Ann: Donaco Receives Lender Support, page-4

ASM has said from the start, even before covid. They'll introduce new partner into Donaco.

Think about this:

the company will still have cash of $9 million USD at 30 June 2020, Border due to reopen in July/August. Latest, would be September. They've got time to turn this ship around even without capital raise.

Megabank would have done some background checking before making the extension... So the business is sound. Else, Megabank would have ask for their money back already.

There is no way Somboon will agree to dilute this shares holding to 3 cents, similarly ASM paying 23 cents. won't want to dilute their holdings to 3 cents.

Somboon only hold 18%, ASM holding 20% of shares. Both can't votes their shares, if they're also participating in capital raise. huge conflict of interest... so they would need to come up with a very good deal for the other holders to also agree... that's the other 62% of holders, if Somboon doesn't also agree. Then that's 80% of holders.. there is no way capital raise will happen if 80% holders don't agree.

previously, ASM forked out 23 cents for the shares. When market price was at 6 cents. So, we do know that the Chinese are prepare to pay a huge premium compare to market price.

Hence, iam suggesting capital raise at around 15 cents. Which is equivalent to NTA. If both ASM and Somboon is to agree to bring in an external partner.

remember, Donaco still have $9 million cash, Megabank didn't ask for any of that money. If the situation was really desperate, Megabank would have asked for the cash already.. maybe $2 -$3 million.. But in this case, they simply approve the extension without any harsh demand.