Successful Capital Raise


Neptune announces:

•    A successful capital raise, achieving the minimum capital subscription of $60m.
•    Introduction of a key industry cornerstone investor
•    Independent Review of Board Composition initiated

Neptune Marine Services Limited (ASX: NMS, Neptune or the Company) is pleased to announce it has reached the minimum subscription of $60 million required to proceed with its capital raising and is now working closely with the Joint Lead Managers (Patersons  Securities Limited and Euroz Securities Limited) on the placement of additional shortfall stock in order to complete the raising.  The Company will advise of the final quantum of the raising next week.

Acting CEO Mr Robin King said, the raising had received solid support from existing retail and institutional shareholders as well as new shareholders introduced via the shortfall placement.

“Reaching the minimum raising is a critical step in our restructure plan.  It allows us to significantly strengthen the balance sheet and move ahead with ensuring Neptune’s future success.  Our sole focus now is getting Neptune back to sustainable profitability,” said Mr King.

The finalisation of the capital raising is now anticipated to be as follows:  


Opening Date                                                                         Thursday, 10 February 2011
General Meeting to approve Entitlement Offer                 Tuesday, 1 March 2011
Closing Date                                                                           5.00pm (WST) Tuesday, 1 March 2011
ASX notified of any under subscriptions                            Friday, 4 March 2011
Dispatch of holding statements for Entitlement Offer     Wednesday, 9 March 2011
Suspension ends (trading recommences)                       Thursday, 10 March 2011

The above dates are indicative and remain subject to change.

Introduction of MTQ Corporation Limited as a key cornerstone investor

As part of the placement of Shortfall Shares conducted by the Joint Lead Managers, MTQ Corporation Limited (“MTQ”) has committed to subscribe for 200 million shares in Neptune, via one of its wholly owned subsidiaries.  Following the successful completion of the capital raising MTQ will have a relevant interest in approximately 12% of the Company.

MTQ is a premier integrated engineering solutions provider to the South-East Asian region and specialises in two major business segments: Oilfield Engineering and Engine Systems.  MTQ is listed on the Singapore Stock Exchange.
Commenting on the introduction of MTQ as a key cornerstone investor to Neptune’s share register, Neptune’s Acting CEO Robin King said “I welcome MTQ’s investment in Neptune via the capital raising and look forward to working together with MTQ to take advantage of our respective competencies and relationships in the Australian and Asia-Pacific marketplace.”

Initiation of independent review of Board composition

Now that the Company’s future has been secured, the Board will move immediately to appoint independent advisers to review the Board composition and structure. The recommendations of this review will assist the Board in implementing a search process aimed at identifying candidates with the best possible skill sets to achieve a strengthening and renewal of the Board   .

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