Evolution Capital will cancel the private placement of 65.8 million shares, due to the delayed payment by Thai investors selected by its placement agent, Country Group Securities.
Country Group yesterday explained that investors were unsure of the company's outlook as MR Chatu Mongol Sonakul resigned as Evolution's chairman during the placement period.
Bee Taechaubol, chief executive officer of Country Group, said that the resignation caused confusion among investors as they are unsure of the company's outlook.