Board 'ECF' green light buys 'KPN Academy' shares worth 460.18 million baht

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Board 'East Coast Furnitech' approves the purchase of 'KPN Academy' shares not less than 57.52%, worth a total of 460.18 million baht. From existing shareholders', which will pay for shares in the amount of not exceeding 191.74 million shares of PP at the price of 2.40 baht. The shares are expected to be transferred within the first quarter of next year.

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East Coast Furnitech Public Company Limited or ECF notified the Stock Exchange of Thailand (SET) that the board of directors meeting (Board) approved the company to invest in the ordinary shares of KPN Academy Co., Ltd. of not less than 14,947,300 shares in the proportion not less than 57.52 percent of all the shares sold from Mr. Naphanarongdej, Golden Tiger Associates secretly, Mr. Natthawut Phowborom, Mrs. Saengduen I-bamrung, with a total value of not less than 460.18 million baht and the company is in the process of negotiating the purchase of shares. T All additional shares in KPN Academy from other shareholders under the same conditions as those purchased from those groups of shareholders.

The company will pay the ordinary shares of KPN Academy by issuing new ordinary shares of the company. In the form of an offering to private placement (Private Placement) in an amount not exceeding 191,742,674 shares with a par value of 0.25 baht per share, which the offering price is not lower than the price of 2.40 baht per share, which is equal to 460,182,417.60 baht, which is expected to complete the payment of shares and transfer of shares within the first quarter of 2020

In this regard, the company will increase the registered capital of 51,060,668.50 baht, divided into 204,242,674 ordinary shares with a par value of 0.25 baht per share from 299,111,547 baht of the previous registered capital to 350,172,215.50 baht, with the allocation of not more than 191,742,674 shares to KPN shareholders. After the allotment of the said new shares, Mr Nop will acquire approximately 13.61% of the total shares sold. All And will have the right to nominate a person to be a director of the company

In addition, no more than 12,500,000 new shares will be allocated to support the adjustment of the warrants to purchase ordinary shares of the Company No. 3 ("ECF W3") that will be issued and allocated to the existing shareholders in accordance with Proportion of shares

In addition, ECF-W3 has been adjusted to adjust the rights from the price of 5.00 baht per 1 new common stock, adjusted to 4.9958 baht per 1 new common stock. 1 warrant grants entitlement to 1 ordinary share, adjusted to 1 warrant grants have a right to purchase 1.0008 ordinary shares. As a result of the adjustment of rights due to the dividend payment, the company needs to allocate New ordinary shares To support the adjustment of the rights of ECF-W3 in an amount not exceeding 104,000 shares

Including the approval to set the date for calling the Extraordinary General Meeting of Shareholders No. 1 Year 2019 on November 28, 2019.

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