Approval of the Proposed Preferred Shares Offering of WPPDC

(March 31, 2017)

We wish to advise that during its meeting today, the Board of Directors of Premiere Horizon Alliance Corporation (PHA) approved the Indicative Terms of the proposed Preferred Shares Offering of West Palawan Premiere Development Corp. (WPP). WPP intends to offer by way of private placement up to Php500 Million or (USD10 million) worth of preferred shares.

The preferred shares shall be cumulative, non participating and non voting with a 6.5 percent per annum dividend rate, redeemable on the fifth anniversary of issuance. In addition, the investors have the option to swap up to 25 percent of their WPP preferred shares for new PHA shares at a strike price of Php0.75 per share. At full exercise, the investors’ Php125 million convertible investment will correspond to 166.7 million new PHA shares, equivalent to 7.7 percent of PHA , post-swap. The investors’ may exercise their option within three (3) years from the transaction closing. The option is exercisable in tranches of Php25 million.

WPP intends to use the funds raised from the private placement to accelerate development and value creation for the first phase of its Palawan project consisting of the Nagtabon Beach, North Cove and Midlands pods totaling over 60 hectares, road access development and permits acquisition.

The Board also approved the postponement of the Annual Stockholders’ Meeting which under the By-Laws is scheduled on May 26, 2017 to a date to be determined by the Executive Committee, to allow for time for the preparation of reports on matters which are being considered for presentation to the stockholders at their annual meeting.

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