press release
Big EA “Sompot Ahunai” admits that it was forced to sell but has already taken care of all the problems. He stressed that he still has the ability to run the business. He is a major shareholder and revealed that he is doing his best to solve every problem, explaining that he is “injured but not dead”. The management team is still in good spirits and ready to move forward with expanding the business. Recently, on June 28, we signed a memorandum of understanding with China Railway Rolling Stock Corporation (CRRC), the world's largest train manufacturer, to become a strategic partner, which enhances trust and professionalism. Investors are urged to separate the stock game from the company's fundamentals.
Mr. Sompot Ahonai, CEO of Energy Absolut Public Company Limited (EA), held a press conference today explaining the events that happened to EA shares last week. He admitted that in the past he used shares as collateral to obtain a loan, where the loan ratio was only about 3% of the total asset value at the share price at the time of the contract. Personally, I think that this 3% ratio is a very small amount compared to the shares he has. Moreover, we believe that the company will be able to carry out its business as planned. Therefore, it is estimated that there is no risk affecting the company.
“What happened in the past few months was various negative rumors. For example, there were rumors that I had already sold my shares. Or news was published that affected the company’s confidence and major shareholders were contacted to persuade them to sell their shares. At the same time, the number of shares being shorted was increasing. When shares are sold too much, it causes the share price to fall and forces it to sell until it snowballs, causing harm to everyone. Today, I was forced to sell as well and I was the one who suffered the most damage. This proves that the rumors that I had sold my shares earlier were not true,” Mr. Sompot revealed.
Mr. Samfot It has also been stated in the past that I do my best to negotiate with financial institutions. Whether offering various options to creditors, such as finding investors to buy shares by doing a lot so as not to affect the share price on the board. Requesting partial payment and bringing guarantees free from the burdens on creditors.
Come and get more guarantees. Including requesting an extension of the debt repayment period by 3 days to 15 days with evidence that the money can definitely be repaid. Creditor refused. Which leads to the aforementioned forced sale.
I tried my best in every possible way but it didn't work. As a result of what happened you yourself lost a fortune worth tens of billions. But that's not as important as what happened because of its impact on the company's confidence. The impact on the market in general I apologize to all involved.
This is an important lesson. What we once understood was that the stock market is where companies raise money. But what happened is a lesson I learned. Even though the loan-to-value ratio is only about 3% of the total value of the property. When you meet a rumor in different news bulletins that this happened, and by doing a short sale to drive down the stock price, I could still be forced to sell. And when this happens, it is the capital market that destroys companies. Let my case be a case study. Don't let this happen to anyone again.
The shares that were previously used as collateral for loans have all had to be sold to repay the debt. From now on, the selling pressure should disappear. Therefore, from now on, EA stock prices should start to return to normal. As for the closing price at the end of last week. It is clear that the price does not reflect the true fundamentals of the company. On the other hand, the crisis represents an opportunity for investors who see the future of EA.
“I am wounded…but not dead.” Today, all my problems have been solved. Currently, you are still a major shareholder of EA, owning more than 33%, and your partners still own more than 50% of the shares, and from now on, they will continue to do business. All EA executives and employees are very supportive. Ready to work together to become a stronger force than before. As CEO, I will continue to do my best and professionally. I want investors to differentiate between financial games and business fundamentals.
On June 28, 2024, the day the shares were seriously sold. It was the day I was abroad and carried out professional duties on behalf of the company and signed a memorandum of understanding with China Railway Rolling Stock Corporation (CRRC), the world's largest train manufacturer, as a strategic partner. The trust of foreign investors who trust the fundamentals of Absolute Power Public Company Limited and the professional competence of the executives in leading the organization.
We are confident that the direction the company is taking is clean energy and carbon reduction. It is a big trend in the world. It will play an important role in helping Thailand reduce greenhouse gases as promised in international agreements. Details of the business plan including investor concerns about the company's future will be clarified in the next day or so.
