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THORESEN THAI RAISES 3.96 BILLION BAHT FROM RIGHTS OFFERING

(Following is a press release from Thorsen Thai Agencies
Pcl via an electronic mail. The statement was confirmed by the
sender.) 
TTA raises THB 3,964 million from its right issue 
Oversubscribed rights offering paves way for dry bulk and
offshore drilling fleet renewal 
Bangkok, Thailand, 12 March 2013 -- Thoresen Thai Agencies
Public Company Limited (“TTA”) today announced that it has
successfully raised THB 3,964 million to fund its business
expansion plans through a rights offering (“RO”). The Company’s
paid-up share capital will increase from THB 708,004,413 to THB
991,206,164, following the allocation of 283,201,751 newly
issued ordinary shares to existing shareholders. The newly
issued shares will begin trading shortly. 
Existing shareholders were given the opportunity to subscribe to
two newly issued shares at a price of THB 14.00 per share for
every five existing shares they owned and were allowed to
subscribe for excess rights of up to 50% of their owned shares.
The RO was oversubscribed by nearly 8%. 
Shareholders who participated in the RO will also receive
warrants at a ratio of one warrant to two newly subscribed
shares. Each warrant has a 30-month term and is exercisable into
one newly issued share at a price of THB 17.00. Assuming full
conversion of the warrants, an additional sum of THB 2,407
million is expected to be raised over the next 30 months. The
newly issued warrants will trade under the symbol TTA W-3
beginning on 21 March 2013. 
TTA Executive Vice Chairman and shareholder Mr. Chalermchai
Mahagitsiri stated, “We are extremely pleased that our
shareholders have come out to support the plan put forward by
management and the Board. The rationale to solidify and grow the
company’s asset base is strong indeed, and now that the rights
issue has been completed successfully, we will put our focus
towards identifying and purchasing assets for our dry bulk
shipping and offshore services businesses.” 
Dry bulk shipping vessels, both new and second-hand, are
becoming advantageously priced, as the business remains at or
near the bottom of its industry cycle. The purchase of assets
today will allow TTA to invest counter-cyclically, in
anticipation of an up-turn in the next 18 months. 
The purchase of new-build tender drilling rigs will also be
explored, since Mermaid’s two active tender drilling rigs are
approaching the end of their useful lives. 
“We have already begun to explore opportunities to purchase
targeted assets in the new-build and second hand market,” added
M.L. Chandchutha Chandratat, TTA’s President & CEO. “Our banking
partners have shown interest and expressed positive feedback
regarding our fleet renewal plans as well as our business model.
With their continued support, we expect to be able to execute
well-priced purchases on advantageous terms that will help build
long term, sustainable value through a lower-cost asset base
than many of our competitors.”
-ends- 
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