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Investor deck: rewritten in the house style
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All visible English in docs/pitch/ is now literate American English in
whole sentences: slide headlines are plain statements that make the
slide's point (no "X, not Y" taglines such as "Ownership and control,
not a higher modelled return"), argument bullets became sentences,
"Read plainly:"/"unlocks" fragments are gone, and spelling, dates and
percentages follow American conventions ("labeled", "itemized",
"programs", "October 20, 2026", "60%").

Facts are unchanged: the style checker finds no number gone, added or
used fewer times; footers, Plan B/Plan A wording, sources and estimates
labels stay. Quoted doc section titles in the source lines keep their
original wording. Notes 109 to 120 words each.

Both PDFs regenerated (17 pages; dark 1.82 MB, light 2.01 MB).
deck_verify: 0 layout issues on 17 slides x 4 viewports x 2 themes,
charts, theme, navigation and presenter checks pass.
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<div class="bd">
<div>
<h1>CNX Vinyl</h1>
<p class="sub">A full-chain vinyl record plant for Asia-Pacific, in Chiang Mai, Thailand</p>
<p class="plans">Investment proposal: <b>Plan B, ~215M THB</b>, the launch plant with everything in. October 2026, draft. Plan A, the lowest-capital variant (~182M THB), appears only as the comparison.</p>
<p class="sub">A full-chain vinyl record plant for Asia-Pacific in Chiang Mai, Thailand</p>
<p class="plans">We propose <b>Plan B, ~215M THB</b>: the launch plant with every item included. This is a draft of October 2026. Plan A, the lowest-capital variant (~182M THB), appears only as a comparison.</p>
<div class="keys">
<div><div class="v">~217M</div><div class="l">THB at the midpoint (~6.56M USD), labelled ~215M: ramp-up reserve in, no contingency</div></div>
<div><div class="v">0.58 to 0.90M</div><div class="l">records a year at 60&nbsp;% specials on three Newbilt presses <span class="e">est.</span></div></div>
<div><div class="v">Whole chain</div><div class="l">cutting, galvanics, stamper prep and pressing in-house from the first release</div></div>
<div><div class="v">~217M</div><div class="l">THB at the midpoint (~6.56M USD), labeled ~215M; ramp-up reserve in, no contingency</div></div>
<div><div class="v">0.58 to 0.90M</div><div class="l">records a year at 60% specials on three Newbilt presses <span class="e">est.</span></div></div>
<div><div class="v">Whole chain</div><div class="l">cutting, galvanics, stamper prep and pressing, all in-house from the first release</div></div>
</div>
<p class="by">Simona Meesaiyati, Project Lead · Alexander Grabowski, Technical Consultant · supported by buildfor.life · label name Poy Records</p>
</div>
<figure>
<div class="fig"><img src="img/plan-b-cover.webp" width="1800" height="1010" alt="Isometric render of the planned plant: factory hall with the owned solar array on its roof, office, utility yard, car park and road"></div>
<figcaption>Plan B as the plant and business plan calculator draws it: the owned ~520 kWp array on the factory roof, office roof and canopies PV-ready. Schematic, on the Payap scenario layout and a placeholder plot; the site is not decided.</figcaption>
<div class="fig"><img src="img/plan-b-cover.webp" width="1800" height="1010" alt="Isometric render of the planned plant: factory hall with the owned solar array on its roof, office, utility yard, parking lot and road"></div>
<figcaption>Plan B as the plant and business plan calculator draws it: the owned ~520 kWp array sits on the factory roof, and the office roof and canopies are ready for PV. The drawing is schematic, on the Payap scenario layout and a placeholder plot; the site is not decided.</figcaption>
</figure>
</div>
<p class="src"><b>Source:</b> business plan B, draft 0.3 (October 2026), cover and section 1; total-investment.md "Two plans". Render: fleet-calculator.html, Plan B preset (business plan B, figure 8). The price includes the 10M to 20M THB ramp-up reserve and carries no contingency.</p>
<p class="src"><b>Sources:</b> business plan B, draft 0.3 (October 2026), cover and section 1; total-investment.md, section "Two plans". The render is from fleet-calculator.html, Plan B preset (business plan B, figure 8). The price includes the 10M to 20M THB ramp-up reserve and carries no contingency.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">CNX Vinyl, label name Poy Records, is a planned record plant near Chiang Mai with the whole chain under one roof. We propose Plan B: about 217M THB at the midpoint, labelled 215M, everything in, reserve included, no contingency. The main investor wants to go with Plan B. If asked why not Plan A: it builds the same three presses for about 182M by leasing the roof array, renting a crane, taking a Chinese compressor and deferring metrology, the corridor and cassette and CD-R; slide 9 sets out plainly what Plan B's extra buys and what it does not earn. Nothing is ordered or signed yet. Sources: business plan B, section 1; total-investment.md "Two plans".</aside>
<aside class="notes">CNX Vinyl, label name Poy Records, is a planned record plant near Chiang Mai with the whole chain under one roof. We propose Plan B: about 217M THB at the midpoint, labeled 215M, with every item and the reserve in, without contingency. It owns what Plan A leases or defers, and it is the plan the main investor has chosen. Plan A builds the same three presses for about 182M by leasing the roof array, renting a crane, buying a Chinese compressor and deferring metrology, the corridor, and cassette and CD-R. Slide 9 shows what the extra buys and what it does not earn. Nothing is ordered or signed yet. Sources: business plan B, section 1; total-investment.md, "Two plans".</aside>
</section>
<!-- 2 -->
@@ -451,35 +451,35 @@ body.pvmode .stage,body.pvmode .ctl{display:none}
<div>
<h3>Where regional customers press today</h3>
<div class="big3">
<div><div class="v">Europe, the US, Japan</div><div class="l">Labels in Southeast Asia, Australia and much of East Asia ship masters there, wait in those queues and pay freight and time zones on top.</div></div>
<div><div class="v">10 to 16 weeks</div><div class="l">roughly, for a standard black LP at European and US plants today, after 6 to 9 months at the 2021 to 2022 peak.</div></div>
<div><div class="v">Europe, the US, Japan</div><div class="l">Labels in Southeast Asia, Australia and much of East Asia send their masters there, wait in those queues, pay the freight and work across time zones.</div></div>
<div><div class="v">10 to 16 weeks</div><div class="l">is roughly the wait for a standard black LP at European and US plants today, down from 6 to 9 months at the 2021 to 2022 peak.</div></div>
<div><div class="v">One shop</div><div class="l">The one Thai pressing shop we have seen presses only: it buys its stampers abroad, has no climate control, and cannot economically serve runs under 300 units.</div></div>
</div>
</div>
<div>
<h3>Price per record: the two market data points on file</h3>
<svg class="chart" id="chPrice" width="620" height="330" viewBox="0 0 620 330" role="img" aria-label="Price per copy at 300 copies"></svg>
<p class="s" style="margin-top:18px">Scopes differ. Europe: black pressing with printed labels and a paper inner sleeve at 300 copies. CNX: the plan's assumed price, USD 3.76 to 5.27, covering pressing, labels, inner sleeve and assembly at 60&nbsp;% specials. Thailand: the per-unit price from the August 2026 invoices (650 to 950 THB all-in at 300), a printed jacket included; several times the CNX assumption even after 100 to 150 THB for the jacket.</p>
<p class="s" style="margin-top:18px">The scopes differ. The European price is for black pressing with printed labels and a paper inner sleeve at 300 copies. The CNX price is the plan's assumption, USD 3.76 to 5.27, for pressing, labels, inner sleeve and assembly at 60% specials. The Thai price is the per-unit price on the August 2026 invoices (650 to 950 THB all-in at 300) and includes a printed jacket; even with 100 to 150 THB taken off for the jacket, it is several times the CNX assumption.</p>
</div>
<div class="card warn" style="align-self:start">
<h3 class="ac">What is still open</h3>
<ul class="list sm">
<li><b>Market validation is open</b> (roadmap item 1): no buyer prices yet. The Thai data is one buyer, one plant, one afternoon.</li>
<li>Making Vinyl Europe, Haarlem: strong supplier interest in full traceability. Supply-side evidence, not buyer validation.</li>
<li><b>Market validation is still open</b> (roadmap item 1), and we have no buyer prices yet. The Thai data comes from one buyer, one plant and one afternoon.</li>
<li>At Making Vinyl Europe in Haarlem, suppliers showed strong interest in full traceability. Their interest is real, but it does not show what buyers will pay.</li>
<li>The plan keeps its assumed price until buyers have been asked.</li>
<li>We compete on capability, not on price: in-house plating, climate control, metrology, traceability, short runs and represses from archived metal.</li>
<li>We compete on capability: in-house plating, climate control, metrology, traceability, short runs and represses from archived metal. We do not plan to win orders on price.</li>
</ul>
</div>
</div>
<p class="src"><b>Source:</b> business plan B, sections 1, 3.1 to 3.3 and 9.1; revenue-model.md "First market data point" and "Record Industry's calculator"; roadmap.md item 1. THB at 33 per USD.</p>
<p class="src"><b>Sources:</b> business plan B, sections 1, 3.1 to 3.3 and 9.1; revenue-model.md, sections "First market data point" and "Record Industry's calculator"; roadmap.md, item 1. Prices are converted at 33 THB per USD.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">The customer we serve presses abroad today. Lead times have normalised to roughly 10 to 16 weeks for a standard black LP, but freight, time zones and the queue remain. The one Thai shop we have seen presses only; its stampers come from abroad, so short runs and represses are slow and expensive. On price, our assumption of USD 3.76 to 5.27 a record sits between the European ex-works level of about USD 2.43 and the Thai market. Be clear with investors: buyer-side validation, roadmap item 1, is still open, and the Thai evidence is one supplier and one afternoon. The investment case waits on it. Sources: business plan B, sections 3.1 to 3.3; revenue-model.md; roadmap.md.</aside>
<aside class="notes">The customers we plan to serve press abroad today. Lead times have normalized to roughly 10 to 16 weeks for a standard black LP, but freight, time zones and the queue remain. The one Thai shop we have seen only presses; its stampers come from abroad, so short runs and represses are slow and expensive. Our assumed price of USD 3.76 to 5.27 a record sits between the European ex-works level of about USD 2.43 and the Thai market. Tell investors plainly that buyer-side validation, roadmap item 1, is still open and that the Thai evidence is one supplier and one afternoon. The investment case depends on it. Sources: business plan B, sections 3.1 to 3.3; revenue-model.md; roadmap.md.</aside>
</section>
<!-- 3 -->
<section class="slide s3 grooves" data-title="What we build" style="--gx:100%;--gy:100%;--gr:36%">
<div class="kicker"><i class="disc"></i>What we build</div>
<h2>The complete vinyl chain under one roof, bought in one capital round</h2>
<h2>One capital round buys the complete vinyl chain under one roof</h2>
<div class="chain">
<div class="st"><div class="dot">1</div><div class="nm">Mastering</div><div class="vd">Console and chain; one to two engineers</div></div>
<div class="st"><div class="dot">2</div><div class="nm">Lacquer cutting</div><div class="vd">Sillitoe SDMS cutting system</div></div>
@@ -488,35 +488,35 @@ body.pvmode .stage,body.pvmode .ctl{display:none}
<div class="st"><div class="dot">5</div><div class="nm">Pressing</div><div class="vd">Newbilt Duplex system and Classic</div></div>
<div class="st"><div class="dot">6</div><div class="nm">Finishing</div><div class="vd">Trim, sleeve, shrink; optical QC</div></div>
<div class="st"><div class="dot">7</div><div class="nm">Packaging</div><div class="vd">Ploy Printing, Chiang Mai</div></div>
<div class="st"><div class="dot">8</div><div class="nm">Fulfilment</div><div class="vd">Bulk to labels, parcels to fans</div></div>
<div class="st"><div class="dot">8</div><div class="nm">Fulfillment</div><div class="vd">Bulk to labels, parcels to fans</div></div>
</div>
<div class="bd">
<div>
<div class="tiles3">
<div class="card stat"><div class="v">3 presses</div><div class="l">One Newbilt Duplex system (two semi-automatic HRP 12, EX 50 main and EX 35 colour extruder) and one Newbilt Classic, fully automatic</div></div>
<div class="card stat"><div class="v">0.58 to 0.90M</div><div class="l">records a year on two shifts at 60&nbsp;% specials, central 0.74M <span class="e">est.</span>; 0.71 to 0.97M at a standard-heavy mix</div></div>
<div class="card stat"><div class="v">60&nbsp;%+</div><div class="l">special pressings: splatter, marble, colour effects. They run only on the Duplex, which sets the pace</div></div>
<div class="card stat"><div class="v">3 presses</div><div class="l">One Newbilt Duplex system (two semi-automatic HRP 12 presses, an EX 50 main and an EX 35 color extruder) and one fully automatic Newbilt Classic</div></div>
<div class="card stat"><div class="v">0.58 to 0.90M</div><div class="l">records a year on two shifts at 60% specials, central case 0.74M <span class="e">est.</span>; 0.71 to 0.97M at a standard-heavy mix</div></div>
<div class="card stat"><div class="v">60%+</div><div class="l">special pressings (splatter, marble, color effects). They run only on the Duplex, so the Duplex sets the pace.</div></div>
</div>
<ul class="list sm" style="margin-top:26px">
<li><b>Metal archive:</b> the father and the mother of every side are kept, so a repress starts from our own metal: 2 to 3 weeks from an archived mother (planning figure).</li>
<li><b>Also from launch:</b> cassette and CD-R duplication in-house. Full CD replication is a separate investor decision, outside the price.</li>
<li><b>Growth from revenue, not in the plan price:</b> a second Duplex system lifts output to ~1.0 to 1.5M records a year; its floor, utility positions and pipe tees are reserved.</li>
<li>We keep the father and the mother of every side in a <b>metal archive</b>, so a repress starts from our own metal and takes 2 to 3 weeks from an archived mother (planning figure).</li>
<li><b>Cassette and CD-R duplication</b> also run in-house from launch. Full CD replication is a separate decision for the investor and is not in the price.</li>
