BLOOMBERRY RESORTS CORPORATION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER 1. Date of Report (Date of earliest event reported) May 20, 20222. SEC Identification Number A1999-048643. BIR Tax Identification No. 204-636-1024. Exact name of issuer as specified in its charter Bloomberry Resorts Corporation5. Province, country or other jurisdiction of incorporation Metro Manila, Philippines6. Industry Classification Code(SEC Use Only) 7. Address of principal office The Executive Office, Solaire Resort & Casino, 1 Asean Avenue, Entertainment City, Barangay Tambo, Parañaque CityPostal Code17018. Issuer's telephone number, including area code +632 888389209. Former name or former address, if changed since last report N/A10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
| Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding |
| Unclassified Shares | 10,861,125,857 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Bloomberry Resorts CorporationBLOOM PSE Disclosure Form 4-1 - Acquisition or Disposition of Assets References: SRC Rule 17 (SEC Form 17-C) andSection 4.4 of the Revised Disclosure Rules
| Subject of the Disclosure |
Acquisition of Property by a Subsidiary of Bloomberry Resorts Corporation (BLOOM) |
| Background/Description of the Disclosure |
On 18 May 2022, Bloomberry Resorts Corporation (BLOOM) through a newly incorporated subsidiary "Solaire Entertainment Property Holdings Inc." ("SEPHI") entered into an agreement with a group of landowners comprising Boulevard Holdings Inc., Puerto Azul Land, Inc., Ternate Development Corporation and Monte Sol Development Corporation (the "Sellers") for the purchase by SEPHI of a total of 2,797,768 square meters of land in the Paniman area in Ternate, Cavite at the average price of Php2,700 per square meter. SEPHI will buy only titled and cleared land. SEPHI intends to develop the Paniman property into an integrated resort and entertainment complex with a world class casino, hotel, golf course, commercial, residential and mixed use development. This Paniman Project is expected to commence after the Solaire North in Vertis, Quezon City has started its commercial operations. |
|
Date of Approval by Board of Directors | May 18, 2022 |
| Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
The transaction will allow the Issuer, through its subsidiaries, to expand its integrated resorts and entertainment business into Ternate, Cavite, to the south of Metro Manila, subject to regulatory approval and licensing. |
| Date | May 18, 2022 |
| Description of the Transaction |
Bloomberry Resorts Corporation (BLOOM) through a newly incorporated subsidiary "Solaire Entertainment Property Holdings Inc." ("SEPHI") entered into an agreement with a group of landowners comprising Boulevard Holdings Inc., Puerto Azul Land, Inc., Ternate Development Corporation and Monte Sol Development Corporation (the "Sellers") for the purchase by SEPHI of a total of 2,797,768 square meters of land in the Paniman area in Ternate, Cavite at the average price of Php2,700 per square meter. |
| Manner |
Purchase of land. |
| Description of the assets involved |
A total of 2,797,768 square meters of contiguous undeveloped land in the Paniman area in Ternate, Cavite (the "Property") |
| Nature and amount of consideration given or received |
The 2,797,768 square meters Property will be purchased at the average price of Php2,700 per square meter or a total price of Php7,553,973,600 for the 279 hectares property. |
| Principle followed in determining the amount of consideration |
The consideration was subject of negotiations of the Sellers and the Buyer. |
| Terms of payment |
For clean titled land - 75% upon execution of Deed of Absolute Sale, 25% upon issuance of new title in the name of the Buyer. |
| Conditions precedent to closing of the transaction, if any |
Subject lands are titled, unencumbered, and ready for delivery to the Buyer free from all liens and encumbrances. Corporate approvals of relevant parties. Executed definitive agreements such as Deeds of Absolute Sale. Delivery of the owners copy of the transfer certificates of titles. Approval of the Puerto Azul Master Community, Inc. |
| Any other salient terms |
None |
| Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates |
| Boulevard Holdings Inc. | None |
| Puerto Azul Land, Inc. | None |
| Ternate Development Corporation | None |
| Monte Sol Development Corporation | None |
| Effect(s) on the business, financial condition and operations of the Issuer, if any |
None |
| Other Relevant Information |
None |
| Source(s) of funds |
Internally generated cash. |
| If any asset so acquired by the issuer or its subsidiaries constituted plant, equipment or other physical property, state the nature of the business in which the assets were used by the persons from whom acquired and whether the issuer intends to continue such use or intends to devote the assets to other purposes, indicating such other purposes |
These are mostly undeveloped land with no improvements other than some roads. |
| Name | JONAS KHAW |
| Designation | ASSISTANT CORPORATE SECRETARY |
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Bloomberry Resorts Corporation published this content on 23 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2022 00:05:08 UTC.
