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Placement at $0.432 Last closing price before trading Halt is $0.48 Otto Marine proposed to raise S$95.0 million from placement of 220 million new shares at S$0.432 per share • Placement is expected to receive significant interest from investors • Funds will be utilized mainly for expanding its new Specialised Offshore Services business and expansion of it ship chartering fleet Singapore, 26 January 2010 – Otto Marine Limited, (“Otto Marine” or the “Group”), a leading offshore marine company which specializes in building complex offshore support vessels and ship chartering, is pleased to announce that it intends to raise gross proceeds of about S$95.0 million via the placement of 220 million new ordinary shares at S$0.432 per share. The new shares represent approximately 13.2% of the total number of issued shares of 1,670,429,000. The share placement represents a discount of approximately 9.83% to Otto Marine’s volume-weighted average market price of S$0.4791 on 22 January 2010. Share placement agent Kim Eng Securities Pte. Ltd has entered into a securities lending agreement with Mr. Yaw Chee Siew, the Executive Chairman of the Group, for 220 million shares in order to facilitate the placement. The placement will allow the Group to raise estimate net proceeds of up to S$92.6 million. Otto Marine intends to allocate the Net Proceeds in the following manner: • 30% for the expansion of the Group’s chartering fleet • 53% for investment in the Group’s Specialised Offshore Services business • 17% for general working capital purposes “We are very pleased that the share placement received strong support from the investment community. With these proceeds we will be able to accelerate our growth in our new Specialised Offshore Services business and expand our ship chartering fleet.”
Life's like a box of chocs, you'll never know what you gonna get. I didnt know, but when you walked into my life, i just knew i'd gotten the sweetest box...
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