<li><b>A second Duplex system</b> would lift output to ~1.0 to 1.5M records a year. Revenue pays for it, so it is not in the plan price; its floor space, utility positions and pipe tees are reserved.</li>
</ul>
</div>
<figure>
<div class="fig"><img src="img/plan-b-iso-hall.webp" width="1800" height="1010" alt="Isometric view of the press hall with the Duplex system, the Classic, the crane, the visitor corridor and reserved bays"></div>
<figcaption>Press hall, Plan B preset: Duplex system 1 and the Classic, the 5 t crane, the visitor corridor and the cassette and CD-R rooms; dashed bays reserved for growth. Schematic (fleet-calculator.html).</figcaption>
<figcaption>The press hall in the Plan B preset: Duplex system 1 and the Classic, the 5 t crane, the visitor corridor, and the cassette and CD-R rooms. Dashed bays are reserved for growth. Schematic, from fleet-calculator.html.</figcaption>
</figure>
</div>
<p class="src"><b>Source:</b> business plan B, sections 1, 4.0 to 4.4, 4.7 and 4.9, figure 10; total-investment.md "Launch plant"; scale.md; production-timeline.md; equipment/pressing-line.md.</p>
<p class="src"><b>Sources:</b> business plan B, sections 1, 4.0 to 4.4, 4.7 and 4.9, and figure 10; total-investment.md, section "Launch plant"; scale.md; production-timeline.md; equipment/pressing-line.md.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">This is a plant, not a pressing shop: cutting, galvanics and stamper preparation are in-house from the first release, with no bridge stampers. Three Newbilt presses: a Duplex system of two semi-automatic presses with a colour extruder, and one fully automatic Classic at about 128 records an hour (vendor flyer). At the planned 60&nbsp;% special pressings the Duplex sets the pace: 0.58 to 0.90 million records a year on two shifts, central 0.74 million; the calculator gives about 0.94 million at the team's planning rates. Why the whole chain at once is answered on the risk slide. In Plan B the cassette and CD-R lines run from launch too. Sources: business plan B, sections 4.0 to 4.4; scale.md.</aside>
<aside class="notes">The plant does more than press: cutting, galvanics and stamper preparation are in-house from the first release, with no bridge stampers. There are three Newbilt presses, a Duplex system of two semi-automatic presses with a color extruder and one fully automatic Classic at about 128 records an hour (vendor flyer). At the planned 60% special pressings the Duplex sets the pace: 0.58 to 0.90 million records a year on two shifts, central case 0.74 million. The calculator gives about 0.94 million at the team's planning rates. The risk slide explains why we buy the whole chain at once. In Plan B the cassette and CD-R lines also run from launch. Sources: business plan B, sections 4.0 to 4.4; scale.md.</aside>
</section>
<!-- 4 -->
<section class="slide s4" data-title="How a record is made">
<div class="kicker"><i class="disc"></i>How a record is made here</div>
<h2>Nine stages, three artist approval gates, every record traceable</h2>
<h2>Every record is traceable through nine stages and three artist approvals</h2>
<div class="flow">
<div class="fs"><div class="n">1</div><div class="nm">Audio intake</div><div class="ck">Checksums, format, technical QA</div></div>
<div class="gate"><div class="dm"></div><div class="gl">Gate 1<br>master plan</div></div>
@@ -528,128 +528,128 @@ body.pvmode .stage,body.pvmode .ctl{display:none}
<div class="ar"></div>
<div class="fs"><div class="n">5</div><div class="nm">Stamper prep</div><div class="ck">Concentricity, dimensions, visual</div></div>
<div class="ar"></div>
<div class="fs"><div class="n">6</div><div class="nm">Pressing</div><div class="ck">Telemetry per cycle, 100&nbsp;% optical, sampled audio</div></div>
<div class="fs"><div class="n">6</div><div class="nm">Pressing</div><div class="ck">Telemetry per cycle, 100% optical, sampled audio</div></div>
<div class="gate"><div class="dm"></div><div class="gl">Gate 3<br>test pressing</div></div>
<div class="fs"><div class="n">7</div><div class="nm">Finishing</div><div class="ck">Trim quality, sleeving</div></div>
<div class="ar"></div>
<div class="fs"><div class="n">8</div><div class="nm">Packaging</div><div class="ck">Matrix code scanned against the jacket barcode</div></div>
<div class="ar"></div>
<div class="fs"><div class="n">9</div><div class="nm">Fulfilment</div><div class="ck">Carrier tracking per shipment</div></div>
<div class="fs"><div class="n">9</div><div class="nm">Fulfillment</div><div class="ck">Carrier tracking per shipment</div></div>
</div>
<div class="bd">
<div class="pill4">
<div><div class="h">Traceability</div><div class="x">A record's key is stamper + press + cycle timestamp + side. Logs are append-only; a complaint resolves to one stamper, press, shift and material lot.</div></div>
<div><div class="h">Traceability</div><div class="x">A record's key is stamper + press + cycle timestamp + side. The logs are append-only, so a complaint traces back to one stamper, press, shift and material lot.</div></div>
<div><div class="h">One system of record</div><div class="x">ERPNext holds orders, gates, job cards, stock, inspections and metal-part genealogy; machine data sits beside it, keyed to the same names.</div></div>
<div><div class="h">Layered quality control</div><div class="x">Inline optical inspection of every record, press telemetry every cycle, sampled audio comparison against the master; a lab gate for every PVC lot.</div></div>
<div><div class="h">Metrology and climate</div><div class="x">Every stamper measured from the first release: XRF, laser confocal, wide-area profiler. The plant at 20 to 26 °C, 35 to 60&nbsp;% RH, filtered.</div></div>
<div><div class="h">Layered quality control</div><div class="x">Every record passes inline optical inspection, the press logs every cycle, and audio is compared with the master on samples. Every PVC lot passes a lab gate.</div></div>
<div><div class="h">Metrology and climate</div><div class="x">Every stamper is measured from the first release by XRF, laser confocal and a wide-area profiler. The plant is kept at 20 to 26 °C and 35 to 60% RH, with filtered air.</div></div>
<div class="kp4">
<div><div class="v">100&nbsp;%</div><div class="l">of records through inline optical inspection</div></div>
<div><div class="v">100%</div><div class="l">of records through inline optical inspection</div></div>
<div><div class="v">3 gates</div><div class="l">artist approvals recorded before work continues</div></div>
<div><div class="v">~10 sets</div><div class="l">of stampers per archived mother; 5 to 10 mothers per father (rules of thumb)</div></div>
</div>
</div>
<figure>
<div class="fig"><img class="thd" src="img/record-passport-dark.webp" width="1590" height="816" alt="Record passport demo: the production history of one pressed copy"><img class="thl" src="img/record-passport-light.webp" width="1590" height="816" alt="Record passport demo: the production history of one pressed copy"></div>
<figcaption>Record passport demo: what a fan sees from the code on the sleeve (IDs simulated, make-a-record.html).</figcaption>
<figcaption>The record passport demo shows what a fan sees from the code on the sleeve (IDs simulated; make-a-record.html).</figcaption>
</figure>
</div>
<p class="src"><b>Source:</b> process-flow.md; traceability.md; quality-automation.md; digital-factory.md; business plan B, sections 1, 4 and 5.1 to 5.3.</p>
<p class="src"><b>Sources:</b> process-flow.md; traceability.md; quality-automation.md; digital-factory.md; business plan B, sections 1, 4 and 5.1 to 5.3.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">The three diamonds are the artist's approvals: the master plan, the master and the test pressing; nothing proceeds without a recorded approval. What an investor should take away is control: every lacquer, father, mother, stamper, press cycle and material lot gets an identity that knows its parents, so a complaint resolves backwards in minutes. Every record passes inline optical inspection; audio is compared on samples, first-off per stamper and more often as a stamper ages. At Making Vinyl Europe this traceability was what the industry responded to most; that is supplier feedback, not buyer validation. Plan B measures every stamper fully from the first release. Sources: process-flow.md; traceability.md; quality-automation.md; business plan B, sections 5.1 and 5.2.</aside>
<aside class="notes">The three diamonds are the artist's approvals of the master plan, the master and the test pressing; nothing proceeds without a recorded approval. The point for an investor is control. Every lacquer, father, mother, stamper, press cycle and material lot gets an identity linked to its parents, so a complaint traces back in minutes. Every record passes inline optical inspection; audio is compared on samples, first-off per stamper and more often as a stamper ages. At Making Vinyl Europe the industry responded most to this traceability, but that is supplier feedback and says nothing yet about buyers. Plan B measures every stamper fully from the first release. Sources: process-flow.md; traceability.md; quality-automation.md; business plan B, sections 5.1 and 5.2.</aside>
</section>
<!-- 5 -->
<section class="slide s5" data-title="The platform">
<div class="kicker"><i class="disc"></i>The platform</div>
<h2>One order tool: an itemised quote, or a pressing funded by fans</h2>
<h2>One order tool gives an itemized quote or lets fans fund the pressing</h2>
<div class="bd">
<div class="pf">
<figure>
<div class="fig"><img class="thd" src="img/order-splatter-dark.webp" width="1800" height="1125" alt="Order tool, step 4: a 12 inch splatter record configured, with the estimated price and ship date"><img class="thl" src="img/order-splatter-light.webp" width="1800" height="1125" alt="Order tool, step 4: a 12 inch splatter record configured, with the estimated price and ship date"></div>
<figcaption>Step 4 with the "Splatter 12"" preset: the picture follows every option, the quote card every line. Prices and dates indicative, not an offer.</figcaption>
<figcaption>Step 4 with the "Splatter 12"" preset: the picture changes with every option and the quote card with every line. Prices and dates are indicative and do not form an offer.</figcaption>
</figure>
<div class="h">An itemised offer for every customer</div>
<div class="x">Every line priced from one price list, per title and per copy, with audio and artwork checked at upload. ERPNext is the system of record: the order, the three gates and the invoice live there. Public early with indicative prices, so every configuration is market data.</div>
<div class="h">An itemized offer for every customer</div>
<div class="x">Every line is priced from one price list, per title and per copy, and audio and artwork are checked at upload. ERPNext is the system of record and holds the order, the three gates and the invoice. The tool goes public early with indicative prices, so every configuration becomes market data.</div>
</div>
<div class="pf">
<figure>
<div class="fig"><img class="thd" src="img/order-fans-dark.webp" width="1800" height="1125" alt="Order tool, fan-funding view: fan price, fans needed and what the artist keeps"><img class="thl" src="img/order-fans-light.webp" width="1800" height="1125" alt="Order tool, fan-funding view: fan price, fans needed and what the artist keeps"></div>
<figcaption>The same record funded by fans: at 1,200 THB a copy it needs 100 fans (break-even 46), and the artist keeps ~480 THB a copy after setup, pressing and fees. Indicative; the platform's name is not decided.</figcaption>
<figcaption>The same record funded by fans: at 1,200 THB a copy it needs 100 fans (break-even is 46), and the artist keeps ~480 THB a copy after setup, pressing and fees. The figures are indicative, and the platform's name is not decided.</figcaption>
</figure>
<div class="h">Fan-funded campaigns</div>
<div class="x">Fans pre-order into a ring-fenced account and are refunded automatically if the goal is missed (the recommended model). The fans needed are the larger of break-even and the 100-copy minimum run, a planning figure. Campaigns open only after the first releases ship.</div>
<div class="x">Fans pre-order into a ring-fenced account and are refunded automatically if the goal is missed (the recommended model). The number of fans needed is the larger of break-even and the 100-copy minimum run, a planning figure. Campaigns open only after the first releases ship.</div>
</div>
</div>
<p class="src"><b>Source:</b> artist-platform.md ("The goal", campaigns and payments); business plan B, sections 4.8 and 5.1; digital-factory.md "ERPNext: the plant's ERP". Screenshots: order.html, the step-by-step order tool (demo). Public side ~USD 40k to 90k <i>est.</i>, inside the software block.</p>
<p class="src"><b>Sources:</b> artist-platform.md ("The goal", campaigns and payments); business plan B, sections 4.8 and 5.1; digital-factory.md, section "ERPNext: the plant's ERP". The screenshots are from order.html, the step-by-step order tool (demo). The public side costs ~USD 40k to 90k <i>est.</i>, inside the software block.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">The platform is the plant's front door, and both pictures are the same tool. Anyone, from a bedroom artist to a label, configures a record and gets an itemised offer from the price list that drives the invoice in ERPNext. The same order can instead be funded by fans: the artist sets the fan price, and the fans needed follow as the larger of break-even and the 100-copy minimum. Fans pay into a ring-fenced account and are refunded automatically if the goal is missed; the rule comes from Qrates, whose wind-down caught funded projects. A Thai legal opinion comes first, and seller of record is open. Sources: artist-platform.md; business plan B, section 4.8.</aside>
<aside class="notes">The platform is how customers order from the plant, and both pictures show the same tool. Anyone from a bedroom artist to a label configures a record and gets an itemized offer from the price list that also drives the invoice in ERPNext. Fans can fund the same order instead: the artist sets the fan price, and the number of fans needed is the larger of break-even and the 100-copy minimum. Fans pay into a ring-fenced account and are refunded automatically if the goal is missed; we took that rule from Qrates, whose wind-down caught funded projects. A Thai legal opinion comes first, and the seller of record is still open. Sources: artist-platform.md; business plan B, section 4.8.</aside>
</section>
<!-- 6 -->
<section class="slide s6 grooves" data-title="Site and building" style="--gx:100%;--gy:100%;--gr:30%">
