Microsoft Word - Otto Announcement - Commencement of OS v3 (Share Charge) (dtd 22 July 2015)(marked).docx OTTO MARINE LIMITED

(Company Registration Number 197902647M)

(Incorporated with limited liability in the Republic of Singapore on 5 September 1979)

VOLUNTARY ANNOUNCEMENT

COMPANY UPDATE - THE COMPANY HAS COMMENCED COURT PROCEEDINGS AGAINST THE CHARGORS OF A SHARE CHARGE


All capitalised terms used in this announcement shall assume the same meanings as ascribed to them in the Company's announcement dated 7 May 2015 (the "Announcement").
Further to the Announcement and the subsequent announcements dated 18 May 2015, 29
June 2015 and 16 July 2015, the Company wishes to voluntarily announce that it has commenced, on 23 July 2015, a Singapore High Court Originating Summons against the shareholders of 100% of the issued share capital of the Hold Co (collectively, the "Shareholders" or "Chargors"). The Originating Summons seeks the court's assistance to effectuate the transfer of the entire share capital of the Hold Co to OVPL pursuant to a share charge deed dated 3 September 2014 between the Shareholders as Chargors and OVPL as chargee.
The Company will make such further announcements as and when material developments in the present matter arise.
The Company has taken all reasonable care to ensure that the facts stated in this announcement are fair and accurate in all material aspects as at the date hereof and that no material facts have been omitted from this announcement.
Submitted by
Chong Sieh Jiuan
Chief Financial Officer and Joint Company Secretary
23 July 2015

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