Neptune Capital Raising Update


•    Final capital raising total of $65 million
•    Recommences ASX trading today
•    Gerard Daniels appointed to review Board structure and composition

Neptune Marine Services Limited (ASX: NMS, Neptune or the Company) is pleased to announce it has closed the shortfall placement component of its capital raising.  The Company has now raised a total of $65 million incorporating the funds raised under the entitlements issue that closed on 1 March 2011.

The voluntary suspension of Neptune’s shares will now cease and trading on the ASX will recommence today.

Neptune’s Acting CEO Mr Robin King said it was extremely pleasing to be able to re-focus on the business now that the capital raising had been successfully completed.
“It is certainly very pleasing to get to this point and put the uncertainty behind us, but the job is not yet done.  We have a single minded focus on returning Neptune to sustainable profitability as soon as possible” said Mr King.   

The Company can also confirm that independent consultants Gerard Daniels have been appointed to review the composition and structure of the Board. 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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