OTTO MARINE LTD 
By (UEN : 197902647M)
(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)
EXPIRY OF EXCHANGE PERIOD UNDER EXCHANGEABLE LOAN AGREEMENT
The Board of Directors of Otto Marine Limited (the "Company")
refers to its announcement made on
14 October 2011 (the "Previous Announcement") and the
Exchangeable Loan Agreement dated 8
April 2008 (as amended by a Deed of Amendment dated 29
September 2008, a Deed of Amendment dated 25 June 2009, a
Deed of Amendment dated 8 February 2010, a Deed of Amendment
dated 30
September 2010 and a Deed of Amendment dated 14 October 2011)
(the "ELA"), entered into
between our controlling shareholder, Business Companion
Investments Limited ("BCI"), Standard
Chartered Private Equity Limited ("SCPEL") and our Executive
Chairman, Mr. Yaw Chee Siew (BCI, SCPEL and Mr. Yaw Chee
Siew, collectively, the "ELA Parties"), under which SCPEL
made a loan of S$70.0 million (the "Loan") available to BCI
in two tranches of S$35.0 million each (each, a "Tranche")
and acquired certain indirect interests in the Company by
means of a right to exchange the Loan together with
applicable interest for shares in the Company ("Shares") held
by BCI, in accordance with the terms of the ELA.
Please refer to the prospectus issued by the Company on 21
November 2008, in connection with the initial public offering
of its Shares to the public in Singapore and the Company's
announcements made on 26 June 2009, 21 August 2009, 31 August
2009, 8 February 2010 and 30 September 2010, for more details
on the ELA.
All capitalised terms and references used in this
Announcement shall, unless otherwise defined herein, have the
same meaning ascribed to them in the Previous
Announcement.
BCI has notified the Company that the ELA Parties did not
reach an agreement with respect to the
Amended Tranche 2 Loan Conditions.
Consequently, the exchange period for the second Tranche of
the Loan expired on 31 October 2011 and SCPEL did not serve
on BCI a notice to exchange that Tranche for Shares held by
BCI. The exchange period for the first Tranche of the Loan
had expired on 14 October 2011, as announced in the Previous
Announcement.
The Company is not a party to the ELA and the exchange of any
or both of the Tranches together with applicable interest for
Shares pursuant to the ELA would not have resulted in the
issue of new Shares by the Company, but only in a dilution of
BCI's interest in the Company.
By Order of the Board
See Kian Heng
Company Secretary
1 November 2011
