Deadline extended for PACE to clarify investment fair-value assumptions
The Securities and Exchange Commission has granted Pace Development Corp (PACE) a second postponement for the submission of a clarification regarding the assumptions used in the fair-value measurement of its investment in Pace Project One Co Ltd and Pace Project Three Co Ltd, from January 15 to January 31.
Initially, the SEC instructed the listed developer to clarify the reasonableness of the assumptions used in the fair-value measurement, and to publicly disclose such assumptions and the sensitivity analysis on significant factors through the Stock Exchange of Thailand’s Electronic Information System by November 30 last year.
It later extended the deadline for PACE as requested, to January 15.
However, PACE has failed to submit the clarification and disclose the required information within the extended deadline because the new financial adviser it appointed to appraise the fair-value measurement of the investment is still gathering and analysing data and information from many sources to support the reasonableness of the assumptions used in the measurement of the observation decks as planned.
PACE therefore requested another deadline extension, to January 31.
If the results of the review affect the fair valuation of the investment or any items in the financial statements that have been submitted to the SEC Office and disclosed publicly, PACE has informed the regulator that it will rectify and resubmit such financial statements to the SEC Office on the same day, as well.
The SEC has therefore granted PACE the second postponement for submitting the clarification and the rectified financial statements, if applicable, and publicly disclosing such information through the SET Electronic Information System.
The SEC has also urged PACE to expedite the proceedings to provide investors with correct and complete information promptly.