2023-04-28 17:54:34
HoonSmart.com>>”Stark Corporation (STARK)” to clarify the budget preparation plan for the year 2022 together with Price Waterhouse, the auditor – the reporter for the special audit of facts (Special Audit), setting up a working group – a new executive. experienced Ready to work together to solve problems set up a specific working group to coordinate weekly results report Count new products Mar. 2023 Improve inventories at the end of the year 2022, hire Deloitte Touche to analyze data Accelerate the submission of the budget May-June 2023 As for the results of the 5 series of bondholders’ meetings, they resolved to omit the cause of default. Trust the company to continue the business.
Mr. Vonnarat Tangkaravakoon, Director of Stark Corporation (STARK), signed a letter to the Stock Exchange of Thailand. Clarification of the 2022 annual financial statement preparation plan and the company’s debenture repayment plan In the event that the company is unable to complete the financial statements under the time and conditions specified by law Until the event of a default on the bonds and the SEC has asked the company to inform plans for preparing and submitting financial statements for the year 2022, guidelines and plans for repayment of all bonds, including potential effects. and to inform the details to the SET as well
The company would like to clarify the plan for preparing and submitting the financial statements for the year 2022 because the former management of the company was unable to complete the said financial statements in time as required by law. and has notified the postponement of the submission of the budget several times The company deems it appropriate to expand the scope of investigation. For the purpose of preparing financial statements in this regard The Company has therefore considered together with PricewaterhouseCoopers ABAS as the Company’s auditor. And the reporter prepares additional factual investigations as a special case (Special Audit), so it is necessary to spend more time preparing the financial statements for the year 2022.
This is in order to go smoothly. efficient and with speed and transparency The same board of directors (except Khun Vonnarat) has resigned from the position of director and executive. The company has appointed a committee and a new set of experienced executives and readiness to jointly solve problems has accelerated coordination with auditors All related company personnel Including setting up a specific working group To coordinate between various departments to cooperate with auditors. There was a discussion together in setting plans and missions. Including the person responsible for solving problems in the preparation of accounting information by the management has assigned the working group to report weekly results to solve problems and obstacles arising from continuous work.
At the same time, the company has carried out a new product count of the company and its affiliates in March. 2023 and in the process of reconciliation (reconciliation) to adjust the balance of inventories at the end of the period that is correct as of 31 Dec 2022.
The company has recruited additional personnel from the accounting consulting firm. In order to be able to provide information to the auditors more quickly, the Company also hired Deloitte Touche Tohmatsu Jaiyos, an auditor, to jointly analyze financial information. and accounts of the company and its affiliates By using modern, accurate and accurate technology to help process data in order to provide information to auditors faster.
At present, the auditor is in the process of obtaining complete and appropriate financial information. The company therefore needs time to provide additional information. to support the implementation of the auditor’s work plan The company will follow up and coordinate with such auditors. To prepare a special audit report and complete the 2022 annual financial statements as soon as possible. Year 2022 to be completed and sent to the office SEC and related parties during May – June 2023
As for guidelines and plans for repayment of all debentures The company clarified that on April 28, 2023, the company held a meeting for all bondholders. To consider waiving the event of default arising from the bond issuer submitting the 2022 annual financial statements later than required by law. and other related matters It appears that the company has been entrusted by the bondholders’ meeting to resolve to exclude the event of default arising from the bond issuer submitting the 2022 financial statements later than required by law.
“Even though all bondholders’ meetings have a resolution waiving defaults But the Company will still be obligated by relevant laws to complete the submission of the financial statements. In addition, the rights of bondholders to receive and the duty of the company to pay the principal And the interest under the debentures will remain the same. The Company will do its best to bring the situation back to normal as soon as possible. In order to use profits from normal business operations to repay various debts under the issuance of the company’s debentures, the company is aware and aware of the problem. and the potential impact The case for the preparation of financial statements for the year 2022, including the issue of repayment of debentures The company will accelerate the preparation of annual financial statements.
2022 as soon as possible to reduce the impact on all parties concerned, ”said Mr. Vonnarat.
For the bondholders’ meeting on April 28, 2023 at 2:00 p.m., with a meeting via electronic media (e-Meeting), the company would like to inform that the meeting resolved to exclude default events caused by the issuer. Debentures submitting financial statements for the year 2022 later than required by law (Agenda 1) for the debentures No. 1/2021 Series 1 due in 2023 (STARK239A) and the debentures No. 1/2021 Series 2 due in 2024. (STARK249A) resolved to exempt event of default, accounted for 59.0075%, did not exempt event of default 40.9925%
As for the debentures No. 1/2022, tranche 2, due in 2024 (STARK245A), debentures No. 1/2022, tranche 3, due in 2025 (STARK255A), except for the event of default, accounted for 74.4147%, without the exception of default 25.5853%, and the debentures No. 2/2022 due for redemption in 2024 (STARK242A), except for the event of default, accounted for 79.1465%, not excluding the event of default 20.8535%, therefore, there is no consideration of Agenda 2, the call for the principal and interest under all debentures to be paid immediately. Due to the consideration of voting in Agenda 2 will only take place in the event that the bondholders’ meeting has a resolution. Not except for the event of default in Agenda 1 only.
In this regard, the company would like to thank everyone who attended the meeting and entrusted the company to be able to continue its business.
The Company is in the process of collecting and processing questions received from bondholders during the meeting. And will clarify important information to everyone in the next order
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