O TTO M ARINE L IMITED - Microsoft Internet Explorer - SGX

DILUTION
Dilution is the amount by which the Offering Price paid by the subscribers and/or purchasers of our
Shares in this Offering exceeds our NAV per Share after the Offering. Our unaudited NAV per Share as at
31 May 2008 was 8.14 cents per Share after adjusting for the sub-division of each of our Share into 30 Shares
which was effective on 2 September 2008 (the “Share Split”) and, before adjusting for the estimated net
proceeds from the issue of the New Shares and based on the pre-Offering issued and paid up share capital of
975,000,000 Shares.
Pursuant to the Offering in respect of 206,045,000 New Shares at the Offering Price, our NAV per Share
as at 31 May 2008, after adjusting for the Share Split and the estimated net proceeds from the Offering and
based on the post-Offering issued and paid-up share capital of 1,181,045,000 Shares, would have been
14.99 cents per Share. This represents an immediate increase in NAV per Share of 6.85 cents to our existing
Shareholders and an immediate dilution in NAV per Share of 36.01 cents or approximately 70.6% to our new
investors.
The following table illustrates this per Share dilution in Singapore cents as described above:
Offering Price per Share ................................................... 51.00
Adjusted NAV per Share as at 31 May 2008 before the Offering ...................... 8.14
Increase in NAV per Share attributable to the Offering ............................. 6.85
Adjusted NAV per Share after the Offering . . .................................... 14.99
Dilution in NAV per Share to new investors . .................................... 36.01
Dilution in NAV per Share to new public investors as a percentage of Offering Price ....... 70.6%
The issue of new Shares pursuant to the vesting of awards which may be granted under the Share Award
Scheme may have a dilutive effect on new investors in the Offering. The total number of new Shares over
which an Award may be granted pursuant to the Share Award Scheme is up to 15.0% of the issued share
capital of our Company on the day preceding the relevant date of the Award.
The following table summarises the total number of Shares (after adjusting to give effect to the Share
Split) acquired by our Directors, Substantial Shareholders and their Associates during the period of three years
prior to the date of lodgement of this document with the Authority, the total consideration paid by them and
the effective cash cost per Share (after adjusting to give effect to the Share Split) to them, and by our new
public Shareholders pursuant to the Offering:
Number of
Shares
Acquired (1)
Cents
Total
Consideration
Effective Cash
Cost per Share
(S$) (S$ cents)
Directors
Yaw Chee Siew (2)(5) .......................... 60,000,000 (2)
2,000,000 3.33
753,750,000 (2) 25,125,000 3.33
12,000,000 (2)
2 nm (6)
Lee Kok Wah (3) .............................
Substantial Shareholders
97,500,000 3,250,000 3.33
CEO Technology Asia (4)(5) ..................... 48,750,000 1,625,000 3.33
Business Companion Investments (2)(5) ............. 828,750,000 1 nm (6)
New Public Investors
Cornerstone Investors
SCPEL ................................... 58,000,000 29,580,000 51.00
Bangkok Bank .............................. 39,215,000 19,999,650 51.00
Maju Holdings .............................. 49,019,000 24,999,690 51.00
Others Public Investors ...................... 89,061,000 45,421,110 51.00
Notes:
(1) The information has been adjusted to give effect to the Share Split whereby, on 2 September 2008, each
Share was sub-divided into 30 Shares.
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