Report on the Use of Proceeds from the Capital Increase

Back Jul 29, 2004

Ref. No.  COR:MS/EL04027e/py

 

28th July 2004

 

 

Subject   :  Report on the Use of Proceeds from the Capital Increase

 

To          :  President to the Stock Exchange of Thailand

 

            Thoresen Thai Agencies Public Company Limited would like to report on the use of proceeds from

the capital increases during the period of January 2004 - June 2004. Details of the use of proceeds for such

period are as per attached.

 

 

                                      Yours faithfully,

                                          Thoresen Thai Agencies Public Company Limited

 

 

 

 

 

 

                        M.R. Chandram S. Chandratat                   Mr. Arne  Teigen

                                                   Chairman                                   Managing Director

 

 

 

                                                                                                              Ref: COR:MS/EL04028e/py

Attached Sheet

 

Report on the Use of Proceeds from Capital Increase

 

During January 2004 - June 2004, the Company received the proceeds as follows:

 

 

Date

Baht

From

 

Amount brought forward

709,895,393

 

 

 

 

 

1.

31 March 2004

571,500

Conversion of TTA-W2 as of 31/3/2004

2.

30 June 2004

213,900

Conversion of TTA-W2 as of 30/6/2004

 

Total

710,680,793

 

 

Less : amount utilised during

 

 

 

           31/1/2004 - 30/6/2004

710,680,793

 

 

Amount carried forward

0

 

 

The proceeds of Baht 710,680,793 were utilised for the fleet expansion programme as specified in the

 prospectus for the issuance of TTA-W2 warrants (free offering) to the existing shareholders in 1999 and as

per the reports of disclosures No. EL03038e/st dated 17 November 2003 and No. EL03043e/st dated 18

December 2003, which specified that the proceeds from private placements to institutional investors would

be used to accelerate the expansion of the vessel fleet.

 

During 31 January 2004 - 30 June 2004, the Company acquired eight additional vessels.