<div class="kicker"><i class="disc"></i>Site and building</div>
<h2>A ~1,500 m² plant on leased land, utilities built for four modules</h2>
<h2>The ~1,500 m² plant on leased land has utility rooms for four modules</h2>
<div class="bd">
<figure>
<div class="fig"><img src="img/plan-b-iso-gf.webp" width="1800" height="1010" alt="Isometric ground floor with the roofs cut away, labelled zones from galvanics to warehouse, the crane, the visitor corridor and the battery"></div>
<figcaption>Ground floor with the roofs cut away, Plan B preset: galvanics, stamper prep, PVC lab, press hall, inspection, packaging and warehouse; the office with the cutting room; the 5 t crane, the visitor corridor and the 271 kWh battery. Schematic of the calculator's Payap scenario layout on a placeholder plot.</figcaption>
<div class="fig"><img src="img/plan-b-iso-gf.webp" width="1800" height="1010" alt="Isometric ground floor with the roofs cut away, labeled zones from galvanics to warehouse, the crane, the visitor corridor and the battery"></div>
<figcaption>The ground floor with the roofs cut away, Plan B preset: galvanics, stamper prep, PVC lab, press hall, inspection, packaging and warehouse; the office with the cutting room; the 5 t crane, the visitor corridor and the 271 kWh battery. It is a schematic of the calculator's Payap scenario layout on a placeholder plot.</figcaption>
</figure>
<dl class="dl">
<dt>Site</dt><dd>Long lease. Working candidate Mueang Chi (Lamphun); still an option: Payap University land, ~5 km from Chiang Mai's old city, once rezoned (Payap says it can be; ~16 to 19 months <span class="e">est.</span>). Industrial estate as fallback. Nothing signed.</dd>
<dt>Land</dt><dd>~4 rai minimum, 6 to 8 rai with expansion. Leasing keeps ~12M to 32M THB of land purchase out of the round; rent ~0.3M to 1.0M THB a year <span class="e">est.</span></dd>
<dt>Building</dt><dd>Steel portal frame, 60 × 25 m (1,500 m²), with its own 5 t crane; 30 kN/m² slab raised 1.2 m for dock-height loading; insulated, airtight.</dd>
<dt>Visitors</dt><dd>A glazed corridor in process order, built from the start: tours and the Payap programmes without stopping production.</dd>
<dt>Utility yard</dt><dd>~379 m²: boiler hall and chiller compound for four modules each. Launch: two 500 kg/h biomass boilers, two 250 kW chillers, Thai-supplied.</dd>
<dt>Roof</dt><dd>~520 kWp PV on the factory roof and a 271 kWh battery, owned <span class="e">est.</span>; office roof and canopies PV-ready.</dd>
<dt>Growth</dt><dd>Duplex bays and utility positions reserved; a 45 × 38 m (1,710 m²) second building fits the Mueang Chi plot.</dd>
<dt>Site</dt><dd>We plan a long lease. Mueang Chi (Lamphun) is the working candidate. Payap University land, ~5 km from Chiang Mai's old city, is still an option once rezoned (Payap says it can be; ~16 to 19 months <span class="e">est.</span>). An industrial estate is the fallback, and nothing is signed yet.</dd>
<dt>Land</dt><dd>The plant needs ~4 rai at minimum, 6 to 8 rai with expansion. Leasing keeps ~12M to 32M THB of land purchase out of the round; rent is ~0.3M to 1.0M THB a year <span class="e">est.</span></dd>
<dt>Building</dt><dd>An insulated, airtight steel portal frame, 60 × 25 m (1,500 m²), with a 5 t crane and a 30 kN/m² slab raised 1.2 m for dock-height loading.</dd>
<dt>Visitors</dt><dd>A glazed corridor in process order is built from the start, so tours and the Payap programs do not stop production.</dd>
<dt>Utility yard</dt><dd>The ~379 m² yard has a boiler hall and a chiller compound for four modules each. At launch it holds two 500 kg/h biomass boilers and two 250 kW chillers from Thai suppliers.</dd>
<dt>Roof</dt><dd>We own ~520 kWp of PV on the factory roof and a 271 kWh battery <span class="e">est.</span> The office roof and canopies are ready for PV.</dd>
<dt>Growth</dt><dd>Duplex bays and utility positions are reserved, and a second building of 45 × 38 m (1,710 m²) fits the Mueang Chi plot.</dd>
</dl>
</div>
<p class="src"><b>Source:</b> business plan B, sections 6.1 and 6.2; site-candidates.md; scale.md; crane-workshop-tours.md; Payap rezoning: land-listings/payap/rezoning-2026-10-20.md (Town Planning Act B.E. 2562, section 35; the planning department's amendment work plan, ~70 to 82 weeks). Render: fleet-calculator.html, Plan B preset (figure 9). The 60 × 25 m hall is the Mueang Chi design; the layout is fixed once a plot passes zoning and lease-ability.</p>
<p class="src"><b>Sources:</b> business plan B, sections 6.1 and 6.2; site-candidates.md; scale.md; crane-workshop-tours.md; for the Payap rezoning, land-listings/payap/rezoning-2026-10-20.md (Town Planning Act B.E. 2562, section 35; the planning department's amendment work plan, ~70 to 82 weeks). The render is from fleet-calculator.html, Plan B preset (figure 9). The 60 × 25 m hall is the Mueang Chi design; the layout is fixed once a plot passes zoning and lease-ability.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">The strategy is a long lease of raw land with a purpose-built plant: it keeps an estimated 12M to 32M THB of land purchase out of the round; the lease must give the company the buildings and the right to mortgage them. Mueang Chi in Lamphun is the working candidate; its zoning is unverified. Payap University land in Chiang Mai stays an option: its first plot is zoned residential; Payap says it can be rezoned. That is a city-plan amendment the planning department schedules at about 16 to 19 months, so it would move first production unless it starts now; we need the plot and the planning office's answer in writing. Sources: business plan B, sections 6.1 and 6.2; site-candidates.md.</aside>
<aside class="notes">We plan a long lease of raw land and a purpose-built plant, which keeps an estimated 12M to 32M THB of land purchase out of the round. The lease must give the company the buildings and the right to mortgage them. Mueang Chi in Lamphun, the working candidate, has unverified zoning. Payap University land in Chiang Mai is still an option: its first plot is zoned residential, and Payap says it can be rezoned. That is a city-plan amendment the planning department schedules at about 16 to 19 months, so it would delay first production unless it starts now. We need the plot and the planning office's answer in writing. Sources: business plan B, sections 6.1 and 6.2; site-candidates.md.</aside>
</section>
<!-- 7 -->
<section class="slide s7" data-title="Sustainability and utilities">
<div class="kicker"><i class="disc"></i>Sustainability, utilities and the region</div>
<h2>Biomass steam, owned solar and zero liquid discharge, in the North</h2>
<h2>The plant uses biomass steam, owned solar and zero liquid discharge</h2>
<div class="bd">
<div class="card">
<h3>Steam from biomass</h3>
<svg class="chart" id="chSteam" width="370" height="132" viewBox="0 0 370 132" role="img" aria-label="Steam energy cost a year, biomass against electric"></svg>
<p class="t">Two 500 kg/h modules on wood chips: <b>~0.67M THB</b> of fuel a year against <b>~4.9M THB</b> for electric steam, saving ~4.2M THB <span class="e">est.</span> Grid demand ~264 kW instead of ~980 kW.</p>
<p class="t">Heat recovered first: flue-gas economiser, condensate return, a heat pump lifting the presses' ~60 °C cooling return into feedwater.</p>
<p class="t">Two 500 kg/h modules burn wood chips: <b>~0.67M THB</b> of fuel a year against <b>~4.9M THB</b> for electric steam, a saving of ~4.2M THB <span class="e">est.</span> Grid demand is ~264 kW instead of ~980 kW.</p>
<p class="t">Heat is recovered first, by a flue-gas economizer, the condensate return and a heat pump that lifts the presses' ~60 °C cooling return into the feedwater.</p>
</div>
<div class="card">
<h3>Owned solar on the roof</h3>
<div class="stat"><div class="v">~520 kWp</div></div>
<svg class="chart" id="chSolar" width="370" height="76" viewBox="0 0 370 76" role="img" aria-label="Share of the plant's electricity from the roof array"></svg>
<p class="t">~730 to 780 MWh a year, ~87&nbsp;% used on site: ~633 MWh, ~61&nbsp;% of the plant's ~1,036 MWh <span class="e">est.</span> Zero export on PEA's grid.</p>
<p class="t"><b class="ac">Owned, with the 271 kWh battery:</b> ~2.3M to 2.5M THB a year off the power bill, payback ~4.1 to 5.8 years <span class="e">est.</span></p>
<p class="t">The array makes ~730 to 780 MWh a year, and ~87% is used on site: ~633 MWh, ~61% of the plant's ~1,036 MWh <span class="e">est.</span> Nothing is exported to PEA's grid.</p>
<p class="t"><b class="ac">Owned with the 271 kWh battery,</b> it takes ~2.3M to 2.5M THB a year off the power bill and pays back in ~4.1 to 5.8 years <span class="e">est.</span></p>
</div>
<div class="card">
<h3>Water and material</h3>
<div class="stat"><div class="v">Zero</div><div class="l">process water discharged</div></div>
<p class="t">Closed cooling loop. Galvanics rinse water goes through a zero-discharge evaporator with metal recovery, in its own treatment building.</p>
<p class="t">80&nbsp;% virgin, 20&nbsp;% regrind: edge trim and rejects are ground in-house and go back to the extruder.</p>
<p class="t">The cooling loop is closed. Galvanics rinse water goes through a zero-discharge evaporator with metal recovery in a separate treatment building.</p>
<p class="t">The presses run on 80% virgin material and 20% regrind: edge trim and rejects are ground in-house and go back to the extruder.</p>
</div>
<div class="card">
<h3>Northern Thailand</h3>
<div class="stat"><div class="v">~15 to 25</div><div class="l">jobs across shifts at volume <span class="e">est.</span></div></div>
<p class="t">Skilled roles in galvanics, cutting, QC and IT; Payap University programmes from day one through the visitor corridor (under discussion).</p>
<p class="t">Chiang Mai, Lamphun and Lampang: the Northern Economic Corridor, promoted by BOI as a creative-economy base. Packaging from Chiang Mai.</p>
<p class="t">The jobs include skilled roles in galvanics, cutting, QC and IT. Payap University programs can use the visitor corridor from day one (under discussion).</p>
<p class="t">Chiang Mai, Lamphun and Lampang form the Northern Economic Corridor, which BOI promotes as a creative-economy base. Packaging comes from Chiang Mai.</p>
</div>
</div>
<p class="note7">Biomass brings fuel contracts, a monsoon stock, ash handling, a 14 m stack with a dust collector and a certified boiler attendant; the stack is a visible point source in Chiang Mai's burning season, so dust control is drawn from the start.</p>
<p class="src"><b>Source:</b> business plan B, sections 1, 5.4, 8.4 and 12.1; biomass.md; sustainability.md "PV size with biomass steam" and "PV, not solar thermal"; boi.md "Regional angle"; scale.md. Fuel at ~850k records, planning price 1.35 to 2 THB/kg delivered.</p>
<p class="note7">Biomass brings fuel contracts, a monsoon stock, ash handling, a 14 m stack with a dust collector and a certified boiler attendant; the stack is a visible point source in Chiang Mai's burning season, so dust control is in the design from the start.</p>
<p class="src"><b>Sources:</b> business plan B, sections 1, 5.4, 8.4 and 12.1; biomass.md; sustainability.md, sections "PV size with biomass steam" and "PV, not solar thermal"; boi.md, section "Regional angle"; scale.md. Fuel is costed at ~850k records and a planning price of 1.35 to 2 THB/kg delivered.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">Steam is the plant's largest energy load, and both plans burn biomass from launch: about 0.67M THB of wood chips a year against about 4.9M THB for electric steam, and grid demand of about 264 kW instead of 980. Solar goes on the factory roof only: about 520 kWp sized to the load, mostly used on site under PEA's zero export. The BOI no longer promotes solar since 1 July 2025, so Plan B owns the array for the bill saving, about 2.3M to 2.5M THB a year, not for a tax benefit. Galvanics runs zero liquid discharge, the strongest answer to the effluent permit. Estimates. Sources: biomass.md; sustainability.md; business plan B, sections 5.4 and 8.4.</aside>
<aside class="notes">Steam is the plant's largest energy load, and both plans burn biomass from launch: about 0.67M THB of wood chips a year against about 4.9M THB for electric steam, with grid demand of about 264 kW instead of 980. Solar goes on the factory roof only: about 520 kWp, sized to the load and mostly used on site under zero export to PEA. BOI dropped solar on July 1, 2025, so Plan B owns the array for the bill saving of about 2.3M to 2.5M THB a year and earns no tax benefit. Galvanics runs with zero liquid discharge, our strongest answer on the effluent permit. These are estimates. Sources: biomass.md; sustainability.md; business plan B, sections 5.4 and 8.4.</aside>
</section>
<!-- 8 -->
<section class="slide s8" data-title="Investment">
<div class="kicker"><i class="disc"></i>Investment, Plan B</div>
<h2>Plan B: ~217M THB at the midpoint, the launch plant with everything in</h2>
<h2>Plan B builds the whole launch plant for ~217M THB at the midpoint</h2>
<div class="bd">
<div>
<div class="legend" style="margin-bottom:12px"><span><i style="background:var(--acf)"></i>Plan B, block midpoint</span><span><i style="background:transparent;height:2px;border-top:2px solid var(--whisk);border-radius:0;vertical-align:4px"></i>low to high end of the block</span><span>M THB <span class="e">est.</span></span></div>
@@ -657,66 +657,66 @@ body.pvmode .stage,body.pvmode .ctl{display:none}
</div>
<div>
<div class="tot2" style="grid-template-columns:1fr">
<div class="card warn"><div class="h ac">Plan B, the proposal</div><div class="v ac">~217M THB <span class="usd">~6.56M USD</span></div><div class="l">201.6M for the launch plant plus the 10M to 20M ramp-up reserve; ~156M to 277M from the low to the high end of every block. Labelled ~215M.</div></div>
<div class="card warn"><div class="h ac">Plan B, the proposal</div><div class="v ac">~217M THB <span class="usd">~6.56M USD</span></div><div class="l">201.6M for the launch plant plus the 10M to 20M ramp-up reserve; ~156M to 277M from the low to the high end of every block. It is labeled ~215M.</div></div>
</div>
<div class="cmpA"><span>Plan A, the lowest-capital variant: the same plant with six cost levers</span><b>~182M THB</b></div>
<div class="cmpA"><span>Plan A, the lowest-capital variant, is the same plant with six cost levers</span><b>~182M THB</b></div>
<h3 style="margin-top:24px">What Plan B buys that Plan A leases or defers</h3>
<table class="tb lev">
<tr><th>In at launch in Plan B</th><th>Plan A instead</th><th class="n">M THB</th></tr>
<tr><td>Solar ~520 kWp and 271 kWh battery, owned</td><td>Solar PPA</td><td class="n">~14.7</td></tr>
<tr><td>Full metrology: confocal and profiler too</td><td>From revenue</td><td class="n">~8.8</td></tr>
