C01181-2021

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Feb 24, 2021
2. SEC Identification Number
91447
3. BIR Tax Identification No.
000190324000
4. Exact name of issuer as specified in its charter
SEMIRARA MINING AND POWER CORPORATION
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
2/F DMCI Plaza, 2281 Chino Roces Avenue, Makati City Postal Code 1231
8. Issuer's telephone number, including area code
632-88883000/88883055
9. Former name or former address, if changed since last report
-
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 Shares 4,250,547,620
11. Indicate the item numbers reported herein
5

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.

Semirara Mining and Power CorporationSCC

PSE Disclosure Form 4-26 - Legal Proceedings References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Entry of Judgment
Background/Description of the Disclosure

We refer to the case docketed as “Bauer Foundations Philippines, Inc., Plaintiff, vs. Semirara Mining Corporation and/or Victor A. Consunji and/or Jaime B. Garcia, Defendants, Civil Case No. R-QZN-14-04802-CV, Regional Trial Court-Quezon City, Branch 100.”

Briefly, Bauer was engaged by Semirara Mining and Power Corporation (SMPC) to perform drilling works in the last quarter of 2012 at its minesite covering 122 holes to be completed by January 30, 2013. Bauer in the performance of the works used only one rig when it supposed to provide two. Foreseeing that Bauer will not be able to complete the works, SMPC mobilized its own rig without prejudice to Bauer’s continued work. On January 18, 2014 Bauer’s lone rig broke down. On January 20, 2014, Bauer pulled out its equipment and discontinued operations. Bauer completed 87 out of 122 holes.

On May 23, 2014 Bauer filed a complaint claiming that it was prevented by SMPC from completing the remaining 35 holes (at Php200,000 per hole or Php7 million) when the latter mobilized its own rigs and prevented Bauer’s personnel from continuing with its own drillings. Bauer also claims for Php500,000.00 exemplary damages and PhP100,000.00 litigation cost.

On February 27, 2017, the RTC rendered its Decision dismissing the complaint, as Bauer was not able to prove its case by preponderance of evidence. Its motion for reconsideration was likewise denied per Order dated July 10, 2017. Bauer’s appealed the case before the Court of Appeals [CA-G.R. CV No. 109769] on November 9, 2017.

The Court of Appeals’ Decision dated June 26, 2020 denied Bauer’s appeal. The Decision dated February 27, 2017 and Order dated July 10, 2017 rendered by the Regional Trial Court, National Capital Judicial Region, Branch 100, Quezon City, in Civil Case No. R-QZN-14-04802-CV were affirmed.
Name of the court or agency in which the proceedings are pending Court of Appeals
Date Instituted Nov 9, 2017
Docket Number CA-G.R. CV No. 109769
Principal Parties

Plaintiff-Appellant: Bauer Foundations Philippines, Inc.
Defendants-Appellees: Semirara Mining and Power Corporation, Victor A. Consunji and/or Jaime B. Garcia
Nature and description of the legal proceedings

Plaintiff Bauer Foundations Philippines, Inc. (Bauer) alleged that the Corporation, in bad faith, prevented Bauer from drilling and grouting the remaining 35 holes of the agreed 122 holes in violation of the parties’ agreement. The agreement generally covered the construction of numerous drilled shafts of 1.2-meter-diameter with a depth of 150 meters to be filled with grout and/or concrete for the fault line areas at coal mining area of the Corporation in Semirara Island, Caluya, Antique.

In view of such alleged breached, Bauer is asking the court that the Corporation be adjudged to pay the amount of PHP7,000,000 pesos for actual damages representing unpaid value of the 35 undrilled holes, PHP500,000 pesos exemplary damages, PHP100,000 pesos litigation expenses, and costs of suit.

Contrary however to the allegations of Bauer, it is Bauer which failed to perform and deliver based on the timeline as agreed.
The effect(s) on the Issuer's business or operations, if any

The Company does not expect the case to have any effect on its business or operations.
Other Relevant Information

The amendment refers to the receipt today of the Court of Appeals' Entry of Judgment dated January 26, 2021, which states “Entry of judgment of the Court’s June 26, 2020 Decision is ordered, the same having become final and executory on July 30, 2020.”

In accordance with SEC Notice issued on March 17, 2020, attached herewith is SEC Form 17-C for your immediate reference.
Filed on behalf by:
Name John Sadullo
Designation Vice President - Legal and Corporate Secretary