Castillo, Laman, Tan & Pantaleon

February 16, 1988 Castillo, Laman, Tan & Pantaleon Law Office C/O, Atty. Leonides F. Balmeo Singapore Airlines Building 138 H. V. dela Costa St. Salcedo Village, Makati Metro Manila Gentlemen : This refers to your letter dated January 20, 1988, requesting the approval of this Commission on the matter of postponement of the date of annual Stockholders' meeting of your client, Globe-Mackay Cable and Radio Corporation, from last Tuesday of March to April 8, 1988. You stated therein that the last week of March happens to be the Holy Week and therefore, it may be difficult to get a quorum during said date because a lot of stockholders will be on vacation by that time. As a general rule, when the by-laws provide for the time of holding an annual meeting for the election of directors, the same should be held at the regular time. The rule, however, admits of certain exceptions, as where the annual meeting cannot be held on the appointed time for some valid reasons. Taking into consideration your ground for postponement of the annual meeting, the Commission believes that the same as appears to be justifiable, and considering further that the postponement is in accordance with our "Rules Governing the Filing of Information Sheet by Domestic Corporations", which allows extension for not more than ten (10) days, the Commission interposes no objection to the holding of the annual meeting of Globe-Mackay Cable and Radio Corporation on April 8, 1988. Be reminded, however, that proper notice must be given to all the stockholders of record of the corporation in pursuance with the provisions of your by-laws. Please be advised accordingly. Very truly yours, (SGD.) JULIO A. SULIT, JR. Chairman