NEW NORDIC DEVELOPMENT AUGUST 22 | Transcript and appeal

To:​ All New Nordic Development Co Ltd Customers

We received the transcript of the judgement of the Central Bankruptcy Court of Thailand in refuse the application of New Nordic Development Co Ltd to enter Business Reorganisation on last Monday afternoon.

We have had an initial review of the judgement with our lawyers and believe that there is sufficient grounds on which to appeal the decision. We believe that there were some areas in the judgement that did not address some of the unique aspects of the company’s operations and its potential for recovery nor adequately recognises the support we believe we receive from our customers now, and will receive in the future.

As a consequence, the management of New Nordic Development Co Ltd has determined to appeal the judgement at the Appeal Court. We have now instructed lawyers to study the decision in detail and to prepare the appeal, which must be lodged no later than 27 August 2022.

As we have said before, the management of New Nordic Development Co Ltd is committed to working for the best possible outcome for its customers. We will keep you advised when the appeal application is lodged.