PSE Circular for Brokers No. 1818-99

July 22, 1999 PSE CIRCULAR FOR BROKERS NO. 1818-99 SECURITIES AND EXCHANGE COMMISSION SEC Form 11-C-1 AMENDMENT TO THE CURRENT REPORT PURSUANT TO SECTION 11 OF THE REVISED SECURITIES ACT AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. 21 July 1999 2. Commission Identification Number (SEC Registration No.) 7199 3. BIR TIN 002-856-627 4. Acesite (Phils.) Hotel Corporation 5. Philippines 6. Industry Classification Code: ________________ 7. Room 527, Holiday Inn Manila, United Nations Avenue, Ermita, Manila 1000 8. Telephone Number (632) 526-1212 9. Former Name : Delbros Hotel Corporation Ermita, Manila Former Address : Delbros Suites, 22nd Floor, Manila Hilton, UN Ave., Former FY : January-December 10. Common Stock (P1.00 par value) Authorized 300,000,000 shares Issued 99,852,308 shares 11. Items to be reported: The Industrial and Commercial Bank of China Singapore Branch (ICBC), through its legal counsel, has informed the corporation that it has committed an event of default and has indicated its demand for payment of the US$15 Million credit facility granted by the bank to the corporation. Details are as follows: cdpr Date of demand letter: 17-May-99 ICBC legal counsel: Rajah & Tann Date received by the Company: 1-Jun-99 Applicable grace period: 14 days (15 June 1999) Indebtedness: $15 Million Credit Facility Maturity date: 31-Mar-98 Nature of default: Non-payment of interest & principal Nature of demand: Payment of contractual interest, past due interest, principal, banking charges & legal costs Total demand: $16,306,495.28 Impact on registrant: ICBC shall have the right to commence legal proceedings & to exercise its rights under the Mortgage Trust Indenture over the hotel known as the Holiday Inn Manila. South Sea Development Co. Ltd. (SSD), an affiliate, guaranteed to provide the Company the necessary amount to liquidate the loan, arrange for rollover, extension, rescheduling, restructuring or refinancing of the loan. As such, operations of the Company are minimally affected. In a meeting held on 31 May 1999 among the Company, SSD and ICBC, SSD proposed the following repayment schedule of all interest due: $412,551 on or before 30 June, 31 July and 31 August 1999, and all outstanding overdue interest on or before 20 September 1999. On 30 June 1999, $412,551 of the past due interest was paid by SSD. ICBC and SSD have agreed that upon full payment of the interest due, the repayment date of the loan will be extended. Upon such extension, it is expected that the financial condition of the Company will stabilize. prcd Acesite (Phils.) Hotel Corporation By: (SGD.) RICKY L. RICARDO Manager , Corporate Affairs (21 July 1999)