<tr><td>Full metrology, with confocal and profiler</td><td>From revenue</td><td class="n">~8.8</td></tr>
<tr><td>Visitor corridor and accessible entrance</td><td>Built later</td><td class="n">~3.6</td></tr>
<tr><td>Cassette and CD-R duplication</td><td>Added later</td><td class="n">~4.0</td></tr>
<tr><td>5 t overhead crane, bought</td><td>Rented</td><td class="n">~3.2</td></tr>
<tr><td>Compressor from a Thai supplier</td><td>Chinese route</td><td class="n">~0.25</td></tr>
<tr class="tot"><td>Together, at the midpoint</td><td></td><td class="n">~34.5</td></tr>
<tr class="tot"><td>Total at the midpoint</td><td></td><td class="n">~34.5</td></tr>
</table>
<p class="s" style="margin-top:16px"><b class="ac">No contingency in the price</b> (at 15&nbsp;%: ~30M THB). Not in it: the central hydraulic plant, archive shelving, CD replication, financing costs, currency moves, duty and import VAT (BOI assumed).</p>
<p class="s" style="margin-top:16px"><b class="ac">The price carries no contingency</b> (at 15% it would be ~30M THB). It also leaves out the central hydraulic plant, archive shelving, CD replication, financing costs, currency moves, and duty and import VAT (BOI assumed).</p>
</div>
</div>
<p class="src"><b>Source:</b> business plan B, sections 8.1 and 8.2; total-investment.md "Launch plant" and "Two plans". Block groups and their midpoints are arithmetic on the block ranges. Plan A: ~182M THB at the midpoint, ~132M to 233M low to high.</p>
<p class="src"><b>Sources:</b> business plan B, sections 8.1 and 8.2; total-investment.md, sections "Launch plant" and "Two plans". The block groups and their midpoints are arithmetic on the block ranges. Plan A costs ~182M THB at the midpoint and ~132M to 233M from the low to the high end of every block.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">Plan B is the launch plant with every block in: 201.6M THB at the midpoint plus the ramp-up reserve, about 217M, labelled 215M. Low to high it runs about 156M to 277M, with no contingency: at 15&nbsp;% that would be about 30M more. The table is what Plan B buys that Plan A leases or defers, about 34.5M at the midpoint. Why not Plan A? It reaches about 182M by leasing the array, renting the crane and deferring the rest. Expect two questions: the Classic and Pheenix line are unpriced by their vendors, and the building waits on a soil test. Sources: total-investment.md "Two plans"; business plan B, sections 8.1 to 8.4.</aside>
<aside class="notes">Plan B is the launch plant with every block in: 201.6M THB at the midpoint plus the ramp-up reserve, about 217M, labeled 215M. From low to high it runs about 156M to 277M, and it carries no contingency; at 15% a contingency would add about 30M. The table lists what Plan B buys that Plan A leases or defers, about 34.5M at the midpoint. Plan A reaches about 182M by leasing the array, renting the crane and deferring the rest. Expect two questions: the vendors have not yet priced the Classic or the Pheenix line, and the building waits on a soil test. Sources: total-investment.md, "Two plans"; business plan B, sections 8.1 to 8.4.</aside>
</section>
<!-- 9 -->
<section class="slide s8b grooves" data-title="Why Plan B" style="--gx:0%;--gy:100%;--gr:30%">
<div class="kicker"><i class="disc"></i>Why Plan B</div>
<h2>Ownership and control, not a higher modelled return</h2>
<p class="lede">Both plans build the same three presses and make the same records, so demand does not decide between them. The choice is ~35M THB more at launch for what Plan A leases or buys later, and fewer moving parts to finance once the plant runs.</p>
<h2>Plan B buys ownership and control at a lower modeled return</h2>
<p class="lede">Both plans build the same three presses and make the same records, so demand does not decide between them. Plan B spends ~35M THB more at launch on what Plan A leases or buys later, and it leaves fewer moving parts to finance once the plant runs.</p>
<div class="bd">
<div class="why">
<div><div class="n">~14.7M THB</div><div class="h">No power contract on the roof</div><div class="x">The ~520 kWp array and the 271 kWh battery are owned: no 15 to 25 year PPA and no ~1.9M THB a year PPA bill; the array pays back in ~4.1 to 5.8 years <span class="e">est.</span></div></div>
<div><div class="n">~8.8M THB</div><div class="h">Traceability from the first release</div><div class="x">The laser confocal and the wide-area profiler at launch, not from revenue: every stamper fully measured, the core of the pitch to labels.</div></div>
<div><div class="n">~3.6M THB</div><div class="h">Tours and Payap from day one</div><div class="x">A glazed corridor in process order for artists, labels, investors and schools, and the student programmes; cheaper to build in than to add.</div></div>
<div><div class="n">~4.0M THB</div><div class="h">Cassette and CD-R sales</div><div class="x">Both formats sold from launch next to vinyl. Their revenue is not in the operating model.</div></div>
<div><div class="n">~3.2M THB</div><div class="h">Its own crane</div><div class="x">A 5 t crane over the production compartment: machines moved in, out and around without hiring a mobile crane.</div></div>
<div><div class="n">~0.25M THB</div><div class="h">Local service</div><div class="x">The compressor from a Thai supplier, like the rest of the utilities, instead of the Chinese route.</div></div>
<div><div class="n">~14.7M THB</div><div class="h">No power contract on the roof</div><div class="x">We own the ~520 kWp array and the 271 kWh battery, so there is no 15 to 25 year PPA and no PPA bill of ~1.9M THB a year. The array pays back in ~4.1 to 5.8 years <span class="e">est.</span></div></div>
<div><div class="n">~8.8M THB</div><div class="h">Traceability from the first release</div><div class="x">The laser confocal and the wide-area profiler are bought at launch instead of from revenue, so every stamper is fully measured. That is the core of our pitch to labels.</div></div>
<div><div class="n">~3.6M THB</div><div class="h">Tours and Payap from day one</div><div class="x">A glazed corridor in process order serves artists, labels, investors, schools and the student programs. It costs less to build in than to add.</div></div>
<div><div class="n">~4.0M THB</div><div class="h">Cassette and CD-R sales</div><div class="x">Both formats are sold beside vinyl from launch. Their revenue is not in the operating model.</div></div>
<div><div class="n">~3.2M THB</div><div class="h">An owned crane</div><div class="x">A 5 t crane over the production compartment moves machines in, out and around without a hired mobile crane.</div></div>
<div><div class="n">~0.25M THB</div><div class="h">Local service</div><div class="x">The compressor comes from a Thai supplier, like the other utilities, instead of by the Chinese route.</div></div>
</div>
<div>
<h3>What the model says, Plan B against Plan A</h3>
<table class="tb cmp">
<tr><th>Midpoints, estimates</th><th class="n ac">Plan B</th><th class="n">Plan A</th></tr>
<tr><td>Plan price, reserve in</td><td class="n">~217M THB</td><td class="n">~182M THB</td></tr>
<tr><td>Plan price with the reserve</td><td class="n">~217M THB</td><td class="n">~182M THB</td></tr>
<tr><td>EBITDA, central, revenue model</td><td class="n">1.73M USD</td><td class="n">1.73M USD</td></tr>
<tr><td>EBITDA, calculator: no PPA bill in B</td><td class="n">2.23M USD</td><td class="n">2.17M USD</td></tr>
<tr><td>EBITDA, calculator (no PPA bill in B)</td><td class="n">2.23M USD</td><td class="n">2.17M USD</td></tr>
<tr><td>Depreciation, central</td><td class="n">0.49M USD</td><td class="n">0.40M USD</td></tr>
<tr><td>Operating profit, central / adverse</td><td class="n">1.24M / -0.55M</td><td class="n">1.33M / -0.41M</td></tr>
<tr><td>Payback on the plan price, central</td><td class="n">~3.8 yr</td><td class="n">~3.2 yr</td></tr>
<tr><td>Cash payback and IRR, calculator</td><td class="n">yr ~4.2, ~22&nbsp;%</td><td class="n">yr ~3.8, ~26&nbsp;%</td></tr>
<tr><td>Cash payback and IRR, calculator</td><td class="n">yr ~4.2, ~22%</td><td class="n">yr ~3.8, ~26%</td></tr>
</table>
<div class="card warn" style="margin-top:20px;padding:18px 22px"><p class="t" style="font-size:17.5px"><b>Read plainly:</b> Plan A has the better modelled return, Plan B the more complete plant. Most of B's items could be added to A later from revenue; the corridor is cheaper from the start, and every year the array is leased costs the PPA bill. Owning the array earns no BOI tax benefit: solar was dropped on 1 July 2025, only the battery may qualify.</p></div>
<div class="card warn" style="margin-top:20px;padding:18px 22px"><p class="t" style="font-size:17.5px"><b>Plan A has the better modeled return, and Plan B the more complete plant.</b> Most of B's items could be added to A later from revenue, but the corridor is cheaper from the start, and every year the array is leased costs the PPA bill. Owning the array earns no BOI tax benefit: BOI dropped solar on July 1, 2025, and only the battery may qualify.</p></div>
</div>
</div>
<p class="src"><b>Source:</b> total-investment.md "Two plans" ("What decides between them"); revenue-model.md "Operating pictures of Plan A and Plan B"; business plan B, sections 1, 8.2, 8.4 and 9.4; fleet-calculator.html, presets planA and planB; sustainability.md "Leasing instead (Plan A)" (PPA terms 15 to 25 years) and "PV, not solar thermal"; boi.md.</p>
<p class="src"><b>Sources:</b> total-investment.md, "Two plans" ("What decides between them"); revenue-model.md, "Operating pictures of Plan A and Plan B"; business plan B, sections 1, 8.2, 8.4 and 9.4; fleet-calculator.html, presets planA and planB; sustainability.md, "Leasing instead (Plan A)" (PPA terms 15 to 25 years) and "PV, not solar thermal"; boi.md.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">Present this slide plainly; an investor will weigh it. Both plans make the same records, so demand does not decide between them. On the modelled numbers Plan B's extra 35M THB earns little: the same EBITDA in the revenue model, about 0.06M USD a year more in the calculator for the PPA bill the owned array avoids, more depreciation and a longer payback. Its case is ownership and control: no long power contract on the roof, full stamper metrology for the traceability pitch, tours and the Payap programmes from day one, cassette and CD-R sales, local service. Why not A? Its better modelled return leaves those items to finance or contract later. Sources: total-investment.md; business plan B, section 8.2.</aside>
<aside class="notes">Present this slide plainly; investors will weigh it. Both plans make the same records, so demand does not decide between them. On the modeled numbers Plan B's extra 35M THB earns little: the same EBITDA in the revenue model, about 0.06M USD a year more in the calculator from the PPA bill the owned array avoids, more depreciation and a longer payback. Its case is ownership and control: no long power contract on the roof, full stamper metrology for the traceability pitch, tours and Payap programs from day one, cassette and CD-R sales, and local service. Plan A has the better modeled return but leaves those items to finance or contract later. Sources: total-investment.md; business plan B, section 8.2.</aside>
</section>
<!-- 10 -->
<section class="slide s9" data-title="Operating picture">
<div class="kicker"><i class="disc"></i>Operating picture, Plan B, mature year</div>
<h2>Plan B's central case works; the adverse case loses money</h2>
<h2>Plan B's central case makes a profit; the adverse case loses money</h2>
<div class="bd">
<div>
<div class="legend" style="margin-bottom:10px"><span><i style="background:var(--rev)"></i>Revenue</span><span><i style="background:var(--acf)"></i>EBITDA</span><span><i style="background:var(--bf)"></i>Operating profit, after Plan B's depreciation</span><span>M USD a year</span></div>
@@ -724,7 +724,7 @@ body.pvmode .stage,body.pvmode .ctl{display:none}
</div>
<div>
<table class="tb op">
<tr><th>USD a year, Plan B</th><th class="n">Adverse</th><th class="n">Central</th><th class="n">Favourable</th></tr>
<tr><th>USD a year, Plan B</th><th class="n">Adverse</th><th class="n">Central</th><th class="n">Favorable</th></tr>
<tr><td class="k">Records</td><td class="n">0.58M</td><td class="n">0.74M</td><td class="n">0.90M</td></tr>
<tr><td class="k">Price per record</td><td class="n">3.76</td><td class="n">4.49</td><td class="n">5.27</td></tr>
<tr><td class="k">Direct cost per record</td><td class="n">2.70</td><td class="n">2.00</td><td class="n">1.35</td></tr>
@@ -736,24 +736,24 @@ body.pvmode .stage,body.pvmode .ctl{display:none}
<tr><td class="k">Payback, plan price</td><td class="n">~37 yr</td><td class="n">~3.8 yr</td><td class="n">~1.2 yr</td></tr>
</table>
<div class="card warn" style="margin-top:20px;padding:18px 22px">
<p class="t" style="font-size:17.5px"><b>Read the adverse column as the honest one.</b> A central EBITDA margin of ~47&nbsp;% is far above the 15 to 25&nbsp;% pressing plants earn: the direct cost leaves out indirect labour, freight, scrap above the reject allowance, sales commissions and the extra cost of specials.</p>
<p class="t" style="font-size:17.5px"><b>The adverse column is the honest one.</b> A central EBITDA margin of ~47% is far above the 15 to 25% that pressing plants earn, because the direct cost leaves out indirect labor, freight, scrap above the reject allowance, sales commissions and the extra cost of specials.</p>
</div>
<div class="kp4 op3">
<div><div class="v">~0.24M</div><div class="l">records a year: break-even on operating profit</div></div>
<div><div class="v">~0.24M</div><div class="l">records a year to break even on operating profit</div></div>
<div><div class="v">~1.1M</div><div class="l">records the adverse case needs to cover depreciation; the presses make 0.58M</div></div>
<div><div class="v">~2.8 USD</div><div class="l">(~92 THB) a record covers depreciation at central cost and volume</div></div>
</div>
</div>
</div>
<p class="src"><b>Source:</b> revenue-model.md "Operating pictures of Plan A and Plan B (October 2026)"; business plan B, section 9.4. Estimates, mature year at 60&nbsp;% specials; depreciation on Plan B's blocks; payback is EBITDA on the plan price including the reserve. Plan A for comparison: operating profit -0.41 / 1.33 / 3.54M USD.</p>
