PP PRIME Public: Report on Guidelines and Progress in Correcting Financial Statements.  In the event of a C board because shareholder equity is less than 50% - Marketscreener.com

PP PRIME Public: Report on Guidelines and Progress in Correcting Financial Statements. In the event of a C board because shareholder equity is less than 50% – Marketscreener.com

PPPM / 2565-042

May 30 2022

Topics

Report on guidelines and progress in financial correction. in the case of existence

Rode With C Because Shareholder Equity Is Less Than 50%

attention

President

Stock Exchange of Thailand

  1. Prime Public Company Limited (the Company) has arranged the meeting for investors and related persons (Public View) on May 30, 2022 at 10:00 AM. In the company’s meeting room, No. 486 People Park, Building E1, 3/F, Onnut Road, Kwaeng Onnut, Khet Suanluang, Bangkok due to the warning sign “C” as the company has equity of less than 50% of the paid-in registered capital for the first quarter From 2022 and March 31, 2022. We would like to report on the implementation plan as follows:

The registered and paid-up capital of the company is 2,349.61 million baht, and the shares are less than the value of the common shares 1And the 387.61 million baht, the company owns registered and paid-up capital after adjustment at a discount of 962 million baht. For the financial statements as on March 31, 2022, the company has equity of shareholders equal to 149.47 million baht or equal to 16% of the paid-up capital. Which is less than the limit set by the Stock Exchange of Thailand, it must be above 50%, causing SET to show a “C” mark, which has the main reasons as follows.

  1. Q1 / 2022 In the first phase of resuming production. Resulting in lower sales volume compared to higher fixed costs
  2. Liquidity of working capital and rising costs of raw materials affect the volume of production and sales.
  3. The effect of the weak yen exchange rate in the first quarter of 2022, causing yen-denominated assets to suffer foreign exchange losses.
  4. High interest burden on bonds and borrowings

The company would like to report the implementation plan to solve this issue as follows:

1. Debt restructuring by selling non-operating assets to reduce interest burden

The company has a method of selling unused assets in debt restructuring. To reduce the financial burden

Land expenses with buildings in the land of Samut Songkhram (aquaculture farm), land in Surat Thani district and investments in common shares, etc.

In the first quarter of 2022, the company’s total financial cost was 16 million baht.

2. Issuance of convertible bonds

The company offers a limited amount of convertible bonds (PP10) in the amount of not more than 300 million baht. Convertible bonds are valid for 3 years from the date of offering. The objective of the company is to use the working capital of the company. To enhance liquidity in the business operations to support the normal operations of the core business related business including the expansion and expansion of the company’s business in the future and the repayment of the company’s loan debts

On November 24, 2021, the Extraordinary General Assembly of Shareholders No. 3/2021 approved the issuance of convertible bonds.

As of March 31, 2022, the company received funds from the issuance of convertible bonds totaling 170 million baht and converted into common shares in the amount of 157 million baht, representing 294,084,956 shares, increasing shareholders’ equity from 98 million. Baht to 149 million baht or an increase of 52% (data as of March 31, 2022)

As of May 30, 2022, the company received additional funds from the issuance of convertible bonds as of March 31, 2022 for an additional 40 million baht and converted into common shares in the amount of 32 million baht, representing 107,731,335 shares, for a total of 410,692,030 shares.

3. Issuance of new ordinary shares and assignments of PPPM-W5

The Extraordinary General Assembly of Shareholders No. 1/2022 held on May 11, 2022 decided to approve the allocation of the new ordinary shares of the company. It is offered to the existing shareholders in proportion to their shares without being allocated to the shareholders, which makes the company have duties under foreign law. Details as of the stock ledger closing date on May 23, 2022 are as follows:

