PSE Circular for Brokers No. 1939-98

August 20, 1998 PSE CIRCULAR FOR BROKERS NO. 1939-98 August 20, 1998 PHILIPPINE STOCK EXCHANGE, INC. Disclosure Department Listing & Disclosure Group Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig, Metro Manila Attention: Mr . Reynold P . Ong Vice-President Gentlemen : We enclose herewith, for your information and file, your copy of our SEC Report 11-C pertaining to our annual stockholders meeting held yesterday. Kindly acknowledge receipt thereof. We hope that everything is in order; please do not hesitate to get in touch with the undersigned should you need anything else. Thank you for your kind and immediate attention. cdt Very truly yours, (SGD.) RICKY L. RICARDO Project Manager SECURITIES AND EXCHANGE COMMISSION SEC Form 11-C Current Report Pursuant to Section 11 of the Revised Securities Act and RSA Rule 11(a)-1 (b)(3) Thereunder 1. 19 August 1998 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 79,881,847 shares 11. Items to be reported: Stockholders Meeting Earlier today, at the annual stockholders meeting of Acesite (Phils.) Hotel Corporation, the following were elected members of the Board of Directors: P. H. Yu Francis B. Lam Gwen P. Feliciano Vicente G. Gregorio Norma T. Azores Gerry Ka Cheung Wai Alexander Lacson Andrew Ho Emmanuel Pelaez, Jr. Yiu Kin Wan Peter Go Pailian SGV & Company and Pelaez Gregorio Sipin Bala & Robles were retained as the external auditors and legal counsel of the company respectively. At the same meeting, the following resolutions were approved: "RESOLVED, as it is hereby resolved, that, a 25% stock dividend for the corporation be declared for stockholders on record as of 29 July 1998 and that the Corporate Secretary, be empowered, as he is hereby empowered, to perform such acts as may be requisite to implement this resolution;" "RESOLVED, as it is hereby resolved that, the Board of Directors be empowered, as it is hereby empowered, to determine the price and terms of the issuance of unissued shares of the corporation, including, but not limited to, transactions such as stock rights offerings, options, warrants, share swaps, property, swaps, debt-to-equity conversions, convertible notes, private placements and public offerings." LLpr For the first resolution above, the 25% stock dividend is to be taken from retained earnings as of 31 March 1998; payment date is set for 16 September 1998. Fractional shares will be paid in cash. For the second resolution above pertaining to the unissued 200,147,692 common shares out of the total of 300,000,000 authorized common shares, it is expected that this will enable the company to be flexible and responsive in meeting the demands of business opportunities within the capital market. Board Meeting At the organizational meeting of the Board of Directors held immediately after the stockholders meeting, the following were elected officers of the corporation: P. H. Yu Chairman Francis Lam President Norma T. Azores Vice-President & Treasurer Vicente G. Gregorio Corporate Secretary At the same meeting, the following were elected members of the Executive Committee: P. H. Yu Francis Lam Norma T. Azores Gwen Feliciano Gerry Ka Cheung Wai Acesite (Phils.) Hotel Corporation By: (SGD.) RICKY L. RICARDO Project Manager (19 August 1998)