<p class="src"><b>Sources:</b> revenue-model.md, "Operating pictures of Plan A and Plan B (October 2026)"; business plan B, section 9.4. The figures are estimates for a mature year at 60% specials, with depreciation on Plan B's blocks; payback is the plan price, reserve included, divided by EBITDA. For comparison, Plan A's operating profit is -0.41 / 1.33 / 3.54M USD.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">These are mature-year pictures for Plan B, not a forecast. Each column is internally consistent: adverse pairs low volume with the low price, the high cost, the high capital and the high overheads. The central case gives EBITDA of about USD 1.73M, roughly 57M THB, and operating profit of about 1.24M after Plan B's depreciation; it breaks even at about 0.24 million records. Investors should read the adverse column: it loses about 0.55M USD, and the central margin of about 47&nbsp;% is too good to trust until indirect labour, freight, commissions and the cost of specials are in. Why not A? Same EBITDA, less depreciation: 1.33M central. Sources: revenue-model.md; business plan B, section 9.4.</aside>
<aside class="notes">These mature-year pictures for Plan B are not forecasts. Each column is internally consistent: the adverse case pairs low volume with the low price, the high cost, the high capital and the high overheads. The central case gives EBITDA of about USD 1.73M, roughly 57M THB, and operating profit of about 1.24M after Plan B's depreciation; break-even is about 0.24 million records. Point investors to the adverse column, which loses about 0.55M USD. The central margin of about 47% is too good to trust until indirect labor, freight, commissions and the cost of specials are in. Plan A has the same EBITDA and less depreciation, so its central operating profit is 1.33M. Sources: revenue-model.md; business plan B, section 9.4.</aside>
</section>
<!-- 11 -->
<section class="slide s10" data-title="Cash and returns">
<div class="kicker"><i class="disc"></i>Cash and returns, Plan B</div>
<h2>Ten years of cash: Plan B back to zero in year ~4.2, IRR ~22&nbsp;%</h2>
<h2>Plan B earns back its cash in year ~4.2, at a ten-year IRR of ~22%</h2>
<div class="bd">
<div>
<div class="legend" style="margin-bottom:10px"><span><i style="background:var(--acf)"></i>Plan B, cumulative cash</span><span><i style="background:transparent;height:2px;border-top:2px dashed var(--cmpleg);border-radius:0;vertical-align:4px"></i>Plan A, for comparison</span><span>M USD, year 0 to 10</span></div>
@@ -763,186 +763,186 @@ body.pvmode .stage,body.pvmode .ctl{display:none}
<table class="tb kp">
<tr><th>Calculator presets</th><th class="n ac">Plan B</th><th class="n">Plan A</th></tr>
<tr><td>Cash payback</td><td class="n">year ~4.2</td><td class="n">year ~3.8</td></tr>
<tr><td>IRR, ten years</td><td class="n">~22&nbsp;%</td><td class="n">~26&nbsp;%</td></tr>
<tr><td>NPV at 10&nbsp;%</td><td class="n">~4.7M USD</td><td class="n">~5.4M USD</td></tr>
<tr><td>IRR, ten years</td><td class="n">~22%</td><td class="n">~26%</td></tr>
<tr><td>NPV at 10%</td><td class="n">~4.7M USD</td><td class="n">~5.4M USD</td></tr>
<tr><td>Year 0: investment and reserve</td><td class="n">6.56M USD</td><td class="n">5.52M USD</td></tr>
<tr><td>Mature-year EBITDA</td><td class="n">2.23M USD</td><td class="n">2.17M USD</td></tr>
<tr><td>Simple payback: plan price before the reserve / mature EBITDA</td><td class="n">2.7 yr</td><td class="n">2.3 yr</td></tr>
</table>
<p class="t" style="margin-top:20px;font-size:17px"><b>Basis:</b> 850k records at 60&nbsp;% specials at the team's planning rate (3 records a minute per Duplex system), the calculator's own cost build-up with biomass fuel and the cutting engineer; Plan B pays no PPA power price. Ramp 35, 70 and 90&nbsp;% in years 1 to 3. Pre-tax, pre-financing, no BOI tax holiday, no terminal value: a sketch, not a forecast.</p>
<div class="card warn" style="margin-top:18px;padding:16px 22px"><p class="t" style="font-size:17px">In the revenue model's adverse case, EBITDA pays Plan B's price back in ~37 years. A year-by-year cash model for the ramp is a phase 0 output.</p></div>
<p class="t" style="margin-top:20px;font-size:17px">The calculator assumes 850k records at 60% specials at the team's planning rate (3 records a minute per Duplex system) and uses its own cost build-up with biomass fuel and the cutting engineer; Plan B pays no PPA power price. Output ramps through 35, 70 and 90% in years 1 to 3. The view is pre-tax and pre-financing, with no BOI tax holiday and no terminal value; it is a sketch and should not be read as a forecast.</p>
<div class="card warn" style="margin-top:18px;padding:16px 22px"><p class="t" style="font-size:17px">In the revenue model's adverse case, EBITDA pays Plan B's price back in ~37 years. Phase 0 will produce a year-by-year cash model for the ramp.</p></div>
</div>
</div>
<p class="src"><b>Source:</b> business plan B, section 9.4 and figure 12; fleet-calculator.html, presets planB and planA, cash view (values read from the page, October 2026); revenue-model.md. Estimates.</p>
<p class="src"><b>Sources:</b> business plan B, section 9.4 and figure 12; fleet-calculator.html, presets planB and planA, cash view (values read from the page, October 2026); revenue-model.md. All values are estimates.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">This curve is the calculator's, not the operating table's: 850,000 records at the team's faster Duplex rate, its own costs including biomass fuel, no PPA bill because Plan B owns the array, and a ramp of 35, 70 and 90&nbsp;%. Year 0 is the midpoint investment plus a 15M THB reserve, 6.56M USD. On that basis Plan B is back to zero in year 4.2, with an IRR of about 22&nbsp;% and an NPV of about 4.7M USD at 10&nbsp;%. Pre-tax, no terminal value; with no loan, also the shareholders' return. Why not A? Its curve turns earlier on less capital. Put the adverse case beside it: about 37 years. Sources: fleet-calculator.html; business plan B, section 9.4.</aside>
<aside class="notes">This curve uses the calculator's basis, unlike the operating table: 850,000 records at the team's faster Duplex rate, its own costs including biomass fuel, no PPA bill because Plan B owns the array, and a ramp of 35, 70 and 90%. Year 0 is the midpoint investment plus a 15M THB reserve, 6.56M USD. On this basis Plan B is back to zero in year 4.2, with an IRR of about 22% and an NPV of about 4.7M USD at 10%. It is pre-tax with no terminal value and, with no loan, also the shareholders' return. Plan A's curve turns earlier on less capital. Set the adverse case beside it: about 37 years. Sources: fleet-calculator.html; business plan B, section 9.4.</aside>
</section>
<!-- 12 -->
<section class="slide s11" data-title="BOI and financing">
<div class="kicker"><i class="disc"></i>BOI promotion and financing</div>
<h2>Duty-free machinery under BOI; the shareholders fund the whole plant</h2>
<h2>BOI waives machinery duty, and the shareholders fund the whole plant</h2>
<div class="bd">
<div class="boi">
<div class="r"><div class="k">Category</div><div class="x">Basic plastic consumer-goods manufacturing (Category 6), incentive Group B: no tax holiday on the core activity. Sub-code to confirm with a BOI-registered consultant.</div><div class="st"><span class="tag no">To confirm</span></div></div>
<div class="r"><div class="k">Privileges</div><div class="x">Machinery import duty exemption, with import VAT; 100&nbsp;% foreign ownership; visas and work permits through the One Stop Service; raw-material duty relief for export production.</div><div class="st"><span class="tag ok">Group B core</span></div></div>
<div class="r"><div class="k">Upgrades</div><div class="x">Smart and Sustainable Industry (15/2565, refreshed July 2025): typically 3 years of CIT exemption, capped around 50&nbsp;% of the upgrade spend; R&amp;D merit at 1&nbsp;% of revenue adds 1 to 3 years.</div><div class="st"><span class="tag md">To structure</span></div></div>
<div class="r"><div class="k">Solar</div><div class="x">No longer promoted since 1 July 2025 (Announcement 3/2568): Plan B's owned array earns the bill saving, no tax benefit. The 271 kWh battery may still qualify, capped at 12M THB per MW.</div><div class="st"><span class="tag hi">Solar dropped</span></div></div>
<div class="r"><div class="k">Conditions</div><div class="x">Debt-to-equity no higher than 3:1 for the life of the privileges, met with no debt; minimum 1M THB excluding land and working capital; modern machinery; progress and annual reports; machinery imported within ~30 months, full operation by ~36 months.</div><div class="st"><span class="tag md">Binding</span></div></div>
<div class="r"><div class="k">Process</div><div class="x">e-Investment filing and analyst meeting; ~40 working days to a decision under 200M THB, 60 to 90 above; 4 to 6 months in practice. No machinery order before the certificate.</div><div class="st"><span class="tag no">Phase 0</span></div></div>
<div class="r"><div class="k">Without BOI</div><div class="x">~5&nbsp;% duty on ~2.3M USD of imported machinery (~0.11M USD) and ~0.17M USD of import VAT up front <span class="e">est.</span></div><div class="st"><span class="tag no">Avoided</span></div></div>
<div class="r"><div class="k">Category</div><div class="x">Basic plastic consumer-goods manufacturing (Category 6) in incentive Group B, with no tax holiday on the core activity. A BOI-registered consultant must confirm the sub-code.</div><div class="st"><span class="tag no">To confirm</span></div></div>
<div class="r"><div class="k">Privileges</div><div class="x">No import duty or import VAT on machinery; 100% foreign ownership; visas and work permits through the One Stop Service; duty relief on raw materials for export production.</div><div class="st"><span class="tag ok">Group B core</span></div></div>
<div class="r"><div class="k">Upgrades</div><div class="x">Smart and Sustainable Industry (15/2565, refreshed July 2025) typically gives 3 years of CIT exemption, capped around 50% of the upgrade spend; an R&amp;D merit at 1% of revenue adds 1 to 3 years.</div><div class="st"><span class="tag md">To structure</span></div></div>
<div class="r"><div class="k">Solar</div><div class="x">BOI stopped promoting solar on July 1, 2025 (Announcement 3/2568), so Plan B's owned array earns the bill saving and no tax benefit. The 271 kWh battery may still qualify, capped at 12M THB per MW.</div><div class="st"><span class="tag hi">Solar dropped</span></div></div>
<div class="r"><div class="k">Conditions</div><div class="x">Debt-to-equity no higher than 3:1 for the life of the privileges, which we meet with no debt; at least 1M THB invested, excluding land and working capital; modern machinery; progress and annual reports; machinery imported within ~30 months and full operation by ~36 months.</div><div class="st"><span class="tag md">Binding</span></div></div>
<div class="r"><div class="k">Process</div><div class="x">e-Investment filing and an analyst meeting; ~40 working days to a decision under 200M THB and 60 to 90 above, or 4 to 6 months in practice. No machinery is ordered before the certificate.</div><div class="st"><span class="tag no">Phase 0</span></div></div>
<div class="r"><div class="k">Without BOI</div><div class="x">We would pay ~5% duty on ~2.3M USD of imported machinery (~0.11M USD) and ~0.17M USD of import VAT up front <span class="e">est.</span></div><div class="st"><span class="tag no">Avoided</span></div></div>
</div>
<div class="fin">
<h3>Funding need, Plan B: reserve in, no contingency</h3>
<h3>Plan B's funding need, with the reserve and no contingency</h3>
<div class="need">
<div class="card warn"><div class="v ac">~217M THB</div><div class="l">~6.56M USD at the midpoint, labelled ~215M; ~156M to 277M low to high</div></div>
<div class="card"><div class="v">All equity</div><div class="l">share capital paid in by the shareholders; no bank loan planned</div></div>
<div class="card warn"><div class="v ac">~217M THB</div><div class="l">~6.56M USD at the midpoint, labeled ~215M; ~156M to 277M from low to high</div></div>
<div class="card"><div class="v">All equity</div><div class="l">share capital paid in by the shareholders; no bank loan is planned</div></div>
</div>
<div class="share">
<h3>Shareholding</h3>
<div class="bar"><i class="a"></i><i class="c"></i></div>
<div class="lbl">
<div><b class="ac">At least 60&nbsp;%</b><span>the lead investor: at least ~130M THB</span></div>
<div><b>At most 40&nbsp;%</b><span>co-investors (Ploy Printing as intended strategic co-investor, the founders, others): at most ~87M THB</span></div>
<div><b class="ac">At least 60%</b><span>the lead investor: at least ~130M THB</span></div>
<div><b>At most 40%</b><span>co-investors (Ploy Printing as intended strategic co-investor, the founders, others): at most ~87M THB</span></div>
</div>
<p class="nt">Of ~217M THB of share capital at one share price, arithmetic only: share price, valuation and in-kind shares not agreed. Terms in the shareholders' agreement.</p>
<p class="nt">These amounts are arithmetic on ~217M THB of share capital at one share price. Price, valuation and in-kind shares are not agreed; the shareholders' agreement sets the terms.</p>
</div>
<dl class="dl" style="margin-top:16px;grid-template-columns:130px 1fr;gap:12px 18px">
<dt>Collateral</dt><dd style="font-size:17.5px">None pledged: the machinery, with Plan B's owned PV array and battery, stays free to secure a loan if one is ever needed; the building only if the lease grants ownership and the right to mortgage it. The land is leased.</dd>
<dt>Collateral</dt><dd style="font-size:17.5px">Nothing is pledged. The machinery, with Plan B's owned PV array and battery, can secure a loan if one is needed, and so can the building if the lease grants ownership and the right to mortgage it. The land is leased.</dd>
<dt>Use of funds</dt><dd style="font-size:17.5px">Equipment (presses, metal path, metrology, lab) ~85M THB; building, crane, workshop and corridor ~40M; utilities ~35M; solar and battery ~15M; software, cassette and CD-R, freight, working capital and phase 0 ~28M (block midpoints <span class="e">est.</span>), plus the reserve, in tranches (slide 17).</dd>
</dl>
<p class="tbd">Share capital called in instalments against the tranches; the call schedule and the shareholders' agreement to be agreed.</p>
<p class="tbd">Share capital is called in installments against the tranches; the call schedule and the shareholders' agreement are open.</p>
</div>
</div>
<p class="src"><b>Source:</b> boi.md; business plan B, sections 1 ("The ask"), 6.1, 7.1, 8.1, 8.4 and 12.2; total-investment.md "Launch plant" and "Two plans" (shareholding and funding, 20 October 2026). The 60/40 amounts and use-of-funds groups are arithmetic on the plan's figures.</p>
