The Supreme Court dismissed the two joint petitions filed by the family of Jose Ricafort and affirmed the Calalang board as the rightful board of directors of Nationwide Development Corp.
The Nadecor board is composed of Roberto Romulo, Conrado Calalang, Alfredo . Ayala, John Engle, Juan Kevin Belmonte, Michael Regino, Marcelo Mendoza, Leocadio Nitorreda and Rebecca G. De Guzman.
The Ricafort family in a complaint filed with a regional trial court claimed that “they had no knowledge or prior notice of, and were thus unable to attend, participate in, and vote, at, the August 15, 2011 annual stockholders’ meeting.”
In ruling against the petitioners, the SC declared that the petitioners had no cause of action against the respondents, as their complaint involved an election contest and was subject to the 15 days prescription period.
The high court noted that the petitioners did participate in the August 15, 2011 annual stockholders’ meeting of Nadecor, as they were represented by Jose Ricafort, who had a valid irrevocable proxy and who signed in the meeting’s attendance sheet.
The Supreme Court also dismissed the claim of the Ricafort family that their right to vote their shares in the August 15, 2011 meeting was violated, saying it was a complete fabrication.
The SC decision removes the last significant hurdle for Nadecor to move forward. With an environment clearance certificate and other permits, the company expects to proceed with the development, construction and operation of the King-King Copper/Gold Project, at Compostela Valley province by the second half of the year.
Toronto-listed St. Augustine Gold & Copper Ltd. has a major stake in the project.