Clover Power Public Company Limited (SET: CV) has disclosed information through the Stock Exchange of Thailand for an update on its efforts to recover advance payments related to two cancelled investment acquisitions: Fernview Environmental Pty Ltd. (“Fernview”) and West Tech Exponential Company Limited (“WTX”).
Recovery of Advance Payment for Fernview
The Company advanced AUD 10.5 million (approximately THB 237.4 million) to M8 Holding Company Limited (“M8H”) for the acquisition of 99.9% of Fernview’s registered capital. This represented around 65% of the total investment funds received by Fernview’s administrators. The acquisition was cancelled by the Board of Directors on 16 January 2024 (Meeting No. 1/2024).
Following M8H’s failure to repay the AUD 10.5 million plus 15% annual interest, as demanded by the Board on 12 November 2024, the Company prepared for litigation. Subsequently, M8H proposed collateral to secure the debt.
The Board approved accepting a pledge of 69,900 Fernview shares as security for the outstanding debt and accrued interest. These shares were independently appraised at approximately AUD 38.6 million (equivalent to THB 806.5 million), deemed sufficient to cover the obligation in full. The Board considers this arrangement more beneficial than pursuing litigation. Execution of the pledge agreement is currently underway and expected to be completed by 31 October 2025.
Importantly, Fernview’s landfill project began commercial operations on 16 September 2025. This development is expected to generate revenue, enabling M8H to attract new investors and fully repay the Company.
Recovery of Advance Payment for WTX
The advance payment for the cancelled acquisition of WTX from Functional Investment Pte Ltd. (“FI”) amounts to USD 4.95 million (approximately THB 180 million).
To recover this sum, the Board resolved on 27 November 2024 (Meeting No. 8/2024) to pursue legal action through the Singapore International Arbitration Centre (“SIAC”). The Company has since engaged a reputable Singapore-based law firm to initiate arbitration proceedings against FI.
