Manchester International Holdings Unlimited Corporation (MIH) reports that in view of the public share float requirements imposed by the Philippine Stock Exchange Commission, the stockholders in the June 15, 2012 annual stockholders' meeting approved Management's recommendation for the Corporation to negotiate with all relevant third parties, who amy wish to invest in its subsidiary companies, Interphil Laboratories, Inc. and Lancashire Realty Holding Corporation, including its current major stockholders, Interpharma Holdings and Management Corporation and Pharma Industries, Inc.
The stockholders likewise agreed to designate the Treasurer and the President/General Manager, Messrs. Kasigod V. Jamias and Francisco R. Billano, respectively, as the Company's representatives, with full power and authority to sign, execute and deliver the relevant deed of assignment and any other documents pertaining to the divestment of Interphil Laboratories, Inc. and Lacashire Realty Holding Corporation.
The following resolutions were approved by the stockholders:
"RESOLVED, that Messrs. Kasigod V. Jamias and Mr. Francisco R. Billano are hereby authorized to negotiate with all relevant parties who can simultaneously bring in a business of equal size or if not bigger in place of the two (2) subsidiary companies and with the approval of the Manchester Board of Directors, sign, execute and deliver all relevant agreements pertaining to such acquisition after the management team of the Company has undertaken due diligence review of the enterprise which shall be purchased.
RESOLVED, that Messrs. Kasigod V. Jamias and Mr. Francisco R. Billano are hereby authorized to simultaneously sign, execute and deliver the relevant deeds of assignment pertaining to the divestment of Interphil Laboratories, Inc. and Lancashire Realty Holding Corporation, likewise in accordance with the parameters herein set forth. Divestment shall only be implemented if the Company is able to acquire new businesses of at least equivalent size or if not bigger."
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"Divestment of Interphil Laboratories, Inc. and Lancashire Realty Holding Corporation" was written by Mary under the Business category. It has been read 1988 times and generated 0 comments. The article was created on 18 June 2012 and updated on 18 June 2012.
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