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    Ezra Holdings prepares for growth with rights issue

    Company News // September 3, 2010

    Ezra Holdings Limited is taking a strategic initiative to prepare for opportunities that will drive its next lap of growth.

    In this latest exercise to strengthen its capital base, the Group is undertaking a fully
    underwritten one-for-five renounceable rights issue of new shares priced at S$1.18 each.

    Assuming none of Ezra's US$100 million 4% convertible bonds are converted, 131.6
    million new shares will be issued to raise gross proceeds of approximately S$155.3 million.

    Assuming that all of the bonds are converted, a total of up to 142.8 million new ordinary shares will be issued, raising a gross sum of up to S$168.4 million.

    The rights issue provides shareholders with the opportunity to subscribe for rights shares at an attractive discount of approximately 33.3% to the closing price of S$1.77 per share (on 30 August 2010) and approximately 29.4% to the theoretical ex-rights price of S$1.67 per share.

    Lionel Lee, Ezra's Managing Director said: "The rights issue will enable us to seize opportunities for assets and capabilities which will differentiate and provide us with a
    competitive advantage in offshore support and deepwater subsea services."

    The proceeds from this rights issue will be used to fund (i) new business ventures and/or business opportunities, strategic investments, joint ventures, other acquisitions and/or strategic alliances and/or (ii) capital expenditure and/or acquisition of vessels and/or working capital purposes.


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