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: 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.
User, October 2026: take the BOI duty-free import and VAT exemption into
consideration.
- boi.md: import VAT goes with the BOI duty exemption (Revenue Department
answer on the BOI OSOS FAQ, checked October 2026); what it is worth:
~2.75M USD of imported machinery at the start fleet (block midpoints)
would otherwise carry ~5 % duty (Thai MFN averages 4.1 % on HS 8477,
0 to 10 % across HS 84; estimate until the HS codes are set), ~0.14M
USD, and 7 % import VAT, ~0.2M paid at the border and recovered later
as input tax, mostly as a refund claim since exports are zero-rated.
- total-investment.md: the blocks are vendor prices without duty or
import VAT, so the headline already assumes promotion.
- Fleet calculator: BOI promoted / not promoted switch and export share.
Not promoted adds the machinery duty to capex and depreciation, shows the
import VAT as cash at the border, and charges duty on imported PVC
compound; promoted exempts both, with no compound duty on exported
records and 90 % off for domestic sales (sections 36(1) and 30). A note
under the KPIs shows what promotion saves either way. Defaults: payback
3.1 years with BOI, 3.2 without; adverse case operating result -31k
with BOI, -68k without. CIT and BOI CIT exemptions still not modelled.
Payap also wants to work closely with the project on new student
programmes: audio engineering (mastering, lathe cutting), IT, business
administration and more.
New docs/payap-partnership.md: why it fits (mastering/cutting engineers
are the hardest hires; Payap has music, IT, business, communication arts,
an English-language International College and pharmacy labs; the plant has
a lathe, production data and a real factory application), programme areas
mapped to the docs they draw on, and what it changes: a reason to bring
the cutting room (roadmap item 27) forward, a cutting engineer before the
students, lacquer and stylus cost of teaching, pre-release security for
customer audio, student access and safety, IT work on staging only, the
link to the Payap land, BOI R&D merit. Suggested form: MOU, internships,
short certificate courses first, degree tracks later; what to settle in
writing and questions for the next meeting.
Links from README (bullet, layout), site-candidates, roadmap item 27, the
supplier map's open training item and the BOI open items.
Group B base activity (plastics) with non-tax package and machinery duty
exemption; CIT value engineered via solar/BESS, smart-and-sustainable
automation, and R&D merit measures; NEC/Lamphun regional angle; BOI
approval sequenced ahead of incorporation and machinery orders
grabowski