Philippines News Archives

Friday, April 30, 1999

AC ( 04/30/1999 : PSE )
Ayala Corporation would like to inform the Exchange that the Conversion Price for ACP will be adjusted from P18.00 to P15.00 per common share effective May 10, 1999, the ex-date of the 20% stock dividend on the Ayala Corporation common shares.
- posted by StockMarket @ 3:10 PM

Monday, April 26, 1999

AC ( 04/26/1999 : PSE )
At the Annual Stockholders' Meeting of Ayala Corp. held this morning,
the stockholders approved the following matters, to wit:
1. The election of the following as members of the BOD's:
Jaime Zobel de Ayala Ariston Estrada, Jr.
Jaime Augusto Zobel de Ayala Mitsutake Okano
Fernando Zobel de Ayala Naoyuki Nobe
Javier J. Nepomuceno
2. The declaration of a 20% stock dividend to all stockholders of
record as of 14 May 1999 and payable on 23 June 1999 subject to the
rules of the SEC and the PSE.
3. The creation of new Common X shares by:
3.1 increasing in authorized capital stock from P17 B to P20 B to
create 300 M new Common X Shares with a par value of P10.00/share;
3.2 Reclassifying the existing and unissued 1 B Preferred C Shares
with a par value of P1.00/share into 100 M Common X shares with a
par value of P10.00/share. The timing, price and terms and conditions
of the initial offering of Common X shares however will be subject to
the determination of the BOD's.
4. The denial or non-applicability of the pre-emptive rights to the
initial offering of Common X shares as well as in the conversion of
existing common shares into Common X shares and other issuances
pursuant to such conversion. However, the existing shareholders have
been assured by Management of a priority allocation of Common X shares
proportionate to their existing shareholdings in the event of an
offering of Common X shares.
5. The amendments to the Amended Articles of Incorporation to reflect
the foregoing increase in capital and changes in Article Seventh
thereof.
- posted by StockMarket @ 3:09 PM

AC ( 04/26/1999 : BW )
Shareholders of Ayala Corp. approved last Friday the creation of a new class of shares, the management dubbed the common "X" shares, seen to serve as the conglomerate's primary fundraising vehicle to be offered to the international investment community. The proposal, however, drew flak from minority shareholders who claimed that the creation of the new shares will entail the waiver of their preemptive rights or the right to avail of shares on their first issuance, which they said is against the Corporation Code. In response to the stockholders' protest, Ayala Corp. president and CEO Jaime Augusto Zobel de Ayala II, assured that existing shareholders will be given priority in subscribing to the common "X" shares once the company has decided when these will be made available to the market. The management recently proposed the issuance of the new shares which will have a par value of P10, or 10 times the value of the company's existing common shares in the stock market. The said shares, according to Mr. Zobel, will enable the company to position itself financially so that it can take advantage of opportunities in the future. "The current economic situation has created significant opportunities for those with access to capital. We believe that these common "X" shares will give your company the flexibility to raise additional equity capital from the international investment community. There are significant structural shifts taking place in many industries. We want to be in a position to participate in these opportunities without weakening our balance sheet," Mr. Zobel told shareholders.
- posted by StockMarket @ 3:09 PM

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