Bangkok, 28 April 2017 ? The SEC has ordered the Board of Directors of Polaris Capital Public Company Limited (POLAR) to further clarify individually within 15 days on the company's failure to hold an extraordinary general meeting (EGM), details on the number of the company's directors qualified to work, and the contract to buy and sell a land in the Phaholyothin area, including the cancellation of investment in Day Poets Co., Ltd (A day).

On 27 March 2017, POLAR disclosed information through the Stock Exchange of Thailand (SET) concerning four issues as follows: (1) refusal to hold an EGM as requested by the shareholders because the request letter did not comply with the company ' s articles of association and the relevant law, (2) details on the number of the company's directors involved in the issues with the Department of Business Development, the Ministry of Commerce [thus currently unqualified to work], (3) execution of a contract to buy and sell a land in the Phaholyothin area with a prior deposit of 350 million baht and an additional unpaid deposit of 100-million baht due on 31 December 2016, and (4) impact of POLAR ' s subsequent  cancellation of investment in A Day on the refund of the deposit made for a due diligence on A Day amounting to 120 million baht. 

The SEC viewed that POLAR ' s statement on the above issues is unclear. In addition, POLAR is currently unable to submit its financial statements as required by law. As a result, the POLOR share was suspended by the SET, which in turn affected the benefits of securities holders, the POLAR share price and investment decisions. Since the board of directors of listed companies is obligated to perform duties with care, responsibility and honesty in accordance with Section 89/7 of the Securities and Exchange Act, the SEC, by virtue of Section 58 of the Act, has ordered the POLAR board of directors to clarify individually and disclose such clarification through the SET within 15 days as from 28 April 2017.
 

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