AAV14/2022

June 16, 2022

Subject: Notification of the exercise of convertible debentures and conversion price calculation

Attention: President

The Stock Exchange of Thailand

Asia Aviation Public Company Limited (“the Company”) has offered and newly issued the convertible debentures pursuant to the agreement in respect of “THB 2,200,000,000 Zero Coupon Convertible Debentures No. 1/2021 Due 2023 with Mandatory Conversion Condition” to North Haven Thai Private Equity, L.P. (“NHTPE”) and Bangkok Bank Public Company Limited (“BBL”). Subsequently on June 16, 2022 NHTPE has notified the exercising of the conversion debentures rights as follows:

Amount of debentures

Exercise the right

Remaining

Number of

Number of remaining

(Units)

to conversion

debentures after

shares derived

shares reserved

(units)

conversion

from conversion

(shares)

(June 16, 2022)

(units)

(shares)

NHTPE

BBL

NHTPE

BBL

NHTPE

BBL

NHTPE

BBL

NHTPE

BBL

1,000,000

1,200,000

250,000

750,000

1,200,000

142,857,142

428,571,429

685,714,286

On June 16, 2022

  • NHTPE notified the conversion of “THB 2,200,000,000 Zero Coupon Convertible Debentures No. 1/2021 Due 2023 with Mandatory Conversion Condition” amount 250,000 units (THB 250 million) to 142,857,142 ordinary shares.
  • The conversion price of THB 1.75 per share which is a convertible price of less than 90 percent of the market price, which is calculated from the weighted average price of the
    Company’s shares in the SET for the past 7-15 business days.
  • The weighted average prices of the Company’s shares for the past 7 business days (information from www.set.or.th) are as follows :

Date

Trading Shares Value

Volume of trading Shares

(Million Baht)

(Million Shares)

June 15, 2022

14.46

5.24

June 14, 2022

61.98

22.47

June 13, 2022

38.03

13.68

222, Don Mueang International Airport, 3rd Fl., Central Office Bldg., Room no. 3200, Vibhavadee Rangsit Road,

Don Mueang, Bangkok 10210.Tel. 66 (O) 2562 5700, Fax. 66(O) 2562 5705

Date

Trading Shares Value

Volume of trading Shares

(Million Baht)

(Million Shares)

June 10, 2022

29.76

10.53

June 9, 2022

19.89

7.02

June 8, 2022

35.53

12.53

June 7, 2022

55.68

19.95

Total

255.34

91.40

Trading Volume

Weighted average market price for 7 business days (THB/Shares)=

= 91.40 = 2.79

90% of the weighted average market price (THB/Share)= 2.51

Consequently, the conversion price as of June 16, 2022 which equals to THB 1.75 per share, is lower than 90 percent of the market prices and NHTPE will be prohibited from selling the converted shares within a period of one year from the date of receipt the convertible debentures. After a period of 6 months from the date of receipt of convertible debentures, NHTPE can gradually sell the prohibited shares in the amount of 25 percent of the total prohibited shares in accordance with the rules under the Notification of the Stock Exchange of Thailand Re: Rules, Conditions and Procedures for Consideration of an Application for the Acceptance of Ordinary Shares or Preferred Shares in a Capital Increase as Listed Securities B.E. 2558 (2015).

As mentioned above, NHTPE will receive the converted shares this time at the amount of 142,857,142 shares representing 25 percent of the total prohibited shares. However, from the date of 14 June 2022, NHTPE is entitled to sell such converted shares because it is the end of the sale restriction period of the first 6 months from the date of receipt of the convertible debentures.

Please be informed accordingly.

Yours sincerely,

(Mr. Santisuk Klongchaiya)

Chief Executive Officer

Authorized to sign on behalf of the Company

Disclaimer

Asia Aviation pcl published this content on 16 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 June 2022 11:02:03 UTC.

Publicnow 2022

All news about ASIA AVIATION PUBLIC COMPANY LIMITED

Sales 2022 18 610 M
532 M
532 M
Net income 2022 -3 258 M
-93,2 M
-93,2 M
Net Debt 2022 15 809 M
452 M
452 M
P/E ratio 2022 -6,27x
Yield 2022
Capitalization 31 996 M
915 M
915 M
EV / Sales 2022 2,57x
EV / Sales 2023 1,50x
Nbr of Employees
Free-Float 27,9%

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Technical analysis trends ASIA AVIATION PUBLIC COMPANY LIMITED

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Income Statement Evolution

Sell

Buy

Mean consensus HOLD
Number of Analysts 5
Last Close Price 2,76 THB
Average target price 2,84 THB
Spread / Average Target 2,90%


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