MORE refutes allegations of depressing the selling price of shares to increase capital for “Amarit”


More Return countered accusations of making stock games, depressing the price of shares, increasing PP capital for “Amarit” to insist on moving forward according to the plan.
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More Return Public Company Limited or MORE issued a letter clarifying questions from the Securities and Exchange Commission (SEC) regarding the facts and effects of the unusual MORE stock trading event. During the period 10-11 Nov. ’22 and the share price settlement Including the reasonableness of the issuance of newly issued shares for private placement (PP) to Mr. Amrit. Lull Chit Charoen Chief Executive Officer of the Company in the amount of 300 million shares and a request for a waiver from making a tender offer for all securities by virtue of the resolution of the shareholders’ meeting (whitewash).

As for determining the selling price of PP capital increase shares for Mr. Amrit according to the market price, even though the stock price has been fluctuating all along. Because from the beginning of July 2022 until August 11, when the Board of Directors resolved, MORE stock prices were in the range of 1.80-1.90 baht/share and tended to increase. According to the news that the company is the copyright holder and has held the official Rolling Loud event in Thailand for 5 years, while the average MORE share price for the past 7 days before the resolution was 2.28 baht/share, the Board of Directors saw that the pricing was clear. So at that time it was not appropriate. Therefore choose to set the offer for sale at the market price.

In case of news issues stating that the company sets the offering price of PP shares for Mr. Amrit at the market price, causing events on November 10-11, pulling the share price down so that Mr. Amrit can exercise more rights The capital at a low price, Mr. Amrit confirmed that he did not sell the shares he held at all, still held MORE number 1 more than 1,500 million shares, so if the share price dropped by 1 baht, even if he exercised the right to buy PP shares, it was reduced by 300 million baht, but the value of the shares held will decrease by more than 1,500 million baht, and on the day of the capital increase P has not yet been approved by the shareholder Why would this happen at this time? Why? Because it did not benefit them at all, both as an executive and as a shareholder.

While the issue that the company received money from exercising the MORE-W2 convertible right can be used to invest this time. With no need to increase PP capital during abnormal trading events, this MORE stock is still under investigation, the company views that because there is a strong negative news that directly affects the image. affecting the confidence of investors enough already If the PP capital increase is cancelled, the impact will be even more severe.

It also causes uncertainty in the joint investment plan for Rolling Loud concerts. that happened alone The total cost of the Rolling Loud project is regarding 899 million baht, but the amount received from the conversion of MORE-W2 is regarding 691 million baht, which may not be enough. If the company cancels the PP capital increase and the original investor withdraws will make finding new investors even more difficult May cause the company to hold a concert alone and the company has no other source of funding In addition, there is a risk of being sued by Rolling Loud usa, so it is necessary to continue increasing the PP capital according to the plan.

However, the company still insists on holding a shareholders’ meeting as scheduled on November 30, 2022, where shareholders of the company who sold their shares in the event on November 10-11 still have the right to vote if they hold shares before the record date, although it may cause the vote to not reflect the voice of the current shareholders who are affected by this event. But everything is in accordance with various terms and conditions. according to the preceding law which such events are beyond the control of the Company And if the company has to redefine the list of shareholders (RD) to attend this meeting within the timeframe required by law And it takes time to prepare various information. will cause the company to be unable to hold the meeting on time as scheduled within this year This will have a chain effect from the postponement of various plans. Prepared in advance with the team, sponsors, joint ventures and agencies.

In addition, such events Has greatly affected the Company’s image, causing doubts and doubts regarding the ability to proceed with the Rolling Loud concert project from the copyright owner. If unable to proceed according to the planned concert plan The company is also at risk of being sued by Rolling Loud copyright holders.

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