Regen Capital
Project Pipeline
✓ NDA Bilateral Complete — Matt Windsor countersigned 2026-05-18. Regen Capital Partners.
Deal Phase
✓
Intro
✓
NDA
→
DD-Prep
4
Data Room
5
Term Sheet
6
Close
Key Stats
NDA Status
Bilateral
Signed 2026-05-18
Days Since Contact
1
Matt Windsor
Data Room
15%
Ready
Normalisation Memo
0%
(฿8.3M) loss → ฿13.1M
Deal Context: Whole-group EOI. Implied equity ฿24M–฿49M (4–8× EBITDA). Partial debt clearance. Counterparty: Matt Windsor + Pakkanat (Regen Capital Partners).
Blockers
1
Director Receivable ฿27.3M Red
Must be unwound before data room
2
Land Valuation Gap ฿18M Red
฿124.2M recorded vs ฿106.2M appraisal
3
Normalisation Memo Red
Reported (฿8.3M) loss → normalised ฿13.1M. 0% complete.
4
Jensen Tunnel Washer ฿4.9M Yellow
Non-operating — Salinee explanation pending
5
OD-GSB Overdue Yellow
DD optics risk — resolve before sharing banking data
Next Actions
Review + send reply to Matt Windsor
Build whole-group data room checklist
Complete normalisation memo (template exists)
Recent Updates
2026-05-18
Matt Windsor countersigned NDA. Phase: nda → dd-prep.
2026-05-17
Michael → Pakkanat: "My father is interested in talking and visiting facilities." Suthep engagement unlocked.
2026-05-16
Pakkanat replied: "Please resend NDA. We will countersign promptly."
2026-05-15
Phase shift to pre-DD. NDA sub-goals 100%.
🔴 Lotus's FM — protect the ฿3.8M/month retainer. Everything runs on this.
Project Pipeline — Sorted by Priority
Project Entity Impact Status
Critical
Lotus's FM Contract Retention
 PT
฿3.8M/month retainer = PT primary revenue anchor
 At risk
Strategic
ReGen Capital EOI
 ID
฿24M–฿49M implied equity (4–8× EBITDA)
 DD-Prep
Cleantopia M&A (STIC)
 ID
฿250M for 49% ID → clears all debt + recapitalises group
 Stalled
High
PT War Pricing v2.0 (+25%)
 PT
+25% margin across 259 SKUs. Compounds annually.
 Live Apr 1 2026
Hospital Price Renegotiations
 ID
฿11.9M underbilling gap — recoverable
 Active, no timeline
Personal
AIA Insurance Advisory
 Personal
4 leads · ฿45–90K FYC per HNW · renewal book ฿150–400K/mo
 Closing now
P1T
Sansiri Executive Calibration
 P1T
Active. Likely ฿50–200K.
 Active
P1T AI Advisory (Bright / K Garden)
 P1T
฿80–150K. Validates methodology + price anchor.
 Scoping
Ops
PT CRM Build (M1+M2)
 PT
Enables PT freelance sales programme
 M1 live · M2 June
Structural
PT Separation Pipeline
 PT
Structural independence. Reduces cross-entity liability.
 Active priority
When These Land, the Picture Changes
◎
Lotus's FM renewed and secured
PT cashflow stabilised. OD acute risk recedes.
◎
1 AIA HNW policy closed
Personal income channel validated. Renewal book started.
◎
K Garden & Fence signed as P1T client
AI Advisory methodology proven. Pricing anchored.
◎
Hospital renegotiations resolved
฿11.9M cashflow recovery for ID.
◎
Cleantopia / STIC deal closes
Debt cleared, group recapitalised. Generational.
◎
Personal income reaches ฿500K/mo
Salary + P1T + AIA. Buffer above PEO exposure.