C04251-2018 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common | 191,868,805,358 |
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.
Subject of the Disclosure |
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Entry of Judgement in NLRC LAC No. 10-003221-17 (Appeal on the NLRC Case No. NCR-02-02562-17), pending resolution of the Petition for Certiorari with Prayer for issuance of a Temporary Restraining Order and/or Writ of Preliminary Injunction before the Court of Appeals. |
Background/Description of the Disclosure |
Further to our disclosure last May 10, 2018, we were advised by our external counsel that the National Labor Relations Commission (NLRC) Fourth Division has issued an “Entry of Judgment” in its decision in NLRC LAC No. 10-003221-17, while a Petition for Certiorari filed by The Philodrill Corporation (Philodrill) with the Court of Appeals, with prayer for issuance of a Temporary Restraining Order and/or Writ of preliminary Injunction, remains pending. |
Name of the court or agency in which the proceedings are pending | National Labor Relations Commission |
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Date Instituted | Feb 22, 2017 |
Docket Number | NLRC-NCR-02-02562-17 / LAC No. 10-003221-17 |
Principal Parties |
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Francisco A. Navarro - Complainant |
Nature and description of the legal proceedings |
Mr. Navarro is claiming special retirement benefit amounting to P19,893,000.00, profit share of P1,391,721.00 and litigation expenses of at least P2,128,472.10. He is also claiming moral and exemplary damages amounting to P20,000,000.00 |
The effect(s) on the Issuer's business or operations, if any |
The Company believes these claims are without basis, as Mr. Navarro has been paid his full retirement benefits in accordance with the Company’s approved Retirement Plan. Mr. Navarro has executed a quitclaim on January 11, 2017 in favor of Philodrill, attesting to the fact that he has no further claims against the Company, after receiving all his retirement benefits. |
Other Relevant Information |
The disclosure was amended to update the Subject and Background/Description of the Disclosure. |
Name | Josephine Ilas |
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Designation | Assistant Corporate Secretary |