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.
User, 20 Oct 2026: the plan is that the shareholders fund the whole
plant and get shares for that (no bank loan).
- total-investment.md "Two plans": Funding paragraph: Plan B's ~217M
THB paid in as share capital; the lead investor's 60 % at least ~130M,
the 40 % at most ~87M (~121M / ~81M before the reserve; Plan A ~109M /
~73M); capital registered in full and called in instalments against
the tranches; BOI's 3:1 met with no debt; nothing pledged.
- boi.md, README Project Status and the share-price bullet follow.
- Business plan A and B: the ask, the decisions, section 12.2 (funding
bullet replaces the 3:1 equity floor), section 14 and the BOI
requirements paragraph; "not in this plan" now names bank debt; both
rebuilt (63 pages, checked).
- share-price.md re-based: 2,170,000 shares of 100 THB, the 40 % ~86.8M
THB; illustrative calls 25/40/20/15 % against the tranches; premium
rows on 217M; value per share once running with no debt (adverse 11 to
42 THB, central 80 to 314, favourable 176 to 688 per 100 THB paid);
VC method and CAPM recomputed; the calculator's ~22 % IRR is now the
shareholders' pre-tax return (~18 % after tax, rough); missed-call
rules (CCC 1120 to 1125); the levered case kept as "if a loan were
added later".
- Deck: slide 12 (all equity, 60/40 bar ~130M / ~87M, none pledged,
share capital called in instalments), slide 13 (re-based table, chart,
premium cards, VC line), slide 17 (co-investor card, calls) and notes
("lenders" -> "investors"); both PDFs rebuilt; deck verify clean.
User, 20 Oct 2026: add a page about possible share prices, do some
calculation on normal market data.
- docs/finance/share-price.md (new): market data with sources and
dates (Damodaran January 2026 EV/EBITDA, P/E and betas for emerging
markets and global; Thailand ERP 6.18 % (July 2026); ThaiBMA 10-year
2.30 % (19 Oct 2026); illiquidity discount 20 to 35 %; venture target
returns by stage; SET peers SCGP, TPAC, SITHAI, GRAMMY; Thai Civil and
Commercial Code on par value and premiums).
- Results, all estimates: A founding round at par, pari passu: 542,500
shares of 100 THB at Plan B's 54.25M equity floor, the 40 % ~21.7M
THB; B a premium only for documented pre-round costs (102 to 137 THB);
C value per share once running at ~163M THB debt: adverse ~0, central
126 to 1,016 THB, favourable 508 to 2,512 THB; D a financial investor
today 18 to 236 THB (central); E calculator cross-check. Recommendation:
par for the founding round; pre-emption and information rights for the
40 %.
- Deck: new slide 13 "Share price: what the 40 % could cost" in both
themes, with notes; the ask slide points to it; 17 slides, both PDFs
rebuilt; site slide notes trimmed.
- README bullet, layout line and Project Status link; total-investment
shareholding paragraph links the page.
User, 20 Oct 2026: Payap University claims they can rezone the land;
update the deck to show it is still an option. And: do not use a
transparent vinyl as the example in the order tool screenshot.
- land-listings/payap/rezoning-2026-10-20.md (new): what a rezoning is
under the Town Planning Act B.E. 2562 (section 35 amendment started by
DPT or the local official, Town Planning Commission, 30-day posting
with objections, Ministry of Interior notification via Cabinet and the
Royal Gazette; a landowner can ask, not rezone), the DPT's own work
plan (~70 weeks without objections, ~82 with: ~16 to 19 months), the
schedule effect (roughly a year on first production unless the request
starts now; estimate) and what to ask Payap. DPT procedure PDF filed.
- site-candidates.md: Payap "still an option" in the table, rezoning
paragraph with an Open action, check 1 and the re-siting rule; zoning
record, payap-partnership.md and README point to it.
- Business plan 6.1, risk table and critical path: Payap's rezoning
claim and its ~16 to 19 months; A and B rebuilt (63 pages, checked).
- Deck: site slide names Payap as an option once rezoned, notes and
source line; risk row updated.
- order.html: the "Splatter 12"" preset now has a white base instead of
clear; deck platform screenshots re-shot in both themes (numbers
unchanged: 100 fans, break-even 46, ~480 THB kept). Order checks 96/96,
fan parity 206/206; deck verify clean in both themes, PDFs rebuilt.