  1. Issuance of new ordinary shares of no more than 7,424,674,374 shares with a nominal value of 1 baht per share at a price of 0.1 baht / share. By offering to sell to existing shareholders at a ratio of 1 existing ordinary share to 3 new ordinary shares at 0.1 baht/share.
  2. PPPM-W5No more than 1,237,445,729 shares. The par value of 1 baht per share by allotment of guarantees (PPPM-W5) to existing shareholders to whom new ordinary shares have been allocated. Free at the allotment rate of 6 newly issued ordinary shares per security unit. The term of warranties is one year from the date of issue of warrants, and the exercise price is 0.1 baht per share.
    4. Business strategy improvement
    The company adjusts its marketing strategy. There are plans to increase sales as follows:
    1. Increase income

The company plans to increase revenue from pet food sales. By continuing to focus on producing only a line of aquatic feed products at high profit margins and focusing on selling to customers who have a good payment history and essentially short term credit

2. Cost Reduction Approach

The company will improve production capacity to be more efficient. Efficiently manage stock of raw materials and finished goods. In line with the sales forecast as well as study the business plan to reduce fuel costs such as fuel costs in steam generators, electricity costs, etc.

3. Future operating instructions

The company will expand the new customer base to increase more. Including investment in new business with good growth that will help strengthen the production base of the main business to grow steadily

In addition, the company is able to extend the debt from short to long term in order to increase liquidity in order to increase sales volume. Here is the progress of the first quarter of 2022 debt settlement:

Debt details

Amount and due date

Debt settlement process

Short-term loan from a financial institution

1)

Export – Thai Import Bank

333.31 million baht

(EXIM Bank)

Due date 16 February 2022

2. Kasikorn Bank State Corporation

47 million baht

At present, the company owns

Limited (KBank)

Due date is January 28, 2022

outstanding debt 43 million

Baht and agreed to

Extension of the due date at 25

March 2022) and asked to

Renewal of the new edition on a

On a quarterly basis by the Bank

gradually push

Back

All

Quarter up to the full amount in

2023 using working capital

(working capital) to pay

bond

1)

TLUXE198A

250.80 million baht

company

arranged

Due date 2 July 2023

bond holder meeting

on February 5

2021.

The

The meeting decided to approve

Extension of the due date

Divide it into two parts

As follows:

1Street Installment – 10% Payment

The due date will be July 2, 2022

2second abbreviation installment –

Installment

The remainder is paid on July 2,

2023.

2)

TLUXE205A

138 million baht

The company has arranged

Due date May 8, 2023

bond holder meeting

On February 1, 2021

The meeting decided to approve

Extension of the due date

Divide it into two parts

As follows:

1Street Installment – 10% Payment

(17 million baht)

On May 8

2022 using money

received from the issue

Convertible bonds for payment

2second abbreviation Installment – the rest

Amount (138 million baht in 8

May 2023)

3)

PPPM213A

207.60 million baht

The company has arranged

Due date is March 18, 2023

bond holder meeting

On February 1, 2021

meeting resolution

to approve

Extension of the due date

Divide it into two parts

As follows:

1Street Installment – 10% payment on March 18, 2022, using funds received from

Issuance of convertible bonds for payment

2second abbreviation Installment – Amount remaining on March 18, 2023

Please be informed accordingly.

your sincerely,

BB Prime Public Company Limited

(Mrs. Supatra Nakmontanakum)

chief executive officer

Company Secretary’s Office

Tel: 0229 1480

disclaimer

PP head pcl Share this content on May 30 2022 He is solely responsible for the information contained therein. Distributed through generalunedited and unmodified, dated May 30 2022 17:28:04 UTC.

Publicnow 2022

All news about PP PRIME PUBLIC COMPANY LIMITED

Sales 2021 650 m
19.0 pm
19.0 pm
net income 2021 -186 m
-5,46 m
-5,46 m
net debt 2021 991 AD
29.0 m
29.0 m
P/E Ratio 2021 -5,38x
crop 2021
capitalization 421 AD
12.3 AD
12.3 AD
EV / Sales 2020 0,92x
EV / Sales 2021 382 times
Nbr of staff
free float 99.0%

Chart PP PRIME PUBLIC COMPANY LIMITED

Period :

a period :

Technical Analysis Chart PP PRIME Public Company Limited |  MarketScreener

Income Statement Evolution

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