<p class="src"><b>Sources:</b> boi.md; business plan B, sections 1 ("The ask"), 6.1, 7.1, 8.1, 8.4 and 12.2; total-investment.md, "Launch plant" and "Two plans" (shareholding and funding, October 20, 2026). The 60/40 amounts and use-of-funds groups are arithmetic on the plan's figures.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">Vinyl pressing lands in BOI Group B: duty-free machinery, full foreign ownership and work permits, no tax holiday on the core activity. Solar is no longer promoted; Plan B owns its array for the bill. The shareholders fund the whole plant, about 217M THB, as share capital; no bank loan is planned, so BOI's 3:1 debt-to-equity ceiling is met with no debt. The lead investor holds at least 60&nbsp;% of the company, so at most 40&nbsp;% is open to co-investors: about 130M and 87M THB at one share price, arithmetic only. The capital is called in instalments against the tranches. Nothing is pledged. Sources: boi.md; total-investment.md; business plan B, sections 7.1 and 12.2.</aside>
<aside class="notes">Vinyl pressing falls in BOI Group B, which gives duty-free machinery, full foreign ownership and work permits but no tax holiday on the core activity. BOI no longer promotes solar, so Plan B owns its array for the bill saving. The shareholders fund the whole plant, about 217M THB, as share capital. No bank loan is planned, so BOI's 3:1 debt-to-equity ceiling is met with no debt. The lead investor holds at least 60% of the company, which leaves at most 40% for co-investors: about 130M and 87M THB at one share price, as arithmetic only. The capital is called in installments against the tranches, and nothing is pledged. Sources: boi.md; total-investment.md; business plan B, sections 7.1 and 12.2.</aside>
</section>
<!-- share price, after BOI and financing -->
<section class="slide s11b" data-title="Share price">
<div class="kicker"><i class="disc"></i>Share price: what the 40&nbsp;% could cost</div>
<h2>At par, the 40&nbsp;% is ~86.8M THB; what it is worth later is a range</h2>
<div class="kicker"><i class="disc"></i>Share price: what the 40% could cost</div>
<h2>At par, the 40% costs ~86.8M THB; what it is worth later is a range</h2>
<div class="bd">
<div>
<h3>Founding round at par, pari passu: Plan B's ~217M as share capital</h3>
<table class="tb sp">
<tr><th>100 THB a share <span class="e">example</span></th><th class="n">Shares</th><th class="n">THB</th></tr>
<tr><td>The lead investor, at least 60&nbsp;%</td><td class="n">1,302,000</td><td class="n">130.2M</td></tr>
<tr><td>Co-investors, at most 40&nbsp;%</td><td class="n">868,000</td><td class="n ac">86.8M</td></tr>
<tr class="tot"><td>Share capital: all of Plan B, no loan</td><td class="n">2,170,000</td><td class="n">217M</td></tr>
<tr><td>The lead investor, at least 60%</td><td class="n">1,302,000</td><td class="n">130.2M</td></tr>
<tr><td>Co-investors, at most 40%</td><td class="n">868,000</td><td class="n ac">86.8M</td></tr>
<tr class="tot"><td>Share capital for all of Plan B, no loan</td><td class="n">2,170,000</td><td class="n">217M</td></tr>
</table>
<p class="nt">Called in instalments against the tranches (slide 17): at least 25&nbsp;% (~54M THB) on subscription. Thai law: no shares below par, par at least 5 THB, a premium only if the memorandum allows it.</p>
<p class="nt">Called in installments against the tranches (slide 17), at least 25% (~54M THB) on subscription. Thai law allows no shares below par, requires a par of at least 5 THB, and allows a premium only if the memorandum does.</p>
<h3 style="margin-top:34px">Development premium, only for documented costs</h3>
<div class="dev">
<div class="card"><div class="v">101 THB <span class="e">+1&nbsp;%</span></div><div class="l">phase 0 spending, 2.6M THB, credited: the 40&nbsp;% costs 87.8M</div></div>
<div class="card"><div class="v">105 THB <span class="e">+5&nbsp;%</span></div><div class="l">10M THB credited for pre-round work: the 40&nbsp;% costs 90.8M</div></div>
<div class="card"><div class="v">101 THB <span class="e">+1%</span></div><div class="l">with 2.6M THB of phase 0 spending credited, the 40% costs 87.8M</div></div>
<div class="card"><div class="v">105 THB <span class="e">+5%</span></div><div class="l">with 10M THB credited for pre-round work, the 40% costs 90.8M</div></div>
</div>
<p class="vcl"><b>A financial co-investor today</b> (venture-capital method, first-stage target return 40 to 60&nbsp;%, year 5): <b>12 to 73 THB a share</b> in the central case, 2 to 10 in the adverse: below par in both.</p>
<p class="vcl"><b>A financial co-investor today</b> (venture-capital method, first-stage target return 40 to 60%, year 5) would pay <b>12 to 73 THB a share</b> in the central case and 2 to 10 in the adverse case, below par in both.</p>
</div>
<div>
<h3>Value of one 100 THB share once the plant runs <span class="e">est.</span></h3>
<div class="legend" style="margin-bottom:6px"><span><i style="background:var(--acf)"></i>Range across market multiples, after the illiquidity discount</span><span><i style="background:transparent;height:2px;border-top:2px dashed var(--bf);border-radius:0;vertical-align:4px"></i>Par paid</span></div>
<svg class="chart" id="chShare" width="840" height="448" viewBox="0 0 840 448" role="img" aria-label="Value per share once the plant runs, by case, against the par price paid"></svg>
<p class="nt">EV/EBITDA 4.7x (Thai listed plastics and packaging) to 14.9x (emerging-market industries), less a 20 to 35&nbsp;% discount for a private minority stake; no loan, net debt 0; 2,170,000 shares.</p>
<div class="card warn" style="margin-top:16px;padding:16px 22px"><p class="t" style="font-size:17px"><b>Ranges, not a valuation or an offer price.</b> Adverse is the honest case (central margin ~47&nbsp;%, plants earn 15 to 25&nbsp;%): with no loan a share keeps some value but loses most of it, and at Thai listed multiples even central is below par. Co-investors need pre-emption, information rights and calls tied to the tranches.</p></div>
<p class="nt">EV/EBITDA from 4.7x (Thai listed plastics and packaging) to 14.9x (emerging-market industries), less a 20 to 35% discount for a private minority stake, with no loan (net debt 0) and 2,170,000 shares.</p>
<div class="card warn" style="margin-top:16px;padding:16px 22px"><p class="t" style="font-size:17px"><b>No valuation or offer price is implied.</b> Adverse is the honest case (central margin ~47%; plants earn 15 to 25%). With no loan a share keeps some value but loses most of it; at Thai listed multiples even the central case is below par. Co-investors need pre-emption, information rights and calls tied to the tranches.</p></div>
</div>
</div>
<p class="src"><b>Source:</b> share-price.md (October 2026); total-investment.md "Two plans"; revenue-model.md "Operating pictures"; Damodaran industry EV/EBITDA and betas (January 2026), country risk premiums (July 2026), illiquidity discount (2005), venture target returns (2009); ThaiBMA 10-year yield 2.30&nbsp;% (19 October 2026); SET peers via stockanalysis.com (20 October 2026); Civil and Commercial Code ss. 1105, 1117, 1120 to 1125, 1222. Estimates.</p>
<p class="src"><b>Sources:</b> share-price.md (October 2026); total-investment.md, "Two plans"; revenue-model.md, "Operating pictures"; Damodaran industry EV/EBITDA and betas (January 2026), country risk premiums (July 2026), illiquidity discount (2005) and venture target returns (2009); ThaiBMA 10-year yield 2.30% (October 19, 2026); SET peers via stockanalysis.com (October 20, 2026); Civil and Commercial Code ss. 1105, 1117, 1120 to 1125 and 1222. All values are estimates.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">Before the plant exists a share is worth the cash behind it, so the defensible founding price is par, the same for everyone. The shareholders fund all of Plan B as share capital: at 100 THB the 40&nbsp;% is 868,000 shares, about 86.8M THB, called in instalments against the tranches. Crediting documented phase 0 spending adds about 1&nbsp;%. With no loan, the adverse case keeps 11 to 42 THB of every 100; at Thai listed multiples even the central case is below par; only emerging-market multiples and the favourable case are well above. A financial investor at venture target returns would pay below par. Hence pre-emption, information rights and calls tied to the tranches. Sources: share-price.md; revenue-model.md.</aside>
<aside class="notes">Before the plant exists, a share is worth the cash behind it, so the defensible founding price is par, the same for everyone. Shareholders fund all of Plan B as share capital: at 100 THB the 40% is 868,000 shares, about 86.8M THB, called in installments against the tranches. Crediting documented phase 0 spending adds about 1%. With no loan, the adverse case keeps 11 to 42 THB of every 100. At Thai listed multiples even the central case is below par, and only emerging-market multiples and the favorable case are well above par. A financial investor at venture target returns would pay below par. Co-investors therefore need pre-emption, information rights and calls tied to the tranches. Sources: share-price.md; revenue-model.md.</aside>
</section>
<!-- 13 -->
<section class="slide s12" data-title="Schedule">
<div class="kicker"><i class="disc"></i>Schedule</div>
<h2>First paying release: Q4 2028 to mid-2029, and still open</h2>
<h2>The date of the first paying release is open: Q4 2028 to mid-2029</h2>
<div class="bd">
<svg class="chart" id="chGantt" width="1712" height="448" viewBox="0 0 1712 448" role="img" aria-label="Calendar from phase 0 to first paying release"></svg>
<div class="cols">
<div>
<h3>Commissioning sequence</h3>
<ol class="seq">
<li>Cutting room and galvanics, with the Sibert line: the presses need their stampers.</li>
<li>Newbilt Duplex system, with boilers B-1 and B-2 and chillers CH-1 and CH-2.</li>
<li>Newbilt Classic, once the metal path and the press process are stable.</li>
<li>The cutting room and galvanics, with the Sibert line, come first, because the presses need their stampers.</li>
<li>The Newbilt Duplex system follows, with boilers B-1 and B-2 and chillers CH-1 and CH-2.</li>
<li>The Newbilt Classic comes last, once the metal path and the press process are stable.</li>
</ol>
<p class="s" style="margin-top:10px">Alongside: cassette and CD-R lines. In the build: owned PV and battery, 5 t crane, visitor corridor.</p>
<p class="s" style="margin-top:10px">The cassette and CD-R lines are commissioned alongside. The owned PV and battery, the 5 t crane and the visitor corridor go in during the build.</p>
</div>
<div>
<h3>Long-lead orders, after the certificate</h3>
<p class="t">Pheenix galvanics line, Sillitoe lathe, Sibert line, Newbilt Duplex system and Classic, two biomass boiler modules, the first two chiller modules. Press build 9 to 12 months, assumed; the other build times are not quoted.</p>
<p class="t">They are the Pheenix galvanics line, the Sillitoe lathe, the Sibert line, the Newbilt Duplex system and Classic, two biomass boiler modules and the first two chiller modules. We assume a press build of 9 to 12 months; the other build times are not quoted.</p>
</div>
<div>
<h3>What moves the date</h3>
<p class="t">The BOI filing date and the vendor build times: a 15 to 18 month press build moves launch to mid-2029. Ordering with a deposit before the certificate, if BOI allows it, could bring launch 6 to 9 months earlier.</p>
<p class="t">The date depends on the BOI filing and the vendor build times; a 15 to 18 month press build moves launch to mid-2029. Ordering with a deposit before the certificate, if BOI allows it, could bring launch 6 to 9 months earlier.</p>
</div>
</div>
</div>
<p class="src"><b>Source:</b> project-timeline.md, calendar anchored August 2026 (nothing in phase 0 has started, so it shifts day for day; not yet redrawn for the launch plant); business plan B, sections 10, 11 and 11.1; roadmap.md phases 0 to 4.</p>
<p class="src"><b>Sources:</b> project-timeline.md, calendar anchored in August 2026 (nothing in phase 0 has started, so it shifts day for day; it is not yet redrawn for the launch plant); business plan B, sections 10, 11 and 11.1; roadmap.md, phases 0 to 4.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">This is the August 2026 calendar, the only one on file, drawn for a one-press launch: commissioning the cutting room and galvanics first is not yet in it, and only the press build time is assumed. The date is open: Q4 2028 at best, mid-2029 if the press build takes 15 to 18 months. Phase 0 has not started, so it slides day for day. The critical path runs through the BOI certificate and the vendor builds; construction has three to five months of float. Plan B's array, battery, crane and corridor go in during the build; PEA's interconnection review, 3 to 6 months, is filed with procurement. Sources: project-timeline.md; business plan B, sections 10 and 11.</aside>
<aside class="notes">This is the August 2026 calendar, the only one on file, drawn for a one-press launch. It does not yet show the cutting room and galvanics commissioned first, and only the press build time is assumed. The date is open: Q4 2028 at best, mid-2029 if the press build takes 15 to 18 months. Phase 0 has not started, so the calendar slides day for day. The critical path runs through the BOI certificate and the vendor builds; construction has three to five months of float. Plan B's array, battery, crane and corridor go in during the build, and PEA's interconnection review, 3 to 6 months, is filed with procurement. Sources: project-timeline.md; business plan B, sections 10 and 11.</aside>
</section>
<!-- 14 -->
<section class="slide s13" data-title="Risks and mitigations">
<div class="kicker"><i class="disc"></i>Risks and mitigations</div>
<h2>The risks we carry, and what retires each one</h2>
<h2>These are the risks we carry and the steps that retire each one</h2>
<div class="bd" style="margin-top:28px">
<table class="tb rk">
<tr><th>Severity</th><th>Risk</th><th>Mitigation and status</th></tr>
<tr><td><span class="tag hi">High</span></td><td>Pricing power is unproven: market validation (roadmap item 1) is open, with no buyer prices yet</td><td>Validation gate with regional labels; the platform's calculator as an interest list; no large spending before it clears</td></tr>
<tr><td><span class="tag hi">High</span></td><td>Utilisation and price: the adverse case loses money; the extra cost of specials is not yet in the direct cost</td><td>Treat the adverse column as the honest one; specials gain an upper bound until compound quotes; second Duplex waits for demand</td></tr>
<tr><td><span class="tag hi">High</span></td><td>No contingency in Plan B's price: at 15&nbsp;% ~30M THB; the high end of every block ~277M with the reserve</td><td>Quotes before commitment; release in tranches; how overruns are funded agreed up front</td></tr>
