PSE Circular for Brokers No. 1748-99
PSE Circular for Brokers No. 1748-99 • Philippine Stock Exchange • Circulars for Brokers • Jul 16, 1999
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July 16, 1999 PSE CIRCULAR FOR BROKERS NO. 1748-99 July 15, 1999 Disclosure Department Listing and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : Please be advised that the Board of Directors of Philippine Commercial International Bank (PCIB) at its special meeting held today, the 15th day of July 1999, finally approved an exchange ratio of three (3.0) EBC common shares to one (1.0) PCIB common share using the market value approach. The Board previously created a technical committee to study the appropriate swap ratio given a range of 2.8 to 3.0 EBC common shares for every one PCIB common share. The technical committee recommended a conversion ratio of 3:1 after evaluating EBC and PCIB's traded prices since January 1999 until the present and after consultation with SGV & Co., acting as independent third party. prLL Also, at the same meeting, the Board approved the appointment of Mr. Wilfrido V. Vergara as Vice Chairman of the Board and of the Executive Committee. Thank you for your kind attention. Very truly yours, PHILIPPINE COMMERCIAL INTERNATIONAL BANK By: (SGD.) LUTGARDA C. BAQUIRAN-PERALTA Assistant Corporate Secretary
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