C08785-2023 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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COMMON STOCK | 250,059,097 |
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Subject of the Disclosure |
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Jackstones, Inc. approves the application of its shareholder advances as consideration for unpaid subscription receivable. |
Background/Description of the Disclosure |
Jackstones, Inc. (the “Company”) intends to use the existing Advances amounting to One Hundred Thirty One Million Six Hundred Seventy Seven Thousand Seven Hundred Sixty Nine Pesos (Php131,677,769.00) from its shareholder Ketton Holdings Inc., as consideration for the latter’s unpaid subscription receivable. Specifically, the Board is evaluating the option of applying the said Advances as full payment for the Company’s Subscription Receivable with respect to the Shares amounting to Sixty-One Million Eight Hundred Seventy-Five Thousand Pesos (Php61,875,000.00) covering Sixty-One Million Eight Hundred Seventy-Five Thousand common shares with a par value of One Peso (Php1.00) each. The rest of the Advances amounting to Sixty Nine Million Eight Hundred One Thousand One Hundred Eighty Seven and 50/100 Pesos (Php69,801,187.50) shall be paid as Additional Paid-In Capital. In a meeting duly called for the purpose, the Board of Directors of the Company approved the foregoing transaction as per Board Resolution No. 01-2023-Dec15. |
Other Relevant Information |
Please see SEC Form 17-C on the approval of the application of Jackstones, Inc.'s shareholder advances as consideration for unpaid subscription receivable, as well as the Secretary's Certificate containing the board resolution for the purpose. |
Name | Jemimah Christian Solomon |
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Designation | Compliance Staff |