The Securities and Exchange Commission, or SEC, is urging holders of bonds issued by Property Perfect Public Company Limited, or PF, to study the information carefully before exercising their voting rights at the first bondholders' meeting of 2026, which the company will hold on October 1, 2026, at 3:00 p.m. via electronic means. The meeting covers 15 bond series: PF258A, PF258B, PF25NA, PF25DA, PF261A, PF263A, PF264A, PF264B, PF265A, PF265B, PF268A, PF268B, PF26OA, PF26NA and PF271A. The key agenda items are a request for a waiver of the obligation to maintain the ratio of total net liabilities to total shareholders' equity, or the D/E ratio, as well as requests for waivers in various cases so that they are not treated as events of default under the terms and conditions of the rights, and the cancellation of the bondholders' representative's letter regarding notification of failure to comply with the issuer's duties. The SEC requires the bondholders' representative to clearly analyse the advantages, disadvantages, benefits and impacts that bondholders would receive from both the case where a resolution is approved and the case where it is not approved under each option, together with reasons and opinions to support consideration, and asks bondholders to seek additional information from the bondholders' representative so that they have complete information for voting.
SEC warns PF bondholders ahead of a vote on waivers of the D/E covenant and default events, signaling regulatory scrutiny of the issuer's covenant breaches.
