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: 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: the main investor W wants to hold at least 60 % of
the company (the BOI-promoted company), so only 40 % is for sale.
- total-investment.md "Two plans": the 60/40 rule; Ploy Printing's
stake, founders' shares and any further co-investor come out of the
40 %; at Plan B's ~54M THB equity floor (3:1) and one share price
that is at least ~32M / at most ~22M THB (arithmetic only; share
price, valuation and in-kind shares not agreed).
- README Project Status and boi.md (foreign-ownership privilege) point
to it.
- Business plan: section 12.2 states the split (A: ~28M / ~18M, B:
~32M / ~22M at the equity floor, arithmetic), the co-investment bullet
and the decisions list name the 40 %; A and B rebuilt (63 pages each,
TOC and em-dash check clean).
User, 19 Oct 2026: the main investor wants to go with Plan B; fix the
stale docs the deck build found.
- total-investment.md "Two plans" and README: the main investor wants
Plan B (~217M THB, labelled ~215M); Plan A stays as the comparison.
- boi.md: duty without BOI on the launch plant's ~2.3M USD of imported
machinery (~0.11M duty, ~0.17M import VAT), as total-investment states;
the calculator's ~2.5M includes the water treatment; the old ~2.75M
was the superseded start fleet.
- roadmap.md item 2: the BOI application stacks automation, R&D and the
battery if it qualifies; solar lost promotion on 1 July 2025.
- project-timeline.md: October re-read note (launch plant with
galvanics commissioned first, long lease of raw land, Plan B price;
calendar not redrawn); galvanics rows no longer "Phase 5".
- revenue-model.md: blended price at 60 % specials ~124 to 174 THB
(3.76 to 5.27 USD), the Thai gap "three to six times".
- site-candidates.md, scale.md: utility yard with air-cooled chillers,
no cooling tower; electroplating permission needed from the start.
- Business plan: working capital 4.5M to 9.6M THB (as total-investment);
A and B docx and PDF rebuilt (63 pages each, TOC checked).
User, 17 Oct 2026: "only put solar on the factory, prepare the other
buildings for solar, option a and b should operate on biomass".
- Steam: two 500 kg/h biomass modules (Getabec class, 6M to 10M THB) plus
a fuel store and handling block (1M to 2M, estimate) in both plans; the
electric bank becomes the alternative. ~0.67M THB of fuel a year against
~4.9M for electric steam; grid demand ~264 kW instead of ~980 kW.
- Solar: ~520 kWp on the factory roof (the biomass-case optimum is ~500 to
550 kWp, hourly sketch in sustainability.md "PV size with biomass
steam"); office roof and parking canopies built PV-ready (~120 kWp
later). ~87 % used on site, ~61 % of the plant's electricity.
- Calculator: biomass default, bFuel row, pvKWp 520, pvSelf 87, iso fills
the factory roof first and shows the other roofs as PV-ready.
- Numbers: launch plant ~168M / 232M / 296M with contingency; Plan A
~182M (~2M above 180M: the Chinese-route lever priced only electric
boilers; a Chinese biomass quote is the way back), Plan B ~217M (label
~215M), ~35M more. Calculator EBITDA A 2.17M, B 2.23M USD.
- CSV, total-investment, revenue-model, sustainability, scale, biomass,
site-candidates, boi, steam-cooling, construction RFQ (canopies
PV-ready), README, roadmap; business plan draft 0.3 rebuilt (A and B
63 pages) with new renders.
Solar (user, 17 Oct 2026: "use as much roof space as possible")
- PV on every roof and canopy: ~640 kWp on the Payap scenario plot
(factory roof ~523, canopies ~54, flat office roof ~65 kWp around the
AC units); ~300 kWp on the Mueang Chi hall. Calculator: pvKWp 640,
new pvSelf 85 % (zero export, hourly sketch), PV cost per kWp times the
array, office-roof PV in the iso view, roofs drawn full.
- 12.8M to 16.6M THB at 20 to 26 THB/W; CSV baseline 34.37M to 56.34M;
launch plant ~168M / 231M / 294M THB with contingency; Plan B ~216M
(label ~215M), ~39M above Plan A; Plan A unchanged (it leases the
array), its solar lever ~17.5M. PV payback ~4.2 to 5.9 years.
- Permits (rooftop solar no factory licence since 28 Dec 2024, ERC
exemption under 1,000 kVA, PEA zero export) and PPA discounts sourced
in sustainability.md.
BOI correction
- Announcement 3/2568 (in force 1 July 2025) ended BOI promotion for
solar installations; only the battery may qualify (12M THB per MW cap).
Removed the "BOI solar measure" from boi.md, total-investment,
revenue-model, sustainability, site-candidates and both plan versions;
Plan B's case for owning the array is the PPA bill it avoids
(~0.07M USD a year).
Open source (user, 17 Oct 2026)
- digital-factory.md "Open source throughout, and working with other
plants": everything we run and build is open source on NixOS, our code
published (licence to decide), vendor firmware the stated exception;
later the stack and factory-automation services for other pressing
plants, not in the revenue.
