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Notice Of A Change In The Percentage Level Of A Substantial Shareholder's Interest

02 December 2009
Part I
1. Date of notice to issuer 23/11/2009
2. Name of Substantial Shareholder Thoresen Thai Agencies Public Company Limited
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 35.40 % To 35.40 %
3. Circumstance(s) giving rise to the interest or change in interest Right Issue

Subscription of 86,221,201 (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 191,602,670 117,648,600
As a percentage of issued share capital 35.40 % 21.74 %
No. of shares held after the change 277,823,871 117,648,600
As a percentage of issued share capital 35.40 % 14.99 %
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.

4. The Mermaid rights issue also changed the deemed interest of this substantial shareholder as a result of a separate subscription by Soleado Holdings Pte. Ltd. (its wholly owned subsidiary) of its full pro-rata rights entitlements. This change in deemed interest is covered in a separate announcement that will be released immedinately subsequent to this announcement.
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