SEC Calls for Phuket Fantasy Bondholder Meeting
The Securities and Exchange Commission (SEC) has urged bondholders of Phuket Fantasy Public Company Limited (PHUKET) to exercise their right to attend a bondholder meeting on June 26, 2023. The purpose of the meeting is to seek approval for an exemption from default due to the company’s debt to equity ratio not meeting the required criteria.
Bondholder Meeting Details
The meeting, referred to as Bondholder Meeting No. 1/2023, will be held at 10:00 am on June 26, 2023, at the Aviarie Safari World restaurant located at No. 99 Panya Inthra Road, Sam Wa Tawan Tok Subdistrict, Khlong Sam Wa District, Bangkok. Representatives from Dao Securities (Thailand) Public Company Limited will be present on behalf of the debenture holders for each of the 6 series of debentures, namely:
- Secured Debentures No. 1/2018 Due 2024 (PHUKET207A)
- Secured Debentures No. 2/2019 Due 2024 (PHUKET208A)
- Secured Debentures No. 4/2019 Due 2024 (PHUKET20DA)
- Secured Debentures No. 5/2019 Due 2024 (PHUKET206A)
- Secured Debentures No. 6/2019 Due 2024 (PHUKET207B)
- Secured Debentures No. 7/2019 Due 2024 (PHUKET216A)
Agenda for the Meeting
The following agenda items will be discussed and considered during the meeting:
- Approval of the waiver for the company’s inability to comply with the debt to equity ratio requirement, thereby preventing it from being considered a default under the terms and conditions.
- Approval of amendments to the conditions for bond interest payment, previously approved in bondholder meeting No. 1/2022.
- Approval of amendments to the conditions for bond principal repayment, previously approved in bondholder meeting No. 1/2022.
The SEC has urged bondholders to carefully examine the provided information and exercise their rights to protect their interests. Bondholders have been advised to seek complete information from the representative of the debentureholders in order to make an informed decision during the bondholder meeting.
SEC asks bondholders “Phuket Fantasy PHUKET”, 6 series, exercises the right to hold a bondholder meeting on June 26 after the company prepares to ask the meeting to approve the exemption from default. because the debt to equity ratio does not meet the criteria
On June 23, 2023, the Office of the Securities and Exchange Commission (SEC) announced that it has asked bondholders of the company Phuket Fantasy Public Company Limited (PHUKET) exercises the right to hold a meeting of bondholders, ask questions about the issuer or representative of the bondholder. in order to obtain complete and sufficient information for making decisions
According to PHUKET as the debenture issuer The meeting of bondholders No. 1/2023 will be held on June 26, 2023 at 10:00 am in the meeting room of Aviarie Safari World restaurant, No. 99 Panya Inthra Road. Sam Wa Tawan Tok Subdistrict, Khlong Sam Wa District, Bangkok Dao Securities (Thailand) Public Company Limited is the debenture holder representative for each of the 6 series as follows:
1. Secured Debentures No. 1/2018 Due 2024 (PHUKET207A)
2. Secured Debentures No. 2/2019 Due 2024 (PHUKET208A)
3. Secured Debentures No. 4/2019 Due 2024 (PHUKET20DA)
4. Secured Debentures No. 5/2019 Due 2024 (PHUKET206A)
5. Secured Debentures No. 6/2019 Due 2024 (PHUKET207B)
6. Secured Debentures No. 7/2019 Due 2024 (PHUKET216A)
For the above meeting, the agendas to be considered are as follows:
Agenda 1 To consider and approve the waiver of the Company’s inability to comply with the terms and conditions on maintaining the debt to equity ratio at the end of the financial year. it will not be considered an event of default under the terms and conditions
Program 2 To consider and approve the amendment of the conditions for the payment of bond interest as approved by bondholder meeting No. 1/2022
Program 3 To consider and approve the amendment of the conditions for repayment of the bond principal as approved by bondholder meeting No. 1/2022
In this regard, the SEC has issued guidelines for the performance of the duties of debenture representatives. The representatives of the bondholders are asked to analyze the advantages, disadvantages, benefits and effects that the bondholders will have from the approval. Or do not approve clearly in each choice The SEC therefore asks bondholders to study the information carefully. and exercise the rights of bondholders to protect their own interests as well as request information from the debentureholder’s representative In order to obtain complete information for making a decision to vote at the bondholder meeting as well
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