Lopez Holdings Corporation and its subsidiary, First Philippine Holdings Corporation (FPH), have further delayed their respective annual stockholders’ meetings as the internal rift between the majority of the Lopez family and their cousin, Federico “Piki” Lopez, persists.
In a regulatory filing, Lopez Holdings announced that its board agreed to reschedule its annual stockholders’ meeting from August 7 to September 14 at 10 a.m., which will be hosted via remote communication.
“The postponement will give the Corporation time to comply with the comments and requirements of the Securities and Exchange Commission on its Preliminary Information Statement which it received today,” the company said.
Meanwhile, FPH attributed its own delay to orders issued by the Securities and Exchange Commission’s Ad Hoc Committee on Matters Concerning the Lopez Group of Companies.
The regulator sent a letter on the evening of July 17 instructing FPH to defer its annual stockholders’ meeting—initially slated for July 27—to a date within the next 60 days.
Per the SEC directive, the extension aims to allow the enterprise sufficient time to carry out essential meeting preparations.
The committee further mandated FPH to feature the election of directors on its agenda, on the condition that such proceedings align with existing mandates from Branch 209 of the Mandaluyong City Regional Trial Court, including an active writ of preliminary injunction.
The judicial order prevents the named defendants, along with their representatives and successors, from ousting Piki Lopez from his posts as officer, director, or corporate representative in entities where Lopez, Inc. exercises voting privileges via its president.
Additionally, it bars any actions that could compromise or invalidate the court’s ultimate determination.
“The FPH board of directors will convene a special meeting to agree on a new date and other details for the ASM,” the company added.
Regulators previously directed both Lopez Holdings and FPH to go forward with their annual stockholders’ meetings, pointing out that no legal impediment stops board elections under corporate bylaws, provided they honor the court injunction.
Nevertheless, authorities recognized the practical necessity for extra time so the firms could fulfill procedural obligations, such as delivering formal notices, distributing information statements, and securing mandated clearances for publicly listed entities.
Pursuant to Rule 20.3.3.4 of the Securities Regulation Code, corporations are required to send information statements and management reports to shareholders at least 15 business days prior to an annual assembly.
Furthermore, Section 49 of the Revised Corporation Code dictates that written notifications for regular stockholders’ meetings must be distributed to shareholders no less than 21 days in advance.