Mermaid Maritime

Mermaid Maritime: Rights issue of 628.8m rights shares @ $0.28/share on the basis of 4-for-5. The net proceeds of $175.6m from the rights issue will be used for repayment of loan (25%), construction expenses (57%) and general working capital (18%). Remaining rights shares not subscribed to will be undertaken through a private placement. The closing date for acceptance will be 5pm on 6 Sep. As the current share price of $0.28 is equivalent to the issue price of the rights shares, it would not make a difference for the investor to either subscribe for the rights issue or to buy shares from the open market.