipt of SEC approval
Jan 12, 2018
Amendment(s)
Article No.
From
To
Article No. 6
That the number of directors of the Corporation shall be nine (9), at least seven (7) of whom shall be Filipino citizens, and who will continue discharging their duties until the election of their successors in accordance with the By-laws of the Corporation...
That the number of directors of the Corporation shall be seven (7) who will continue discharging their duties until the election of their successors in accordance with the By-laws of the Corporation...
Rationale for the amendment(s)
The purpose of the amendment is to enhance the efficiency and effectiveness of the management of the Company and the rights of the shareholders in electing the members of the Board of Directors. The proposed amendment was approved by the Company’s Board of Directors and has been endorsed to the stockholders for its approval, confirmation and ratification.
The timetable for the effectivity of the amendment(s)
Expected date of filing the amendments to the Articles of Incorporation with the SEC
Dec 7, 2017
Expected date of SEC approval of the Amended Articles of Incorporation
Dec 29, 2017
Effect(s) of the amendment(s) to the business, operations and/or capital structure of the Issuer, if any
A board consisting of seven (7) directors, in the opinion of management, will be adequate at this time to take up any business prospects which may be of interest to the Company.
Other Relevant Information
Amended to reflect the date of approval by Securities and Exchange Commission and to provide a copy of the Amended Articles of Incorporation which was received by the Company on 12 January 2018.
The Company will request SEC to correct the Date of Approval by the Board of Directors provided in the attached Certificate of Filing from 6 December 2017 to 6 November 2017.
Filed on behalf by:
Name
Mayette Tapia
Designation
Corporate Legal Counsel and Corporate Information Officer