During the Special Stockholders’ Meeting of Jolliville Holdings Corporation (“JOH” or the “Corporation”) held today, 13 February 2019, stockholders holding 224,100,908, which represents 79.61% of the outstanding capital stock of JOH, approved the declaration of property dividend of the Corporation at the rate of 66.03%.
Stockholders of record as of 18 January 2019 were entitled to vote at the Special Stockholders’ Meeting. As of said date, the Corporation had 281,500,000 outstanding and issued common shares. At the meeting, there were present, in person or represented by proxy, stockholders holding 224,100,908 common shares, representing 79.61% of the Corporation’s total outstanding capital stock.
The 66.03% property dividend consisted of One Hundred Eighty-Five Million Eight Hundred Sixty Two Thousand Seven Hundred Fifty Pesos (Php185,862,750.00). It was comprised of 76,500,000 shares of Philippine Hydro Electric Ventures, Inc. (“Phil. Hydro”) carried at Php1.00 per share and 42,225,000 shares of Tubig Pilipinas Corp. (“Tubig Pilipinas”) carried at Php2.59 per share. Carrying values are computed based on interim financial statements of both subsidiaries as of 30 September 2018. Entitled shareholders will receive 27 shares of Phil Hydro and 15 shares of Tubig Pilipinas for every 100 shares of JOH. Fractional shares shall be converted into cash and be released to the shareholders at the same time as the property dividend. |