PSE Circular for Brokers No. 1862-98

August 10, 1998 PSE CIRCULAR FOR BROKERS NO. 1862-98 August 8, 1998 Disclosure Department Listing and Disclosure Department Philippine Stock Exchange, Inc. 4/F PSE Center, Exchange Road Ortigas Center, Pasig City Fax No. 6342051 Attention: Mr . Reynold P . Ong Vice-President Listing & Disclosure Group Gentlemen : We advise that at the annual stockholders' Meeting held today, the following were elected members of the Company's board of directors for the current year: LibLex Espiridion D. Laxa Cirio H. Santiago Francis C. Estrada Antonio T. Ong Roberto C. Benares Teofilo A. Henson Roberto Atendido The Board re-appointed the current corporate officers as follows: Name Position 1. Estelito P. Mendoza Chairman of the Board 2. Macario U. Te Vice-Chairman of the Board 3. Eduardo F. Hernandez President 4. Ponciano K. Mathay Vice-President & General Manager 5. Leonardo B. Dayao Vice-President Corporate Planning 6. Mario M. Uson Vice-President Legal & Asst. Corp. Secretary 7. Elizabeth Te Treasurer 8. Eliseo B. Alampay Corporate Secretary 9. Adriano M. Hernandez Assistant Corporate Secretary There are no arrangements, including any pledge of securities, known to the registrant which may, at a subsequent date, result in a change in control of registrant. Item 2. Acquisition or Disposition of Assets (a) The registrant has no subsidiaries and it has not acquired nor disposed of a significant amount of assets. Item 3. Changes in Registrant's Certifying Accountant (a) The Registrant's External Auditor, Joaquin Cunanan & Co., has been re-appointed as the company's External Auditor for fiscal year 1998. Item 4. Resignation, Removal or Election of Registrant's Directors or Officers (a) There has been no resignation or removal of any director or officer of the registrant. Item 5. Legal Proceedings (a) There are no legal proceedings in the Philippines against the Registrant, whether judicial or administrative, current, pending or threatened. The Arbitration Case before the ICC (Ref. No. 9331/AMW) which has been previously reported as having been amicably settled between the Claimants and the Respondents awaits the issuance of a formal Consent Award by the Arbitration Court of the ICC. LexLib Item 6. Changes in Securities (a) There are no changes in the Securities of registrant. (b) To comply with a requirement of the PSE, the stockholders of APMC approved by more than two-thirds (2/3) vote the Board of Directors' resolution changing the par value of APMC shares from one centavo (P0.01) to One Peso (P1.00) per share. The appropriate amendment to the Articles of Incorporation of APMC has been filed with the SEC and is now pending approval. Item 7. Default's Upon Senior Securities (a) Registrant has not incurred any material default in respect of any payment of principal, interest or any indebtedness as registrant has no external debt. (b) All cash calls issued by Operators in registrant's SC/GSEC operations have been fully met on due dates. Item 8. Change in Fiscal Year (a) There is no change in registrant's Fiscal Year. Item 9. Other Events (a) The stockholders by more than two-thirds (2/3) vote approved the Board of Directors' resolution changing the corporation's principal office address from Makati Metro Manila to Metro Manila, Philippines . The appropriate amendments to the APMC Articles of Incorporation and By-Laws have been filed with the SEC and is now pending approval. Item 10. Financial Statements and Exhibits (a) Registrant has not acquired any business that requires this report. Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ALCORN PETROLEUM AND MINERALS CORPORATION Registrant by: (SGD.) PONCIANO K. MATHAY VP & General Manager