1 CIMC RAFFLES OFFSHORE (SINGAPORE) LIMITED ...

pursuant to the Rights Issue, will be available to satisfy excess applications by Entitled
Registered Shareholders. As CIMC Offshore Holdings was the only Entitled
Registered Shareholder who applied for excess Rights Shares, CIMC Offshore
Holdings will be allotted an aggregate of 6,551,136 Rights Shares pursuant to its
excess application under the Rights Issue.
1.2 Entitled VPS Shareholders
An aggregate of 65,649,850 Rights Shares were provisionally allotted to the VPS
Registrar under the Rights Issue. Valid acceptances and excess applications for a total
of 61,906,315 Rights Shares were received by the VPS Registrar from Entitled VPS
Shareholders or their purchasers. This represents approximately 94.30% of the total
number of Rights Shares that were provisionally allotted to the VPS Registrar under the
Rights Issue.
Details of the valid acceptances of and excess applications for the Rights Shares
received by the VPS Registrar from Entitled VPS Shareholders or their purchasers are
as follows:
(a)
(b)
valid acceptances were received for a total of 61,793,315 Rights Shares,
representing approximately 94.13% of the total number of Rights Shares
provisionally allotted to the VPS Registrar; and
excess applications were received for a total of 113,000 Rights Shares,
representing approximately 0.17% of the total number of Rights Shares
provisionally allotted to the VPS Registrar.
As valid acceptances and excess applications were received by the VPS Registrar for
such number of Rights Shares which was less than the total number of Rights Shares
provisionally allotted to the VPS Registrar, all Entitled VPS Shareholders or their
purchasers will be allotted the number of Rights Shares which they validly accepted
and applied for pursuant to excess applications in full.
2. Shareholding Interest of CIMC Offshore Holdings after the Rights Issue
Prior to the Rights Issue, CIMC Offshore Holdings held directly and indirectly an
aggregate of 224,206,025 Shares.
Pursuant to its acceptances and excess application (both directly as Registered
Shareholder and indirectly through the VPS Registrar) under the Irrevocable
Undertaking, CIMC Offshore Holdings will be allotted directly and indirectly an
aggregate of 118,654,148 Rights Shares, representing approximately 86.75% of the
total number of Rights Shares available under the Rights Issue.
Following the close of the Rights Issue and the issue of the Rights Shares, CIMC
Offshore Holdings will hold directly and indirectly an aggregate of 342,860,173 Shares,
representing approximately 83.55% of the total number of 410,347,500 issued Shares
(after taking into account the issue of the Rights Shares).
3. Use of Proceeds
The total number of 136,782,500 Rights Shares available under the Rights Issue will be
allotted and issued in full, and the Company will raise from the Rights Issue net
proceeds of approximately US$100.3 million (“Net Proceeds”) after deducting
estimated expenses of approximately US$0.2 million.
The Net Proceeds will be used by the Company to improve the facilities at its existing
shipyards and to build new shipyards, to strengthen its balance sheet structure, and for
future investments and working capital requirements.
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