Grande Asset Hotels and Property Public Company Limited (GRAND) convened a bondholders’ meeting on 11 December 2025 for GRAND257A, GRAND259A, GRAND259B and GRAND271A series. The meeting failed to meet the quorum requirement. Accordingly, the company will reconvene the bondholders' meeting electronically on 19 December 2025 at 10.00 hours. The matters for consideration are as follows:      

          (1) Revising the structure and terms of the bonds as follows:
                     (1.1) Extending the maturity periods for bond redemption for two years from the original maturity dates;  
                     (1.2) Increasing the interest rate of each bond series by 0.15 percent per year throughout the extended maturity periods; 
                    (1.3) Changing the repayment method from a single bullet repayment on the maturity date to installment-based principal repayments according to the specified periods and amounts.                  

          (2) Revising certain requirements under the terms and conditions, as follows:  
                     (2.1) Removing the minimum principal repayment amount per installment – previously not less than 10 percent, and increasing by every additional 5 percent of par value per unit on the issuance date;  
                     (2.2) Shortening the notice period and related procedures for the registrar to notify bondholders in advance of the issuer’s exercise of early redemption, from not less than 30 days to not less than three days prior to the intended early redemption date;    
                     (2.3) Revising the issuer’s right to redeem or request the release of collateral assets where the value ratio of collateral to outstanding bonds exceeds the threshold under the terms and conditions. (Only applicable to GRAND257A, GRAND259A, and GRAND271A series).   

          (3) Revising the issuer’s obligations under the terms and conditions, as follows:   
                     (3.1) Canceling the issuer’s obligation to maintain a credit rating throughout the life of the bonds and to submit credit rating review reports;  
                     (3.2) Extending the valuation review interval for real estate collateral from 12 months to 24 months, counted from the most recent valuation (Only applicable to GRAND257A and GRAND271A series);  
                     (3.3) Revising the reporting frequency for the valuation of common shares used as collateral from quarterly to semi-annually (Only applicable to GRAND259A and GRAND271A series).

          (4) Granting an exemption from an event of default under the terms and conditions for the issuer’s obligation to maintain the net debt-to-equity ratio for year-end or quarterly reporting periods, starting from the fiscal year-end and fourth quarter of 2025 through fiscal year 2027;    

          (5) Granting an exemption for the issuer’s default on certain bond series from being counted as defaulted debt under the terms and conditions.          

The SEC requires that the bondholders’ representative analyze the benefits and shortcomings as well as the potential impacts on the bondholders both in cases of approval and decline of approval for the above matters with respective supporting reasons and the opinions of the bondholders’ representative. The bondholders are, therefore, encouraged to thoroughly review the information and exercise their rights to protect their own interests. They should also make necessary inquiries to the bondholders’ representative to obtain comprehensive information before making a voting decision at the bondholders’ e-meeting.  

Remark:

Daol Securities (Thailand) Public Company Limited serves as the bondholders’ representative for all four series of GRAND bonds, as follows:    
          - GRAND257A bond due on 14 March 2026;
          - GRAND259B bond due on 12 May 2026;
          - GRAND259A bond due on 21 May 2026;
          - GRAND271A bond due on 23 January 2027.