C08584-2023 |
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 Resorts, Inc. ('LC9') |
Background/Description of the Disclosure |
In a meeting on 7 December 2023, the Board of Directors of Discovery World Corporation ('DWC') resolved to increase DWC's subscription by Fifty-Five Million (55,000,000) shares of LC9 with a par value of One Peso (Php1.00) per share or a total of Fifty-Five Million Pesos (Php55,000,000.00) to be used as working capital. This additional subscription is conditioned upon the application and approval of the increase in Authorized Capital Stock of LC9 from Two Hundred Million Pesos (Php200,000,000.00) to Three Hundred Million Pesos (Php300,000,000.00) |
Date of Approval by Board of Directors |
Dec 7, 2023 |
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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 the expansion of DWC'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 |
LC9 was incorporated and registered with the SEC on 2 August 2017. It is engaged in real property holding and development as well as hotel operations management. LC9 is currently developing a 26,127 sqm. property located in General Luna Siargao, Surigao Del Norte. |
Number of shares to be acquired or disposed | 55,000,000 |
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Percentage to the total outstanding shares of the company subject of the transaction | 18.33 |
Price per share | Php1.00 |
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 of One Hundred Thirty Million (130,000,000) shares shall be paid upon call of the Board of Directors of LC9. |
Conditions precedent to closing of the transaction, if any |
The additional subscription of Fifty-Five Million (55,000,000) shares shall be conditioned upon the application for Increase in Authorized Capital Stock by LC9 from Two Hundred Million Pesos (Php200,000,000.00) to Three Hundred Million Pesos (Php300,000,000.00) and approved by the Securities and Exchange Commission. |
Any other salient terms |
N/A |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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Lucky Cloud 9 Resorts, Inc. | Lucky Cloud 9 Resorts, 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 |
The current outstanding capital stock of LC9 is One Hundred Ninety-Five Million (195,000,000) shares owned by DWC. |
Name | Anna Francesca Respicio |
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Designation | Corporate Secretary |