Ocean: SEC approves Prospectus for issue of Rights

Ocean Tankers Holdings Public Company Limited informed the investing public that on June 12, 2008, the Cyprus Securities and Exchange Commission approved the Prospectus on the issue and listing of Rights, which has been prepared pursuant to the Public Offering and Prospectus Law 2005.
The Prospectus concerns the increase in the share capital with the payment of cash via a Rights issue.
The Company will proceed with the issue and allocation of 161,631,810 Rights to all shareholders who will hold shares on June 30, 2008.
Specifically and pursuant to the issue terms as included in the Prospectus:
– For every existing share, 1 Right will be allocated.
– Every 5 Rights exercised will be converted into 2 new ordinary shares of nominal value $0.20 each with an exercise price of EUR0.55 for every new share allocated.
– The cum-date will be Monday, June 30, 2008.
Timetable
– The cum-rights date will be June 30, 2008.
– The ex-rights date will be July 1, 2008.
– The date of dispatch of the Allocation Letter will be July 9, 2008.
– Their trading will commence on July 23, 2008 and will expire on August 12, 2008.
– The period of exercise will commence on August 21, 2008 and will expire on August 29, 2008 at 13.30.
– The Rights will be listed in the CSE from July 23, 2008 to August 12, 2008 as soon as the CSE approves their listing. It is noted that the CSE has not approved their listing yet.
The date of trading of the new shares resulting from the exercise of Rights will be announced to the CSE and the press within five business days from the date of approval of the listing of the new shares in the CSE.