TPOLY bondholders approve forced sale of 45.9 million TPCH shares, appoint lawyers to fight rehabilitation case

Kaohoon··TH·Read original
2▲0 ▼2Impact / 5
Summary · why it matters

The 1/2569 meeting of holders of the TPOLY26NA bond series of Thai Polycons Public Company Limited, or TPOLY, held on 11 September 2569, with a quorum of 78.33% of outstanding bonds present, passed a resolution with 83.21% of votes approving the forced sale of 45,925,412 ordinary shares of TPC Power Holding Public Company Limited, or TPCH, on the stock exchange. The sale is subject to a minimum daily condition of not less than 5% of the pledged shares, or 2,296,270 shares per day, using the volume-weighted average price, or VWAP. The bondholders' representative may sell additional shares if the volume sold is less than 50% of the total trading volume of TPCH shares on that day, but the maximum daily sale must not exceed 20% of the pledged shares, or 9,185,082 shares. The meeting also passed a unanimous resolution with 100% of votes authorising Beyond Securities Public Company Limited, as the bondholders' representative, to take legal action related to TPOLY's business rehabilitation case, case number ฟฟ.13/2569, at the Central Bankruptcy Court. If the court does not accept the petition or the rehabilitation plan fails, the bondholders' representative may immediately sue and enforce all collateral. If the court accepts the rehabilitation petition, a lawyer will be engaged to file an objection to the rehabilitation petition, file a debt repayment claim, and attend meetings to vote against the rehabilitation plan. The representative is also authorised to file both criminal and civil complaints to seek direct and indirect damages from TPOLY, including its directors and executives involved, with TPOLY as the bond issuer required to bear all expenses in the legal process. Earlier in the meeting, bondholders also passed a resolution with 99.55% of votes approving a waiver of non-compliance with the criteria on the timeframe for convening the meeting and closing the bondholders' register, so that the meeting and consideration of key agenda items could proceed quickly.

Impact on assets 3

Energy Transition & Power Demand▼ · 2 stocks
Thai Polycons Public Company Limited
TPOLY
▼ NegativeRegulationrelevance

Bondholders voted to fight TPOLY's rehabilitation petition, pursue criminal and civil complaints, and enforce collateral, with TPOLY bearing all legal costs.

Financials▲ · 1 stocks
Beyond Securities PCL
BYD
± MixedRegulationrelevance

Beyond Securities is authorized as bondholders' representative to pursue legal action in TPOLY's rehabilitation case, a legal/regulatory role with unclear financial impact.

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