Bangkok--4 Feb--Neo Target
TTA Shareholders Approved Dividend Payments of Baht 2.35 Per Share in The Form of Cash and Shares. A Registered Share Capital Increase of Baht 114,368,443 Would Be Reserved for Stock Dividends and For Private Placement. Mr. Aswin Kongsiri Is Appointed As A New Director of TTA.
The shareholders of Thoresen Thai Agencies Public Company Limited (“TTA”) approved dividend payments of Baht 2.35 per share at its 1/2009 Annual General Meeting of Shareholders (the “1/2009 AGM”). An increase of registered share capital of Baht 114,368,443 was also approved to reserve for stock dividends and for private placement.
M.L. Chandchutha Chandratat, Managing Director of TTA said that since TTA had paid an interim dividend to shareholders of Baht 1.50 per share on 13 June 2008, the remaining cash of Baht 0.75 per share would be paid to shareholders. Moreover, a stock dividend would be allocated to shareholders at the ratio of ten existing shares to one stock dividend with a par value of Baht one per share, equivalent to Baht 0.10 per share. Any fraction less than one stock dividend share would be paid in cash at Baht 0.10 per share.
The above dividend payment will be paid to shareholders whose names appear on TTA’s share register book on 6 February 2009. This date is considered the “Record Date” to receive dividend payments. The share register book closing date for collecting shareholders names under Section 225 of the Securities and Exchange Act is scheduled to be 10 February 2009. The final cash and stock dividend payment will be made on 24 February 2009. The new shares are expected to trade on the Stock Exchange of Thailand by 1 March 2009.
At the 1/2009 AGM, shareholders approved an increase of registered share capital of Baht 114,368,443, divided into 114,368,443 shares. TTA would reserve 64,368,443 ordinary shares at the par value of Baht one per share for stock dividend payment. Another 50,000,000 ordinary shares would be reserved for private placement.
“The private placement was approved by our shareholders since 1999 and was re-approved at the Extraordinary General Meeting of Shareholders in 2007. We do not plan to issue the private placement shares any time soon. We would like to keep the private placement shares for future business expansion. When combined with our strong cash balance, TTA will be well-positioned to take advantage of the expected economic downturn and to opportunistically acquire assets or companies at an attractive price.” M.L. Chandchutha said.
At the 1/2009 AGM, shareholders also approved the re-appointment of Dr. Pichit Nithivasin and Dr. Siri Ganjarerndee, the two retiring directors by rotation, as members of the Board of Directors for another term. Mr. Aswin Kongsiri is appointed as the new member of the Board of Directors.
Mermaid Maritime Public Company Limited (“Mermaid”), a subsidiary of TTA, was approved by TTA shareholders at the 1/2009 AGM to issue up to 3,000,000 warrants to Mermaid’s employees (including any employee who is a director of Mermaid) and its subsidiaries under the ESOP Scheme. The ESOP Scheme has the objective of remunerating the key employees for their contribution to Mermaid.
TTA is a leader in the dry bulk shipping industry, providing liner and charter services, and is a major player in Southeast Asian offshore services through Mermaid. TTA is amongst the top 50 companies listed on the Stock Exchange of Thailand with high liquidity.
For more information please contact:
Neo Target Co.,Ltd.
Ms.Narueporn / Ms.Nannapat
Tel.02-631-2290-5 Ext 307-306 Fax. 02-234-6192-3
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