PSE Circular for Brokers No. 031-00
PSE Circular for Brokers No. 031-00 • Philippine Stock Exchange • Circulars for Brokers • Jan 6, 2000
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January 6, 2000 PSE CIRCULAR FOR BROKERS NO. 031-00 January 5, 2000 PHILIPPINE STOCK EXCHANGE PSE Centre, Exchange Road Ortigas Center, Pasig City Attention: Ms . Isabel T . Garcia Disclosure Department Gentlemen : With reference to your fax dated January 5, 1999 requesting for our clarification/confirmation of certain news item appearing in the Business World newspaper on January 4, 2000 and Today newspaper on January 5, 2000 please be advised that the Company has no firm plans to engage in a technology related business. In this connection, the Company previously disclosed the following to its stockholders in the Amended Information Statement (SEC Form 34-C) dated December 17, 1999. "While there have been no firm agreements yet with any prospective investors, management will recommend to the stockholders during the annual meeting certain amendments to the Articles of Incorporation and By-Laws, to convert the Company from a mining company to a company with a different primary purpose, in view of the depressed state of the mining industry. The Company intends to divest itself of its mining properties and operations in order to avoid the expenses in connection therewith. Those proposed amendments have been included in the agenda for the sake of flexibility and to place the Company in a state of readiness to pursue negotiations and conclude an agreement with prospective investors who would be interested in infusing funds, properties or capital into the Company. LibLex The general effect of the amendments would therefore be to convert the Company from a mining company to another kind of company, enable it to engage in new business ventures and to facilitate the entry of new investors. At present, there are no new investors in the Company; neither are there any firm agreements regarding new business ventures which should be the proper subject of disclosure to the Philippine Stock Exchange and Securities and Exchange Commission. Very truly yours, (SGD.) JESUS S. CABARRUS Chairman of the Board
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