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
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.