Please be advised as follows;
1. As IRIS-NSH loan is the step No 1, IRIS-NSH loan could not be signed, as listed party in Malaysia could not provide financial assistance to 3rd party (loan/financing), unless they are subsidiary. IRIS proposed that they need 1 week time to come out with alternative agreement structuring instead of loan. K.Wuthikorn informed IRIS could proceed with PN first without the loan agreement.
A: We may make the SPA agreement between Wuthirkorn and NHS, Completion on the date as IRIS ready to prepare the alternative agreement structuring instead of loan.
2. Promissory Notes - to be interest free.
A: If they are used to replace the loan 240 M. Baht. they will be a tax issue, however, it depends on PJT’s decision.
3. 100% of NSH - Recital E suggests NSH has 10 shares. Contrst definition of "Completion" where completion is for 100 shares in NSH. To check.
A: Sorry, I sent all NSH incorporation documents for you by e-mail earlier.
4. On IRIS capitalize the loan to share capital in NSH per your comments below, Mr Chang (IRIS Finance Director) still considering if this option works for IRIS in terms of whether it complies with IRIS listing requirement and if this would be subject to any stock market query on the rationale.
A: I think the option is; a) NHS issues P/N to make payment for 24% shares of PJT to Wuthikorn for the completion of PJT shares transfer, upon the completion of NHS shares transfer, IRIS has to make payment to Wuthikorn, for shares price(3+1.95 M USD) and repayment of NHS’ liability under P/N 5.55 M USD)
Or b) IRIS may increase the capital for 5.555 M. to make payment of 24% shares in PJT.
If we change the structures, we need to amend the agreements, as the SPA between and IRIS and NHS’ shareholders is made on spot transfer.
Please let IRIS to consider.