C06404-2021 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common Stock | 2,429,767,911 |
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Subject of the Disclosure |
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Amendment to Articles of Incorporation – Reclassification of Unissued Common Shares to Preferred Shares |
Background/Description of the Disclosure |
Please be advised that the Board of Directors’ has approved the proposal to amend the Company’s Articles of Incorporation to create Preferred Shares by reclassifying its authorized capital stock from the current Three Billion Three Hundred Million Pesos (P3,300,000,000.00) divided into Three Billion Three Hundred Million (3,300,000,000) Common Shares to Three Billion Three Hundred Million Pesos (P3,300,000,000.00) divided into Three Billion Two Hundred Fifty Million Pesos (P3,250,000,000) divided Three Billion Two Hundred Fifty Million (3,250,000,000) Common Shares and Fifty Million Pesos (P50,000,000) divided into Fifty Million (50,000,000) Preferred Shares. Please see Annex A on the proposed amendment to Article VII. |
Date of Approval by Board of Directors |
Apr 12, 2021 |
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Date of Approval by Stockholders | Jun 24, 2021 |
Other Relevant Regulatory Agency, if applicable | N/A |
Date of Approval by Relevant Regulatory Agency, if applicable | N/A |
Date of Approval by Securities and Exchange Commission | TBA |
Date of Receipt of SEC approval | TBA |
Article No. | From | To | |
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Seven | Please see Annex A. | Please see Annex A. |
Rationale for the amendment(s) |
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The reclassification of the Unissued Common Shares to create Preferred Shares will provide flexibility for the Company with respect to its prospective capital raising activities. |
Expected date of filing the amendments to the Articles of Incorporation with the SEC | Sep 23, 2021 |
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Expected date of SEC approval of the Amended Articles of Incorporation | TBA |
Effect(s) of the amendment(s) to the business, operations and/or capital structure of the Issuer, if any |
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The amendment will result to two (2) equity classes: common and preferred shares. |
Other Relevant Information |
This disclosure is amended to indicate September 23, 2021 as the expected date of filing of the amendments to the Articles of Incorporation with the SEC. |
Name | Allan Ace Magdaluyo |
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Designation | Senior Finance Manager/Corporate Information Officer |