NMG ‘awaits directors to deal with debts’
NATION Multimedia Group’s management yesterday insisted that it was not ignoring its debts, saying its matured promissory notes would be redeemed once authorised directors were in place.
Mathaya Osathanond, senior vice president for finance, said the company had sent KGI (Thailand) Securities and Asia Plus Securities letters requesting for postponement of repayment of its due P/Ns, as NMG does not yet have directors authorised to approve the P/Ns’ retirement.
On November 7, NMG held an extraordinary shareholders’ meeting to vote on replacements for its directors banned by the Securities and Exchange Commission from holding seats on the boards of public companies. However, a shareholder had lodged an objection to the registration of the change in NMG directors, according to the Commerce Ministry’s registrar.
The registrar is required to consider the company and the objector’s explanations and evidence before proceeding.
“There are no directors to sign legal transactions on behalf of the company now and for at least 15 more days until the registration for the director change is completed,” she said.
If the company completes the registration, its finance department will propose to the new board of directors to consider paying the P/Ns with interest accruing from the due date or issuing guidelines for the sale of new P/Ns, she said.
On November 15, NMG sent KGI (Thailand) Securities a letter asking it to postpone the payment of Bt50-million P/Ns due on November 17 as NMG has not had authorised directors yet because of its difficulty in registering the new directors.
NMG also requested to Asia Plus Securities on November 28 the postponement of payment of Bt50-million P/Ns due on December 1.
