AC Energy : Update on Corporate Actions/Material Transactions/Agreements

SECURITIES AND EXCHANGE COMMISSIONSEC 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) Jun 3, 20222. SEC Identification Number 392743. BIR Tax Identification No. 000-506-020-0004. Exact name of issuer as specified in its charter AC Energy Corporation5. Province, country or other jurisdiction of incorporation Makati City, Philippines6. Industry Classification Code(SEC Use Only) 7. Address of principal office 35th Floor, Ayala Triangle Gardens Tower 2, Paseo de Roxas corner Makati Avenue, Makati CityPostal Code12268. Issuer's telephone number, including area code [phone]9. 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
Common Shares	39,644,772,107

11. Indicate the item numbers reported herein Item 9 - Other Matters

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.

AC Energy CorporationACEN PSE Disclosure Form 16-1- Update on Corporate Actions/
Material Transactions/Agreements References: SRC Rule 17 (SEC Form 17-C) and
Section 16 of the Revised Disclosure Rules

Subject of the Disclosure

Cancellation of the Property-for-Shares Swap between AC Energy Corporation and ACE Enexor, Inc.

Background/Description of the Disclosure

To recall, on 18 October 2021, the ACEN Board approved a property-for-shares swap with ACE Enexor, Inc. (PSE:ACEN) and to implement the same, on 29 December 2021, ACEN and ACEX signed a Deed of Assignment wherein ACEX agreed to issue 339,076,058 shares of stock in ACEX (the "Shares") to ACEN at an issue price of Php10.00 per share in exchange for the following properties of ACEN (the "Assets"): (a) 3,064,900 common shares in Palawan55 Exploration & Production Corporation ("Palawan55") with a par value of Php100.00 per share, comprising 30.65% of the issued and outstanding shares in Palawan55; (b) 6,000,000 common shares in Bulacan Power Generation Corporation ("BPGC") representing 100% of the issued and outstanding shares in BPGC; (c) 6,351,000 common shares in CIP II Power Corporation ("CIPP") with a par value of Php50.00 per share representing 100% of the issued and outstanding shares in CIPP; (d) 3,600,000 redeemable preferred shares in Ingrid3 Power Corp., ("Ingrid3"), a special purpose vehicle for the development of a new power project, with a par value of Php1.00 per share, representing 100% of the issued and outstanding redeemable preferred shares in Ingrid 3; and (e) 33,493,366 common shares in One Subic Power Generation Corporation ("OSPGC") with a par value of Php1.00 per share representing 17.13% of the issued and outstanding shares in OSPGC (the "Transaction"). Thereafter, on 31 January 2022, ACEN and ACEX executed an Amendment to the Deed of Assignment covering the Transaction. Please be informed that, during the Company's special meeting of the Board of Directors held on 3 June 2022, the Board of Directors approved the cancellation of the property-for-shares swap and the Deed of Assignment, as amended. As a result, the Request for Confirmation of the Valuation of the Assets in exchange for the Shares filed with the Securities and Exchange Commission, and the Issuance of a Certificate Authorizing Registration filed with the Bureau of Internal Revenue will be withdrawn. Notwithstanding the cancellation of the property-for-shares swap, ACEN will continue to look into options to optimize value for the assets (including the diesel assets) that were supposed to be transferred to ACEX, including selling these assets an appropriate buyer no later than 2025, to comply with its commitment to spin-off all its thermal assets by 2025, as previously approved by the Board of Directors on 18 October 2021.

Other Relevant Information

This disclosure is related to Disclosure Report No. C06940-2021 dated 19 October 2021, Disclosure Report No. C08737-2021 dated 31 December 2021, and Disclosure Report No. C00724-2022 dated 9 February 2022.

Filed on behalf by:

Name	Maria Corazon Dizon
Designation	Managing Director/CFO and Treasurer