Postponement of Annual Stockholders' Meeting and Amendment of Articles of Incorporation and By-Laws
PSE Circular for Brokers No. 628-98 • Philippine Stock Exchange • Circulars for Brokers • Apr 7, 1998
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April 7, 1998 PSE CIRCULAR FOR BROKERS NO. 628-98 April 6, 1998 Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City Attention RE : Postponement of Annual Stockholders' Meeting and Amendment of Articles of Incorporation and By-Laws Gentlemen : Please be advised that, at today's Special Meeting of the Board of Directors of Monterey-San Miguel Properties, Inc. (M-SMPI), the following resolutions were passed and approved. LexLib 1. That the annual stockholders' meeting be postponed to June 9, 1998 considering that the recently-merged company of Monterey-San Miguel Properties, Inc. is still in the process of transition and will be unable to hold the annual stockholders' meeting on April 17, 1998 as set in the corporate by-laws: 2. That the corporate named of M-SMPI be changed to "San Miguel Properties, Inc. considering that the public has associated the brand "Monterey" with meat products and would, thus, tend to be confused by the M-SMPI corporate name for property ventures; and M-MSPI's equities have been reclassified by the PSE under Property issues to properly reflect the nature of M-SMPI's business: 3. That the number of directors be reduced from seven (7) to five (5) and, for this purpose, to amend the Articles of Incorporation and By-laws accordingly, 4. That the principal office be changed from Makati, Rizal to Metro Manila and, for this purpose to amend the Articles of Incorporation and By-laws accordingly. 5. That the Articles of incorporation be amended to include a provision denying the pre-emptive rights of stockholders and to delete provisions which have been outdated such as the provision on stock option; 6. That the By-laws be amended to incorporate the amendments in the Articles of Incorporation and to update certain provisions conformably with existing law and organizational set-up. dctai For your information. Very truly yours, (SGD.) ROSABEL T. BALAN Assistant Corporate Secretary
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