User, 20 Oct 2026: can the deck also be made in a light and dark mode;
the new order tool should also offer fan funding, so the platform
screenshots match and use the same calculator; the main investor holds
at least 60 %, so 40 % is for sale.
Order tool (docs/order.html, /demos/order/):
- New step 15 "How to pay": pay the plant directly (deposit) or let
fans fund it; step 16 becomes "Review & launch" with the campaign
simulation and its three outcomes.
- Campaign maths ported from make-a-record (fan price, length, cap, own
copies, VAT; fans needed = max(100, break-even); keep at the goal and
with more fans; price hint); R gains fee (3.5 %), VAT and campaign
length with sources; no price changed.
- Quote card shows fan price, fans needed and the artist's keep on the
fan route; route and campaign in the #q= hash; deep links
#s=<step>&p=<preset>&route=fans.
- Parity with make-a-record: 206/206 checks over 40 configurations;
default quotes unchanged (37,836 / 217 / 102,936 THB; partner
mastering 43,676).
Investor deck (docs/pitch/):
- Light and dark theme like the other site pages (cnx-theme, T key and
button), presenter and overview follow; charts from CSS variables;
text pairs at WCAG AA in both themes; tool screenshots in both themes.
- Two PDFs: dark and light (print-friendly), each ~1.5 MB.
- Platform slide: both pictures from the order tool (Splatter 12" order
step and its fan-funding view: 100 fans at 1,200 THB, break-even 46,
~480 THB a copy kept).
- BOI and financing slide: shareholding bar, lead investor at least 60 %,
at most 40 % for co-investors (~32M / ~22M THB at the ~54M equity
floor, arithmetic only); the ask offers up to 40 %.
Docs: artist-platform.md (fan funding in the order tool), README and
landing page entries.
User, 19 Oct 2026: build the deck again but focus on Plan B, the main
investor wants to go with that.
- Proposes Plan B, ~217M THB at the midpoint (~6.56M USD), labelled
~215M; Plan A (~182M) only as the comparison. Every running footer,
source line and speaker note now presents Plan B.
- New slide 9 "Why Plan B": ownership and control, not a higher
modelled return (owned roof PV and battery instead of a PPA, full
metrology from the first release, corridor and tours from day one,
cassette and CD-R, bought crane, Thai utilities; ~34.5M THB together);
Plan A has the better modelled return, owning the array earns no BOI
tax benefit.
- Investment by block for Plan B with low-high ranges, the "what Plan B
buys" table, no contingency (~30M at 15 %); operating picture, cash
curve (payback ~4.2, IRR ~22 %, NPV ~4.7M USD) and BOI slide (equity
at least ~54M THB at 3:1, owned PV and battery as collateral) for B;
B-specific risks; the ask with the Plan B tranches only.
- Plan B renders replace the Plan A ones; PDF regenerated, 16 pages,
1.5 MB.
- README and landing page entries say 16 slides and Plan B.
- Checks: every slide at 1920/1440/1280/390 px without overflow,
navigation and presenter sync, PDF pages and text, no em dashes.
User, 19 Oct 2026: build a high-end investor pitch deck; the whole
plant, web slides on the test site with presenter mode plus a PDF,
12 to 15 slides, both plans, for a BOI / bank / institutional reader.
- docs/pitch/index.html (site /pitch/): title, opportunity, the chain
under one roof, how a record is made (9 stages, 3 gates, traceability,
ERPNext), platform, site and building, sustainability and region,
investment A vs B by block with the six levers (no contingency in
either price), operating picture with the adverse case, ten-year cash
and returns (calculator presets), BOI promotion and the 3:1
debt-to-equity condition (financing structure to be agreed), schedule,
risks, team and vendors, the ask (phase 0 then tranches).
- Every figure carries a source line (business plans draft 0.3 and the
owning docs); speaker notes per slide; P opens a synced presenter
window, O the overview, F fullscreen, #n deep links.
- img/: six WebP pictures (calculator renders, order tool, fan funding,
record passport); CNX-Vinyl-Investor-Deck.pdf, 15 pages 16:9, images
re-encoded to 1.5 MB.
- site/build.sh copies docs/pitch/ to /pitch/ (new DIRS list); the
deploy also triggers on docs/pitch/**; landing page and README entries.
- Checks: 15 slides at 1920/1440/1280/390 px without overflow, navigation,
presenter sync both ways, PDF pages and text, no em dashes.
grabowski