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Directors' Interests In Shares And Debentures

Listing Rule 1207, Sub-Rule (7) on Statement of Direct and Deemed Interest of each Director)

The directors of the Company holding office at the end of the financial year had no interests in the share capital and debentures of the Company and related corporations as recorded in the register of directors' shareholdings kept by the Company except as follows:

 
Direct Interest
Deemed Interest
Name of director and company in which interests are held
Holdings at
beginning
of the year
01/01/2008
Holdings at
end of the year
31/12/2008
Holdings
at beginning
of the year
01/01/2008
Holdings at
end of the year
31/12/2008
Mr Kazuhiko Yoshida
-
-
11,937,500
11,937,500
Mr Michio Tanamoto
-
-
11,937,500
11,937,500

There have been no changes in the above directors’ interest as at 21 January 2009.
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Use Of IPO Proceeds

Listing Rule 1207, Sub-Rule (19) Disclosure of Use of Proceeds

The Company had on 30 January 2009 announced that the net proceeds raised from its initial public offering (the "IPO Proceeds") have been fully disbursed.

Details of which were as follows:

Proceeds
 US$' million
Amount raised
Less : Listing expenses
26.30
(1.30)
Net IPO Proceeds
25.00*

Application of IPO Proceeds to the Group
 US$' million
a. Investment in Akebono Fund
8.25
b. Investment in three 33,400 dwt handy size bulk carriers to be built at
    Kanasashi Shipyard in Japan
11.50
c. Investment in Rich Containership S.A.
2.50
d. Investment in Prosperity Containership S.A.
4.75
Total application of proceeds
27.00*

* The difference of US$2 million is funded from the Company’s own internal resources/funding.
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