NMG’s Approval for Capital Increase to be Postponed, Intimidating by Mischievous Group

Nation Multimedia Group Public Company Limited (NMG) has made an announcement in the afternoon to postpone the Extraordinary General Meeting of Shareholders No. 2/2019, to be held Monday, 18 November 2019, indefinitely.

 

NMG expects to propose agenda items in relation to the increase of registered capital for allocation to existing shareholders in proportion to their respective shareholdings (Rights Offering) in this Extraordinary General Meeting.

However, NMG has stated that a certain group of shareholders, which is the same group from the protest incident at the Nation’s building last time, are intimidating other shareholders to vote against the company’s agenda.

In this regard, NMG would have to postpone the meeting indefinitely in order to make a better understanding to NMG’s shareholders regarding this capital increase.

 

Based on current financial situation of NMG, the company is in need of using the fund from the increase of capital which is expected to receive in the amount of 813.59 million baht in order to use the first amount as the repayment of outstanding short term debts, to use the second amount for the subscription for the newly-issued shares of its subsidiary proportionate to its respective shareholding for the purpose of accommodation for the expansion of reinforcement of business of NMG’s group for adapting to media industry in the digital age, and to use the residual amount for the working capital among NMG’s group.