Embattled Pace Development Corporation Plc (PACE) has postponed the submission of a clarification on its investment projects' fair value assessment for the third time, saying the company and auditor are reviewing the draft assessment report.

"The second financial adviser appointed by the company has submitted a draft report of the fair value measurement to the company, [which is being] reviewed by the company and the auditor," said Pace in its statement.

"This process also includes considering the data source, the reasonableness of the assumption, and the completeness of the data and the conditions of investment."

Pace expects to receive a comprehensive report of the fair value assessment by Feb 2 and has postponed submitting its clarification to Feb 9.

Initially, the Securities and Exchange Commission (SEC) instructed Pace to clarify the reasonableness of the assumptions used in the fair value measurement for Pace Project One Co Ltd and Pace Project Three Co Ltd. The regulator demanded Pace publicly disclose such assumptions and the sensitivity analysis on significant factors through the Stock Exchange of Thailand's (SET) electronic information system by Nov 30, 2017. The SEC later extended the deadlines to Jan 15 and then Jan 31 at Pace's request.

Pace's auditor has not provided a conclusion on the company's consolidated income statements in the second and third quarters of 2017. The auditor could not determine the fair value of MahaNakhon Tower or the assumptions on which its estimated future revenue from the related-observation decks were determined.

Pace used that estimated income to record an investment amount of 8.23 billion baht and recognise a gain of 8.9 billion from the loss of control of a subsidiary, said the SEC.

Pace's financial liabilities and bills of exchange troubles stem from its decision to use short-term debt instruments in the capital market to fund long-term investments. But the practice is viewed by some as a mismatch in terms of funding and repayment obligations.

Saddled with massive debts, Pace plans to raise funds through recapitalisation and the sale of two residential projects whose acquisition value could be 14.5 billion baht.

In January, Pace's board of directors approved the allocation of 400 million new ordinary shares to Siam Commercial Bank through a private placement, intending to help improve the company's financial liquidity.

Separately, Polaris Capital Plc (POLAR) has informed the SET the official receiver announced the receiving notice in the Royal Gazette on Jan 30, meaning creditors have to submit a review of claims within two months from the date of receiving notice. Polaris Capital in October clarified to the bourse its subsidiaries had halted projects as the firm had been ordered into receivership by the Central Bankruptcy Court.