Bangkok, 2 October 2017 ? The SEC has ordered Pace Development Corporation Public Company Limited (PACE) to clarify the information regarding the company's joint venture agreement with three investors, which incurs an obligation for PACE to repurchase a certain amount of its preferred stocks from the counterparties. The clarification must inform whether there will be any effect on the company's liabilities or other obligations. PACE must also disclose the clarification through the Stock Exchange of Thailand (SET) within seven days.

With reference to PACE's disclosure through the SET on 28 February 2017 regarding the investment and the loan from three investors who invest in two PACE subsidiaries ? namely, PACE Project One Co., Ltd. and PACE Project Three Co., Ltd. ? PACE has received money through an issuance of preferred stocks in the amount of 7.78 billion baht and a loan of 658 million baht. Later, PACE disclosed in the financial statements for the second quarter of 2017 that the company had entered into a Consent Conditions Undertaking (CCU) with the three investors, which resulted in an obligation for PACE to repurchase a certain amount of the preferred stocks.

Because the CCU may cause a significant change to the conditions under agreement and the company's disclosure is directly involved, the SEC, by virtue of Section 58(2) of the Securities and Exchange Act B.E. 2535 (1992), has instructed PACE's Board of Directors to clarify the facts about the CCU and its effect on the company, and disclose such clarification through the SET within seven days.