Published : Saturday, September 24, 2011 00:00 [ manilatimes.net ]
Written by : KRISTA ANGELA M. MONTEALEGRE
GLOBAL Estate Resorts Inc. (GERI) secured board approval to double its authorized capital stock.
In a disclosure to the Philippine Stock Exchange, GERI said it would increase its capital stock from P10 billion to P20 billion, subject to the approval of the Securities and Exchange Commission.
The GERI board of directors also approved an executive stock option plan for its key senior executives, including directors who perform work related to the operations of the company.
Under the plan, GERI will initially reserve for exercise of executive stock options up to 500 million common shares, representing approximately 5 percent of its authorized capital stock to be issued out of the authorized but unissued shares.
The stock option plan will be administered by the executive compensation committee of the board.
The capital stock hike and the stock option plan will be presented to stockholders for approval on November 8.
Formerly Fil-Estate Land Inc., GERI is developing two major tourism estate communities: the P15-billion Boracay Newcoast and the P5-billion Twin Lakes in Tagaytay.
Its shares dropped to P2.05 each on Friday from P2.25 on Thursday.
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