OTTO MARINE LTD 
By
(Company Registration Number: 197902647M)
(Incorporated with limited liability in the Republic of
Singapore on 5 September 1979)
Unless otherwise defined, all capitalised terms used herein shall bear the same meaning as in the offer information statement dated 10 April 2012 ("Offer Information Statement" or "OIS") issued by Otto Marine Limited ("Company") in relation to the Company's fully underwritten renounceable rights issue ("Rights Issue").
The Company wishes to announce that to-date, out of the net
proceeds of S$74.6 million from the Rights Issue (the "Rights
Issue Proceeds"), the Company has utilised S$65.6 million in
the following manner:
- S$33.0 million for funding a vessel for
chartering purposes
- S$32.6 million for general working capital
requirements
The details are tabulated below.
Intended Use as per the OIS | Amount Allocated (S$'000) (A) | Amount Utilised Per Current Announcement (S$'000) (B) | Cumulative Amount Utilised to date (S$'000) (C) | Balance Amount (S$'000) (A)-(C) |
Funding a vessel for chartering purposes | 42,000 | 10,200 | 33,000 | 9,000 |
General working capital requirements | 32,600 | - | 32,600 | - |
Net Rights Issue Proceeds | 74,600 | 10,200 | 65,600 | 9,000 |
The Company will continue to provide periodic updates on the
use of the balance of the Rights Issue
Proceeds.
By Order of the Board
See Kian Heng
Group Chief Financial Officer
30 May 2012
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