<tr><td><span class="tag hi">High</span></td><td>Galvanics and cutting on the critical path, galvanics the hardest skill to hire. Sibert advised getting presses, boilers, operators and feedback loops right first</td><td>Advice carried as a risk: commission the metal path first and measure it; hire early, train at the vendors; Stamper Discs and SST as overflow contacts</td></tr>
<tr><td><span class="tag hi">High</span></td><td>Prices not on file: the Newbilt Classic (placeholder band) and the Pheenix line (OMS reference + 20&nbsp;%, no Pheenix quote)</td><td>Newbilt re-quote and Pheenix quote in phase 0; OMS's offer as the galvanics benchmark</td></tr>
<tr><td><span class="tag hi">High</span></td><td>Vendor build times unknown: the press build carries ~40&nbsp;% of the schedule</td><td>Build time and order-book position required in every re-quote</td></tr>
<tr><td><span class="tag hi">High</span></td><td>Zoning unverified: Mueang Chi unchecked; Payap's first plot needs a rezoning (~16 to 19 months, Payap says it can be done)</td><td>Verify on the land-use map and with counsel before the BOI filing; industrial estate as fallback</td></tr>
<tr><td><span class="tag md">Medium</span></td><td>Plan B's ~35M THB more than Plan A earns little in the model: payback ~3.8 against ~3.2 years, a deeper adverse case</td><td>Phase 0 prices each item against its lever (PPA offer beside the purchase quote); the corridor is cheaper from the start</td></tr>
<tr><td><span class="tag md">Medium</span></td><td>Lease terms and building ownership: a weak lease makes the building hard to finance</td><td>Registered 30 to 50 year lease with renewal, building ownership and assignment rights; Thai counsel in phase 0</td></tr>
<tr><td><span class="tag md">Medium</span></td><td>Galvanics effluent and biomass emissions in the first factory licence</td><td>Zero-discharge design and treatment building from the start; dust collector and 14 m stack drawn; fuel contracts</td></tr>
<tr><td><span class="tag md">Medium</span></td><td>Currency: EUR on Newbilt and Pheenix, USD on Sibert and Sillitoe, costs in THB</td><td>Currency and validity in every quote; THB pricing regionally; hedging decided with the investor</td></tr>
<tr><td><span class="tag hi">High</span></td><td>Pricing power is unproven: market validation (roadmap item 1) is open, with no buyer prices yet.</td><td>A validation gate with regional labels, the platform's calculator as an interest list, and no large spending before the gate clears.</td></tr>
<tr><td><span class="tag hi">High</span></td><td>Utilization and price: the adverse case loses money, and the extra cost of specials is not yet in the direct cost.</td><td>Treat the adverse column as the honest one and the gain from specials as an upper bound until compound quotes arrive; the second Duplex waits for demand.</td></tr>
<tr><td><span class="tag hi">High</span></td><td>Plan B's price has no contingency (~30M THB at 15%), and the high end of every block is ~277M with the reserve.</td><td>Quotes come before commitment, money is released in tranches, and overrun funding is agreed up front.</td></tr>
<tr><td><span class="tag hi">High</span></td><td>Galvanics and cutting are on the critical path, and galvanics is the hardest skill to hire. Sibert advised getting presses, boilers, operators and feedback loops right first.</td><td>We carry that advice as a risk: commission the metal path first and measure it, hire early and train at the vendors, with Stamper Discs and SST as overflow contacts.</td></tr>
<tr><td><span class="tag hi">High</span></td><td>Two prices are not on file: the Newbilt Classic (placeholder band) and the Pheenix line (OMS reference + 20%, no Pheenix quote).</td><td>A Newbilt re-quote and a Pheenix quote in phase 0, with OMS's offer as the galvanics benchmark.</td></tr>
<tr><td><span class="tag hi">High</span></td><td>Vendor build times are unknown, and the press build carries ~40% of the schedule.</td><td>Every re-quote must state the build time and the order-book position.</td></tr>
<tr><td><span class="tag hi">High</span></td><td>Zoning is unverified: Mueang Chi is unchecked, and Payap's first plot needs rezoning (~16 to 19 months; Payap says it can be done).</td><td>Verify zoning on the land-use map and with counsel before the BOI filing; an industrial estate is the fallback.</td></tr>
<tr><td><span class="tag md">Medium</span></td><td>Plan B's extra ~35M THB over Plan A earns little in the model: payback takes ~3.8 years against ~3.2, and the adverse case is deeper.</td><td>Phase 0 prices each item against its lever (a PPA offer beside the purchase quote); the corridor is cheaper from the start.</td></tr>
<tr><td><span class="tag md">Medium</span></td><td>Lease terms and building ownership: a weak lease makes the building hard to finance.</td><td>A registered 30 to 50 year lease with renewal, building ownership and assignment rights; Thai counsel engaged in phase 0.</td></tr>
<tr><td><span class="tag md">Medium</span></td><td>Galvanics effluent and biomass emissions must pass the first factory license.</td><td>A zero-discharge design and a treatment building from the start, a dust collector and a 14 m stack in the drawings, and fuel contracts.</td></tr>
<tr><td><span class="tag md">Medium</span></td><td>Currency: Newbilt and Pheenix price in EUR, Sibert and Sillitoe in USD, and our costs are in THB.</td><td>Every quote states currency and validity; we price regionally in THB; hedging is decided with the investor.</td></tr>
</table>
</div>
<p class="src"><b>Source:</b> business plan B, sections 11.2 and 13 (severities as the plan states them); revenue-model.md "Honest caveats"; roadmap.md item 1; site-candidates.md.</p>
<p class="src"><b>Sources:</b> business plan B, sections 11.2 and 13 (severities as the plan states them); revenue-model.md, section "Honest caveats"; roadmap.md, item 1; site-candidates.md.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">The severities are the business plan's own. The top three are commercial: pricing power is unproven, the adverse case loses money, and Plan B's price carries no contingency, about 30M THB at 15&nbsp;%. The next group is execution: galvanics and cutting now sit on the critical path, the Classic and the Pheenix line have no vendor price, and no build time is quoted. Sibert advised getting presses, boilers and operators right first; we carry that advice as a risk. Plan B adds its own: higher launch capital than Plan A and a longer payback. Most of these retire in phase 0, before any capital is committed. Source: business plan B, section 13.</aside>
<aside class="notes">The severities are the business plan's own. The top three are commercial: pricing power is unproven, the adverse case loses money, and Plan B's price carries no contingency, which would be about 30M THB at 15%. The next group concerns execution: galvanics and cutting now sit on the critical path, the Classic and the Pheenix line have no vendor price, and no build time is quoted. Sibert advised getting presses, boilers and operators right first, and we carry that advice as a risk. Plan B adds a risk of its own, higher launch capital than Plan A and a longer payback. Most of them retire in phase 0, before any capital is committed. Source: business plan B, section 13.</aside>
</section>
<!-- 15 -->
<section class="slide s14" data-title="Team and vendors">
<div class="kicker"><i class="disc"></i>Team, partners and vendors</div>
<h2>A small founding team, specialist vendors and a local packaging partner</h2>
<h2>A small founding team works with specialist vendors and a local printer</h2>
<div class="bd">
<div class="ppl">
<h3>Team</h3>
<div><div class="nm">Simona Meesaiyati</div><div class="ro">Project Lead</div><div class="x">Management and the audio side.</div></div>
<div><div class="nm">Alexander Grabowski</div><div class="ro">Technical Consultant</div><div class="x">The technical side: equipment and vendors, utilities, the building model, the traceability and QC specification, the factory software.</div></div>
<div><div class="nm">Simona Meesaiyati</div><div class="ro">Project Lead</div><div class="x">Leads management and the audio side.</div></div>
<div><div class="nm">Alexander Grabowski</div><div class="ro">Technical Consultant</div><div class="x">Leads the technical side: equipment and vendors, utilities, the building model, the traceability and QC specification, and the factory software.</div></div>
<div><div class="nm">buildfor.life</div><div class="ro">Consulting</div><div class="x">Supports the project in a consulting capacity.</div></div>
<div><div class="x"><b style="color:var(--tx)">To hire at launch:</b> a galvanics process engineer and a cutting engineer (critical path), a plant manager, two shifts of operators, QC, maintenance, sales. About 20 people at the start <span class="e">est.</span>, plus 1 to 2 for the cassette and CD-R lines.</div></div>
<div><div class="x"><b style="color:var(--tx)">At launch we hire</b> a galvanics process engineer and a cutting engineer (both on the critical path), a plant manager, two shifts of operators, QC, maintenance and sales: about 20 people at the start <span class="e">est.</span>, plus 1 to 2 for the cassette and CD-R lines.</div></div>
</div>
<div class="ppl">
<h3>Partners</h3>
<div><div class="nm">Ploy Printing</div><div class="ro">Chiang Mai · packaging</div><div class="x">Jackets, sleeves and inserts; intends to co-invest within the 40&nbsp;% open beside the lead investor, terms not yet discussed. Supply priced at arm's length, Ploy abstaining on its own contract.</div></div>
<div><div class="nm">Payap University</div><div class="ro">Chiang Mai · under discussion</div><div class="x">Joint student programmes in mastering, lathe cutting, IT and business. Nothing agreed yet.</div></div>
<div><div class="nm">Advisers, phase 0</div><div class="ro">To engage</div><div class="x">A BOI-registered consultant; Thai counsel for the lease, the company and the shareholder agreement.</div></div>
<div><div class="nm">Ploy Printing</div><div class="ro">Chiang Mai · packaging</div><div class="x">Supplies jackets, sleeves and inserts and intends to co-invest within the 40% open beside the lead investor; terms are not yet discussed. Its supply is priced at arm's length, and Ploy abstains on its own contract.</div></div>
<div><div class="nm">Payap University</div><div class="ro">Chiang Mai · under discussion</div><div class="x">We are discussing joint student programs in mastering, lathe cutting, IT and business; nothing is agreed yet.</div></div>
<div><div class="nm">Advisers, phase 0</div><div class="ro">To engage</div><div class="x">A BOI-registered consultant, and Thai counsel for the lease, the company and the shareholder agreement.</div></div>
</div>
<div>
<h3>Vendors</h3>
<table class="tb vd">
<tr><th>Vendor</th><th>Supplies</th><th>On file</th></tr>
<tr><td>Newbilt<br><span class="s">Germany</span></td><td>Duplex system and Classic presses</td><td>2024 quote EUR 200,500 for the Single 2.1, expired; Classic not priced</td></tr>
<tr><td>Pheenix Alpha<br><span class="s">Sweden</span></td><td>Galvanics: PASU, PPPU, PDPU, PMPB</td><td>No quote; priced at OMS's reference + 20&nbsp;%</td></tr>
<tr><td>Pheenix Alpha<br><span class="s">Sweden</span></td><td>Galvanics: PASU, PPPU, PDPU, PMPB</td><td>No quote; priced at OMS's reference + 20%</td></tr>
<tr><td>Sibert<br><span class="s">UK</span></td><td>Stamper prep: VSF, VSP, VSC</td><td>USD 250k budget confirmed, October 2026</td></tr>
<tr><td>Sillitoe<br><span class="s">Australia</span></td><td>SDMS cutting system</td><td>List price USD 125k</td></tr>
<tr><td>Ploy Printing<br><span class="s">Chiang Mai</span></td><td>Print and packaging</td><td>Partner</td></tr>
</table>
<p class="s" style="margin-top:16px">Making Vinyl Europe, Haarlem, 30 September to 2 October 2026: strong interest in full traceability; Pheenix offered references and a factory visit, OMS sent galvanics reference prices, SST Frankfurt offered help. Supplier-side evidence.</p>
<p class="s" style="margin-top:16px">At Making Vinyl Europe in Haarlem, September 30 to October 2, 2026, suppliers showed strong interest in full traceability. Pheenix offered references and a factory visit, OMS sent galvanics reference prices, and SST Frankfurt offered help. This is evidence from the supply side.</p>
</div>
</div>
<p class="src"><b>Source:</b> README "Team"; business plan B, sections 1, 12.1 and 12.2; equipment/pressing-line.md; equipment/galvanics.md; suppliers/vendor-landscape.md.</p>
<p class="src"><b>Sources:</b> README, section "Team"; business plan B, sections 1, 12.1 and 12.2; equipment/pressing-line.md; equipment/galvanics.md; suppliers/vendor-landscape.md.</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">The founding team is two people: Simona leads the project and the audio side, Alexander the technical side; buildfor.life supports in a consulting capacity. The plant needs most of its crew from the start, and two hires are on the critical path: a galvanics process engineer and a cutting engineer. The vendors are established specialists: Newbilt for all three presses, Pheenix Alpha for galvanics, Sibert for stamper preparation, Sillitoe for the cutting system. Ploy Printing intends to co-invest and will supply packaging, so that contract is priced at arm's length and Ploy abstains on it. Shareholder terms are open. Sources: README; business plan B, section 12.</aside>
<aside class="notes">The founding team is two people: Simona leads the project and the audio side, and Alexander the technical side; buildfor.life supports the project as a consultant. The plant needs most of its crew from the start, and two hires are on the critical path: a galvanics process engineer and a cutting engineer. The vendors are established specialists: Newbilt for all three presses, Pheenix Alpha for galvanics, Sibert for stamper preparation and Sillitoe for the cutting system. Ploy Printing intends to co-invest and will supply packaging, so that contract is priced at arm's length and Ploy abstains on it. Shareholder terms are open. Sources: README; business plan B, section 12.</aside>
</section>
<!-- 16 -->
@@ -952,17 +952,17 @@ body.pvmode .stage,body.pvmode .ctl{display:none}
<div class="bd">
<div>
<div class="ask" style="display:grid;grid-template-columns:1fr 1fr;gap:44px;align-items:start">
<div><h3>Now: phase 0</h3><div class="v">1.3M to 2.6M THB</div><p class="s" style="margin-top:8px">~USD 40k to 80k over 3 to 6 months, part of the plan price: the BOI consultant, Thai counsel for the lease, zoning and the shareholders' agreement, a soil test, the quotes.</p></div>
<div><h3>On offer to co-investors</h3><div class="v">Up to 40&nbsp;%</div><p class="s" style="margin-top:8px">of the company, beside the lead investor's at least 60&nbsp;%: Ploy Printing, the founders, others. At par ~87M THB of the ~217M share capital; price not agreed, ranges on slide 13.</p></div>
