| Part I |
| 1. |
Date of notice to issuer |
23/11/2009 |
| 2. |
Name of Substantial Shareholder |
Thailand Equity Fund |
| 3. |
Notice Type |
Notice of a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest. |
| Part II - Not Required |
| Part III |
| 1. |
Date of change of Shareholding |
23/11/2009 |
| 2. |
The change in the percentage level |
From 15.07 % To 15.07 % |
| 3. |
Circumstance(s) giving rise to the interest or change in interest |
Right Issue
Subscription of 36,709,209 (all) pro-rata rights entitlements arising from Mermaid's renounceable underwritten rights issue of 243,542,403 rights shares at a price of SG$0.64 for each rights share on the basis of nine (9) rights shares for every twenty (20) existing ordinary shares in the capital of Mermaid. |
| 4. |
A statement of whether the change in the percentage level is the result of a transaction or a series of transactions: |
There is no change in the percentage level as a result of this single transaction. Please see footnotes for further details. |
| Part IV |
| 1. |
Holdings of Substantial Shareholder, including direct and deemed interest : |
| |
| |
Direct |
Deemed |
| No. of shares held before the change |
81,576,020 |
0 |
| As a percentage of issued share capital |
15.07 % |
0.00 % |
| No. of shares held after the change |
118,285,229 |
0 |
| As a percentage of issued share capital |
15.07 % |
0.00 % |
| Footnotes |
1. The percentage computed before the change was based on 541,205,340 issued shares, being the total number of issued shares of Mermaid pre-rights issue as at 20 November 2009.
2. The percentage computed after the change was based on 784,747,743 issued shares, being the total number of issued shares of Mermaid post-rights issue as at 23 November 2009.
3. The net effect is that the change in interest only increases the number of shares held but does not result in a change to the percentage of issued share capital since the substantial shareholder subscribed to its full pro-rata rights entitlements under Mermaid's rights issue (no excess rights were allocated to the substantial shareholder), and the total number of issued shares in Mermaid also increased on the same pro-rata basis as a result of Mermaid's rights issue.
Other Notes:
(a) Lombard Thailand Intermediate Fund LLC ("Lombard") has a deemed interest in the shares of Mermaid held by Thailand Equity Fund ("TEF") as Lombard holds over 50% of the units in TEF. There are no other unit holders who hold 20% or more of the units in TEF.
(b) Lombard Thailand Partners LLP ("LTP") has a deemed interest in the shares of Mermaid held by TEF as LTP holds over 50% in Lombard.
(c) California Public Employees Retirement System ("CALPERS") has a deemed interest in the shares of Mermaid held by TEF as CALPERS holds a 99% interest in LTP who holds over 50% in Lombard.
(d) International Finance Corporation ("IFC") has a deemed interest in the shares of Mermaid held by TEF as IFC holds over 20% in Lombard. |
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