C03215-2014 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common Shares | 2,766,406,406 |
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Subject of the Disclosure |
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Signing of Joint Venture Agreement with Lawson Asia Pacific, Inc. and Lawson, Inc. |
Background/Description of the Disclosure |
PGOLD entered into a Joint Venture Agreement with Lawson Asia Pacific, Inc. and Lawson, Inc. to build and operate convenient stores. |
Date of Approval by Board of Directors | Jun 12, 2014 |
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Date of Approval by Stockholders, if applicable | N/A |
Description and nature of the transaction including the timetable for implementation, and related regulatory requirements |
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Within the period of seven years. Regulation are the usual business permits and other license that will be required by the local government agency where the convenient stores will be located. |
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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Natural extension of PGOLD's presence in the local retail landscape. |
Amount of investment and/or interest by the parties involved |
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70% of investment from PGOLD and 30% from Lawson. |
Provisions on profit-sharing, arrangements on management and operations |
To be determined. |
Conditions precedent to closing of transaction, if any |
Signing of Master License Agreement by PGOLD. |
Other salient features of the joint venture agreement |
None |
Name | Nature of Business | Nature of any material relationship with the Issuer, their directors/officers or any of their affiliates | |
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Lawson Inc. | Convenient store operator | No relation | |
Lawson Asia Pacific | Convenient store operator | No relation |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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Natural extension of PGOLD's presence in the local retail landscape. |
Other Relevant Information |
None |
Name | Candy Dacanay-Datuon |
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Designation | Assistant Corporate Secretary |