<div><h3>Phase 0, now</h3><div class="v">1.3M to 2.6M THB</div><p class="s" style="margin-top:8px">~USD 40k to 80k over 3 to 6 months, part of the plan price. It pays for the BOI consultant, Thai counsel for the lease, zoning and the shareholders' agreement, a soil test and the quotes.</p></div>
<div><h3>On offer to co-investors</h3><div class="v">Up to 40%</div><p class="s" style="margin-top:8px">of the company, beside the lead investor's at least 60%, for Ploy Printing, the founders and others. At par it is ~87M THB of the ~217M share capital; the price is open (slide 13).</p></div>
</div>
<h3 style="margin-top:24px">Then Plan B at ~215M THB, called in tranches: share of the investment before the reserve <span class="e">est.</span></h3>
<h3 style="margin-top:24px">Then Plan B at ~215M THB, called in tranches (share of the investment before the reserve) <span class="e">est.</span></h3>
<table class="tb tr">
<tr><th>#</th><th>Trigger</th><th>Covers</th><th class="n">Share</th><th class="n">M THB</th></tr>
<tr><td>0</td><td>Now</td><td>Phase 0 work</td><td class="n">1 to 2&nbsp;%</td><td class="n">1.3 to 2.6</td></tr>
<tr><td>1</td><td>BOI certificate, lease, zoning, soil, pricing validated</td><td>Deposits on every long-lead order</td><td class="n">20 to 30&nbsp;%</td><td class="n">~40 to 60</td></tr>
<tr><td>2</td><td>Building permit; build dates in writing</td><td>Construction, utility yard, utilities, balance payments</td><td class="n">35 to 45&nbsp;%</td><td class="n">~71 to 91</td></tr>
<tr><td>3</td><td>Building watertight; first machinery shipped</td><td>Fit-out, ZLD, owned PV and battery, crane, corridor, full metrology, software, cassette and CD-R</td><td class="n">15 to 20&nbsp;%</td><td class="n">~30 to 40</td></tr>
<tr><td>4</td><td>Metal path commissioned; first stampers</td><td>Working capital; the reserve from here on</td><td class="n">8 to 12&nbsp;%</td><td class="n">~16 to 24</td></tr>
<tr><td>0</td><td>Now</td><td>Phase 0 work</td><td class="n">1 to 2%</td><td class="n">1.3 to 2.6</td></tr>
<tr><td>1</td><td>BOI certificate, lease, zoning, soil, pricing validated</td><td>Deposits on every long-lead order</td><td class="n">20 to 30%</td><td class="n">~40 to 60</td></tr>
<tr><td>2</td><td>Building permit; build dates in writing</td><td>Construction, utility yard, utilities, balance payments</td><td class="n">35 to 45%</td><td class="n">~71 to 91</td></tr>
<tr><td>3</td><td>Building watertight; first machinery shipped</td><td>Fit-out, ZLD, owned PV and battery, crane, corridor, full metrology, software, cassette and CD-R</td><td class="n">15 to 20%</td><td class="n">~30 to 40</td></tr>
<tr><td>4</td><td>Metal path commissioned; first stampers</td><td>Working capital; the reserve from here on</td><td class="n">8 to 12%</td><td class="n">~16 to 24</td></tr>
</table>
</div>
<div>
@@ -970,28 +970,28 @@ body.pvmode .stage,body.pvmode .ctl{display:none}
<ul class="chk">
<li>Newbilt re-quote: Duplex with the EX 35, the Classic, build time</li>
<li>Pheenix galvanics quote, against OMS's reference</li>
<li>Sillitoe quote and build time; Sibert's itemised quotation</li>
<li>Sillitoe quote and build time; Sibert's itemized quotation</li>
<li>Building RFQ to two or three Thai contractors, with the soil test</li>
<li>Metrology quotes; solar and battery purchase quotes, a PPA offer beside them</li>
<li>Biomass boilers from Getabec and Chinese makers; fuel offers</li>
</ul>
<h3 style="margin-top:26px">Decisions for the investor</h3>
<ul class="list sm">
<li>Funded by the shareholders as share capital, no bank loan: the call schedule against the tranches</li>
<li>The shareholders' agreement: the split of the 40&nbsp;%, board, reserved matters, calls and tranche releases</li>
<li>The call schedule against the tranches, since the shareholders fund the plant as share capital with no bank loan</li>
<li>The shareholders' agreement, covering the split of the 40%, the board, reserved matters, calls and tranche releases</li>
<li>How quotes landing above the plan price are funded</li>
<li>Each Plan B item weighed against its lever; CD replication before the BOI filing; hedging of the EUR orders</li>
<li>Each Plan B item weighed against its lever, CD replication before the BOI filing, and hedging of the EUR orders</li>
</ul>
</div>
<div class="unl">
<div class="u"><div class="h">Phase 0 unlocks</div><div class="x">The BOI filing, the lease heads of terms and the zoning answer, and quotes in place of the estimated blocks: the next version of the plan.</div></div>
<div class="u"><div class="h">The round unlocks</div><div class="x">Every long-lead order and the build, commissioned in sequence: metal path, Duplex, Classic, with the owned PV, crane and corridor in place. First paying release Q4 2028 to mid-2029, open.</div></div>
<div class="u"><div class="h">Revenue then funds</div><div class="x">The second Duplex system (~15.4M THB at the midpoint <span class="e">est.</span>), PV on the PV-ready office roof and canopies (~120 kWp, ~2.4M to 3.1M THB <span class="e">est.</span>), the phase 2 building.</div></div>
<div class="u"><div class="h">What phase 0 delivers</div><div class="x">The BOI filing, the lease heads of terms, the zoning answer, and quotes in place of the estimated blocks. Together they make the next version of the plan.</div></div>
<div class="u"><div class="h">What the round pays for</div><div class="x">Every long-lead order and the build, commissioned in sequence (metal path, Duplex, Classic) with the owned PV, crane and corridor. The first paying release is open: Q4 2028 to mid-2029.</div></div>
<div class="u"><div class="h">What revenue pays for later</div><div class="x">The second Duplex system (~15.4M THB at the midpoint <span class="e">est.</span>), PV on the PV-ready office roof and canopies (~120 kWp, ~2.4M to 3.1M THB <span class="e">est.</span>) and the phase 2 building.</div></div>
</div>
</div>
<p class="src"><b>Source:</b> business plan B, sections 8.3, 12.2, 14.1 and 14.2; total-investment.md "Two plans" (shareholding and funding); roadmap.md phases 0 to 2. Tranche amounts are the shares applied to Plan B's ~201.6M THB before the reserve (arithmetic). Gates before any order: market validation, the BOI certificate, and land (zoning, lease terms, soil).</p>
<p class="src"><b>Sources:</b> business plan B, sections 8.3, 12.2, 14.1 and 14.2; total-investment.md, "Two plans" (shareholding and funding); roadmap.md, phases 0 to 2. Tranche amounts are the shares applied to Plan B's ~201.6M THB before the reserve (arithmetic). Three gates come before any order: market validation, the BOI certificate, and land (zoning, lease terms, soil).</p>
<footer class="ft"><span>CNX Vinyl · Investment proposal, Plan B (~215M THB) · Draft for discussion, October 2026</span><span class="pg"></span></footer>
<aside class="notes">Now: approve phase 0, about 1.3M to 2.6M THB over three to six months: the BOI consultant, counsel for the lease and the shareholders' agreement, the soil test and the quotes. Then, once validation, the BOI certificate and the land gates clear, a commitment in principle to Plan B at about 215M THB, paid in as share capital in tranches. On offer to co-investors: up to 40&nbsp;%, as the lead investor holds at least 60&nbsp;%; share price not agreed, par the default (slide 13). Decisions: the call schedule, the shareholders' agreement, funding quotes that land high. Why not A? It stays on file as the lowest-capital variant. Sources: business plan B, sections 8.3, 12.2 and 14.</aside>
<aside class="notes">Approve phase 0 now: about 1.3M to 2.6M THB over three to six months for the BOI consultant, counsel for the lease and the shareholders' agreement, the soil test and the quotes. Then, once validation, the BOI certificate and the land gates clear, commit in principle to Plan B at about 215M THB, paid in as share capital in tranches. Co-investors can take up to 40%, because the lead investor holds at least 60%; the share price is open, with par as the default (slide 13). The investor decides the call schedule, the shareholders' agreement and how to fund high quotes. Plan A stays on file as the lowest-capital variant. Sources: business plan B, sections 8.3, 12.2 and 14.</aside>
</section>
</div>
@@ -1003,7 +1003,7 @@ body.pvmode .stage,body.pvmode .ctl{display:none}
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@@ -1016,7 +1016,7 @@ body.pvmode .stage,body.pvmode .ctl{display:none}
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const SRC = {
bp33: "Business plan B, section 3.3; revenue-model.md 'First market data point' and 'Record Industry's calculator'",
bp91: "Business plan B, section 9.1 (blended price USD 3.76 to 5.27 at 60 % specials)",
bp91: "Business plan B, section 9.1 (blended price USD 3.76 to 5.27 at 60% specials)",
ti: "total-investment.md 'Launch plant' (block ranges) and 'Two plans'",
bpB81: "Business plan B, section 8.1, all blocks",
rm: "revenue-model.md 'Operating pictures of Plan A and Plan B (October 2026)'; business plan B, section 9.4",
@@ -1026,13 +1026,13 @@ const SRC = {
pv: "sustainability.md 'What ~520 kWp means on the grid'; business plan B, section 1",
tl: "project-timeline.md, Gantt (August 2026 calendar)",
bp10: "Business plan B, section 10",
sp: "share-price.md (October 2026, all equity: Plan B's ~217M as share capital, net debt 0): par round and call schedule, development premium, value per share (Damodaran EV/EBITDA January 2026, SET peers 20 October 2026, illiquidity discount 20 to 35 %), venture-capital method"
sp: "share-price.md (October 2026, all equity: Plan B's ~217M as share capital, net debt 0): par round and call schedule, development premium, value per share (Damodaran EV/EBITDA January 2026, SET peers October 20, 2026, illiquidity discount 20 to 35%), venture-capital method"
};
const DATA = {
fx: { usdThb: 33, src: "ti" },
price: [
{ k: "eu", label: "European plant, ex works (Record Industry, Haarlem)", lo: 80.2, hi: 80.2, txt: "USD 2.43, ~80 THB", src: "bp33" },
{ k: "cnx", label: "CNX assumed blended price, 60\u00a0% specials", lo: 124, hi: 174, txt: "124 to 174 THB", src: "bp91" },
{ k: "cnx", label: "CNX assumed blended price, 60% specials", lo: 124, hi: 174, txt: "124 to 174 THB", src: "bp91" },
{ k: "th", label: "Thai market, per unit incl. a printed jacket (ResurRec)", lo: 535, hi: 780, txt: "535 to 780 THB", src: "bp33" }
],
/* Plan B block groups, [low, high] in M THB; the nine groups sum to 146.15 to 257.1 (midpoint 201.6) */
@@ -1053,7 +1053,7 @@ const DATA = {
planA: { price: 182, lo: 132, hi: 233, src: "ti" }
},
op: {
cases: ["Adverse", "Central", "Favourable"],
cases: ["Adverse", "Central", "Favorable"],
revenue: [2.28, 3.65, 5.41], ebitda: [0.23, 1.73, 3.79], op: [-0.55, 1.24, 3.50], src: "rm",
opA: [-0.41, 1.33, 3.54] /* Plan A, comparison only (source line) */
},
@@ -1073,9 +1073,9 @@ const DATA = {
dev: [ { pre: 2.6, price: 101.2, prem: 1.2, cost40: 87.8 }, { pre: 10, price: 104.6, prem: 4.6, cost40: 90.8 } ],
value: { axis: 750, ticks: [0, 250, 500, 750], src: "sp", rows: [
{ k: "adv", label: "Adverse", sub: "EBITDA 7.6M THB a year", lo: 11, hi: 42, x: "0.1x to 0.4x par" },
{ k: "norm", label: "Industry-norm margin", sub: "20 % of central revenue", lo: 34, hi: 133, x: "0.3x to 1.3x par", faint: 1 },
{ k: "norm", label: "Industry-norm margin", sub: "20% of central revenue", lo: 34, hi: 133, x: "0.3x to 1.3x par", faint: 1 },
{ k: "cen", label: "Central", sub: "EBITDA 57.1M THB a year", lo: 80, hi: 314, x: "0.8x to 3.1x par" },
{ k: "fav", label: "Favourable", sub: "EBITDA 125.1M THB a year", lo: 176, hi: 688, x: "1.8x to 6.9x par" }
{ k: "fav", label: "Favorable", sub: "EBITDA 125.1M THB a year", lo: 176, hi: 688, x: "1.8x to 6.9x par" }
] },
vc: { lo: 12, hi: 73, adv: [2, 10], rate: [40, 60], src: "sp" }
},
@@ -1088,7 +1088,7 @@ const DATA = {
{ g: "Site", label: "Zoning, soil test, lease", s: "2026-09-01", e: "2027-02-28" },
{ g: "Site", label: "Design and building permit", s: "2027-03-01", e: "2027-06-29" },
{ g: "Site", label: "Construction", s: "2027-07-01", e: "2028-02-26" },
{ g: "Site", label: "Factory licence (Ror.Ngor. 4)", s: "2028-01-01", e: "2028-05-30" },
{ g: "Site", label: "Factory license (Ror.Ngor. 4)", s: "2028-01-01", e: "2028-05-30" },
{ g: "Site", label: "Utilities, PV, battery, fit-out", s: "2028-03-01", e: "2028-06-29" },
{ g: "Machines", label: "Press build at vendor (assumed)", s: "2027-06-15", e: "2028-04-10", crit: 1 },
{ g: "Machines", label: "Sea freight", s: "2028-04-10", e: "2028-05-30", crit: 1 },
@@ -1236,7 +1236,7 @@ function chSolar() {
el(s, "rect", { x: 0, y: 24, width: W - 2, height: 18, rx: 3, fill: C.track });
el(s, "rect", { x: 0, y: 24, width: (W - 2) * D.used / D.plant, height: 18, rx: 3, fill: C.acf });
el(s, "text", { x: 0, y: 16, fill: C.tx2, "font-size": 14 }, "Share of the plant's electricity");
el(s, "text", { x: 0, y: 64, fill: C.ac, "font-size": 15, "font-weight": 600 }, "~" + D.share + "\u00a0%");
el(s, "text", { x: 0, y: 64, fill: C.ac, "font-size": 15, "font-weight": 600 }, "~" + D.share + "%");
el(s, "text", { x: W - 2, y: 64, "text-anchor": "end", fill: C.mu, "font-size": 14 }, "~" + D.used + " of ~" + D.plant.toLocaleString("en-US") + " MWh");
}
@@ -1302,7 +1302,7 @@ function chGantt() {
el(s, "text", { x: X("2027-05-15") + 12, y: yb + 17, fill: C.tx, "font-size": 13.5 }, "certificate ~May 2027");
// metal-path note at the test-pressing row
const tp = D.rows.findIndex(r => r.label.startsWith("Test")), yt = T + tp * rh;
el(s, "text", { x: X("2028-09-15") - 12, y: yt + 17, "text-anchor": "end", fill: C.neg, "font-size": 13.5 }, "metal-path commissioning comes first; not yet in this calendar");
el(s, "text", { x: X("2028-09-15") - 12, y: yt + 17, "text-anchor": "end", fill: C.neg, "font-size": 13.5 }, "metal-path commissioning comes first and is not yet in this calendar");
el(s, "line", { x1: 0, x2: R, y1: Bt, y2: Bt, stroke: C.line });
// legend
const ly = Bt + 26;
@@ -1310,7 +1310,7 @@ function chGantt() {
el(s, "text", { x: 146, y: ly, "font-size": 14 }, "critical path");
el(s, "rect", { x: 260, y: ly - 11, width: 26, height: 12, rx: 3, fill: C.par });
el(s, "text", { x: 294, y: ly, "font-size": 14 }, "parallel track with float");
el(s, "text", { x: R, y: ly, "text-anchor": "end", "font-size": 14, fill: C.dim }, "August 2026 calendar, optimistic end drawn; every duration an estimate");
el(s, "text", { x: R, y: ly, "text-anchor": "end", "font-size": 14, fill: C.dim }, "August 2026 calendar with the optimistic end drawn; every duration is an estimate");
}
/* ======================================================================
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