C00466-2021 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common | 854,000,000 |
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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Additional Subscription to Lucky Cloud 9 Resort Inc. |
Background/Description of the Disclosure |
In the Executive Committee meeting held on 20 January 2021, it was resolved to increase Discovery World Corporation's subscription by Forty Million (40,000,000) shares of Lucky Cloud 9 Resort Inc. with a par value of One Peso (Php 1.00) per share or a total of Forty Million (Php 40,000,000.00) Pesos. |
Date of Approval by Board of Directors |
Jan 20, 2021 |
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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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This acquisition is in line with DWC's business and will create opportunities for expansion of the Corporation's resort business. |
Date | TBA |
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Manner |
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Subscription of Shares / Subscription Contract |
Description of the company to be acquired or sold |
Lucky Cloud 9 Resort Inc. owns real property in General Luna, Siargao, Surigao Del Norte and this property will be used as a site for hotel and hostel developments |
Number of shares to be acquired or disposed | 40,000,000 |
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Percentage to the total outstanding shares of the company subject of the transaction | 22.22 |
Price per share | 1.00 |
Nature and amount of consideration given or received |
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The consideration is based on par value. |
Principle followed in determining the amount of consideration |
The consideration is based on par value. |
Terms of payment |
The Subscription Amount shall be paid in tranches, with an initial payment of 25% of the subscription price amounting to Ten Million (Php 10,000,000.00) Pesos |
Conditions precedent to closing of the transaction, if any |
Lucky Cloud 9 Resort Inc, should file an application for increase in Authorised Capital Stock from One Hundred Forty Million (Php 140,000,000.00) Pesos to Two Hundred Million (Php 200,000,000.00) Pesos, and duly approved by the Securities and Exchange Commission. |
Any other salient terms |
TBA |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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Lucky Cloud 9 Resort Inc | Lucky Cloud 9 Resort Inc. is a wholly-owned subsidiary of DWC |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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This acquisition will help augment working capital and create opportunities for expansion of the Corporation's resort business. |
Other Relevant Information |
This amendment reflects additional information on the increase in subscription of Forty Million (40,000,000) shares of Lucky Cloud 9 Resort, Inc. |
Name | Anna Francesca Respicio |
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Designation | Corporate Secretary |