All-equity funding: shareholders fund the whole plant

User, 20 Oct 2026: the plan is that the shareholders fund the whole
plant and get shares for that (no bank loan).

- total-investment.md "Two plans": Funding paragraph: Plan B's ~217M
  THB paid in as share capital; the lead investor's 60 % at least ~130M,
  the 40 % at most ~87M (~121M / ~81M before the reserve; Plan A ~109M /
  ~73M); capital registered in full and called in instalments against
  the tranches; BOI's 3:1 met with no debt; nothing pledged.
- boi.md, README Project Status and the share-price bullet follow.
- Business plan A and B: the ask, the decisions, section 12.2 (funding
  bullet replaces the 3:1 equity floor), section 14 and the BOI
  requirements paragraph; "not in this plan" now names bank debt; both
  rebuilt (63 pages, checked).
- share-price.md re-based: 2,170,000 shares of 100 THB, the 40 % ~86.8M
  THB; illustrative calls 25/40/20/15 % against the tranches; premium
  rows on 217M; value per share once running with no debt (adverse 11 to
  42 THB, central 80 to 314, favourable 176 to 688 per 100 THB paid);
  VC method and CAPM recomputed; the calculator's ~22 % IRR is now the
  shareholders' pre-tax return (~18 % after tax, rough); missed-call
  rules (CCC 1120 to 1125); the levered case kept as "if a loan were
  added later".
- Deck: slide 12 (all equity, 60/40 bar ~130M / ~87M, none pledged,
  share capital called in instalments), slide 13 (re-based table, chart,
  premium cards, VC line), slide 17 (co-investor card, calls) and notes
  ("lenders" -> "investors"); both PDFs rebuilt; deck verify clean.

README.md

@@ -83,8 +83,11 @@ steps are open planning items.
   **Plan A, ~182M THB** (~2M above 180M since steam went biomass), the
   launch plant with six cost levers, and **Plan B, ~217M THB**, the same
   launch plant with everything in. **The main investor wants to go with
-  Plan B** (19 October 2026); the investor deck leads with it. The main
-  investor holds **at least 60 % of the company**, so at most 40 % is for
+  Plan B** (19 October 2026); the investor deck leads with it. The
+  shareholders fund the whole plant as share capital, no bank loan
+  planned (20 October 2026). The main
+  investor holds **at least 60 % of the company** (~130M THB of Plan B's
+  ~217M), so at most 40 % (~87M) is for
   sale to co-investors (Ploy Printing, the founders, others;
   [possible share prices](docs/finance/share-price.md);
   [shareholding](docs/finance/total-investment.md#two-plans-a-at-180m-thb-and-b-at-215m-thb-october-2026),
@@ -330,10 +333,12 @@ The detail lives in dedicated documents:
   of the company open to co-investors (the lead investor holds at least
   60 %), from market data (Damodaran industry multiples, the Thai risk
   premium and bond yield, illiquidity discounts, venture target returns,
-  Thai listed peers): the founding round at par (~21.7M THB for 40 % at
-  Plan B's equity floor), a premium only for documented pre-round costs,
-  and what a share could be worth once the plant runs, with the adverse
-  case at zero
+  Thai listed peers), on the decision that the shareholders fund the
+  whole plant as share capital: the founding round at par (Plan B's ~217M
+  as 2,170,000 shares of 100 THB, the 40 % ~86.8M THB, called in
+  instalments against the tranches), a premium only for documented
+  pre-round costs, and what a share could be worth once the plant runs
+  (adverse 11 to 42 THB per 100 THB paid, central 80 to 314 THB)
 - [Investor deck](docs/pitch/index.html) (October 2026): the plant in 17
   web slides for BOI, bank and institutional readers, proposing Plan B
   (~215M THB) with Plan A as the comparison, in a light and a dark theme