Subic marine firm turns P239M claims into shares

SUBIC BAY FREEPORT — The Subic Bay Marine Exploratorium Inc. (SBMEI) has signed a Compromise Agreement with HS Equities, Ltd., converting its full P239,562,101.24 in claims into equity at the Camayan Beach Resort on 13 March.

SBMEI, a Subic-based marine tourism company operating Ocean Adventure, Camayan Beach Resort, Adventure Beach Waterpark and Adventure Cove, said the agreement resolves an investment dispute dating back more than 20 years.

The dispute originated from HS Equities’ initial investment of US$2.15 million in 2001–2002. The Compromise Agreement was approved unanimously by the current SBMEI Board of Directors at a special meeting on 27 February.

The settlement converts the P239.56 million owed into company shares and cancels prior contracts with entities linked to previous management, including Ilanin West Limited, Active Environments Inc. and Stonefly Holdings.

HS Equities President Virginia Dio attended the signing, with SBMEI President and CEO Robert Ianne Gonzaga and all five incumbent directors signing the agreement.

SBMEI noted that JV China Corporation, a long-time shareholder, has an unpaid stock subscription of P32.5 million.

The company plans a public auction of these delinquent shares on 25 March in line with the Revised Corporation Code. HS Equities may apply part of its settlement toward the auction if it participates.

Separately, former SBMEI CEO Timothy J. Desmond, who holds about one percent of SBMEI shares and is involved in ongoing litigation with JVC in Florida, has challenged current management through proxy representatives. The board declared a purported Annual Stockholders Meeting on 13 February and its results as void due to lack of valid proxies and pending SEC Case No. 03-25-622.