4.2.7 Consideration and Warrant Exercise Price

The Warrants will be issued to the Investor at the Warrants? subscription consideration

of US$1.00, subject to the terms and conditions of the Warrant Issuance Agreement.

The Warrant Exercise Price is S$0.52 which represents a premium of approximately

33.33% over the weighted average price of S$0.39 of the Shares for trades done on the

SGX-ST on 5 December 2013, being the full Trading Day on which the Warrant

Issuance Agreement was signed, or such adjusted price as may for the time being

applicable in accordance with the Warrant Terms and Conditions as set out in the

Warrant Issuance Agreement.

Upon Warrant Exercise, subject to such adjustments (as described in section 4.2.6)

and assuming the Warrants are exercised in full, the maximum consideration for the

Warrant Exercise shall be the Warrant Exercise Maximum Consideration (i.e.

approximately US$40 million, or approximately S$50 million).

The Warrant Exercise Price was determined after arm?s length negotiation between the

Company and the Investor after considering the Group?s established status in the

fishing industry, business prospects of the Group, the prevailing market price, liquidity

and the historical price performance of the Shares. The Directors (other than Mr.

Patrick Thomas Siewert and his alternate Ms. Janine Feng Junyuan who abstained)

consider that the Warrant Exercise Price to be fair and reasonable and in the interests



of the Company and the Shareholders as a whole.

 



4.2.8 Warrant Exercise Period/Lapse of Warrants

The Warrants shall be exercisable, at the election of the registered Warrant holder,

either in full or in part, at any time commencing on and including the Issuance Date and

ending on (and including) the third anniversary of such date.

At the expiry of the Warrant Exercise Period, any Warrant not so exercised within the