- Business plan section 5.6 plus an executive-summary bullet, reading
guide and not-modelled mentions; draft 0.3 rebuilt (A 60, B 61 pages),
renders re-made with the roofs full.
- Rooftop PV, 300 kWp (size still illustrative): 20 to 26 THB/W installed
with the Deye hybrid inverters, 6.0M to 7.8M THB (was 25 to 35 THB/W,
7.5M to 10.5M). Sources in the utilities CSV: DEDE Thailand PV Status
report (Mahidol survey: 22 to 25 THB/W for factory systems of 10 kW to
1 MW, 2023), CapSolar 2026 (20 to 25 under 1 MWp), Saimai Solar's list
(300 kW for 5.4M THB), Deye hybrid inverter retail (160,500 THB per
50 kW).
- Battery 271 kWh, now installed: 2.0M to 3.5M THB (was the bare Gobel
list price, 1.4M to 2.0M, which matches DEDE's 5,000 to 7,000 THB/kWh
for LiFePO4); adds enclosure, fire protection, controls and installation,
below CapSolar's 12,000 to 15,000 THB/kWh for a fully installed factory
BESS because the hybrid inverters do the conversion (estimate).
- Utilities baseline 27.57M to 47.50M THB; launch plant ~160M / 222M /
283M THB with contingency; Plan B ~208M (~149M to 266M), ~31M more than
Plan A; Plan A's total unchanged, its solar lever ~9.7M. PV payback
~3.8 to 5.4 years (sustainability.md). Calculator, README, roadmap,
revenue model and both business plan versions (renders included)
updated.
- Plan B now starts like Plan A with one Duplex system and one Classic,
but takes none of the six levers: owned solar and battery (with the BOI
solar measure), the full metrology stack, the visitor corridor, cassette
and CD-R, the bought crane and Thai-supplied utilities (user, 17 October
2026). ~193.8M THB before the reserve, ~209M with it (~150M to 268M),
~32M (~18 %) more than Plan A; the second Duplex is a growth step from
revenue in both (~15.4M THB, estimate).
- total-investment.md "Two plans" re-based (heading and anchor now
"B at ~210M THB", README and roadmap links updated); revenue-model.md
operating pictures: same volume and EBITDA as Plan A, depreciation on
Plan B's capital (operating profit 1.26M USD central, payback ~3.7 yr);
the extra earns nothing in the modelled table, which the docs say.
- Calculator: Plan B preset = the launch plant with contingency kept out
(EBITDA 2.07M USD, cash payback year ~4.3, IRR ~21 %); budget card marks
180M and 180M plus 25 %; preset label "Plan B (~210M, all in)".
- Business plan draft 0.3, both versions rebuilt: every Plan B branch of
the three content files rewritten; renders regenerated with the
isometric view turned to the front of the site (road, car park, office,
corridor facade) for the cover and Figures 8 to 10.
- Cover and section 6.2 now use the isometric plant view of the plant and
business plan calculator, drawn with each version's own preset: the
cover (roofs, no labels), Figure 8 the site from above, Figure 9 the
ground floor cut open, Figure 10 the press hall close up. The FreeCAD
aerial render, the Mueang Chi site plan and the hall layout sketch are
no longer in the plan; the captions say the calculator draws the Payap
scenario model while the 6.2 text and zone table are the Mueang Chi
hall.
- New section 5.5 "The software: plant overview, factory console and
artist platform" with six screenshots of the demos: the plant overview
(simulated SCADA), the factory console press floor and its ERPNext
link, the artist ordering offer, fan funding and the record passport.
Simulated data is marked as such; the platform name stays undecided.
- Figures renumbered (budget card 11, cash 12) and named in the
section 15 source table. Renders in docs/renders/calculator/ and
docs/renders/demos/; README bullet updated.
- One build makes both documents: plan_variant.py switches the
plan-specific text (pick / is_a / label); build_plan.py writes
CNX-Vinyl-Business-Plan-A and -B (docx), export_pdf.py exports both PDFs
with the table of contents filled in. Draft 0.2 (single launch-plant
plan with contingency) is removed; it stays in the history.
- Plan A: the launch plant with every machine and six cost levers, ~177M
THB with the ramp-up reserve, no contingency. Plan B: the second Duplex
at launch, five presses, ~224M THB on the same basis. Each version reads
as a complete plan with one table comparing it with the other; the
216M investor-question text is gone, Pheenix is priced at OMS's
reference plus 20 %.
- Calculator renders in both documents, each from its own preset: the
plant at a glance (Figure 4), the budget check (Figure 5) and ten years
of cash (Figure 6), in docs/renders/calculator/.
- Calculator budget card: the verdict and third KPI now name the tightest
budget the midpoint fits (Plan A: 3.3M to spare under 180M; Plan B:
0.8M under 225M) instead of always 225M.
- Fixes: CD replication cross-references point to section 4.10; the
blended price in section 3.3 and roadmap item 1 is 3.76 to 5.27 USD at
60 % specials (3.50 to 4.60 at a standard-heavy mix).
grabowski