Neptune Marine Services Ltd
ABN 76 105 665 843
Level 16, 140 St Georges Terrace
Perth, Western Australia, 6000
PO Box 7729, Cloisters Square, 6850
P +61 8 9424 1111
F +61 8 9424 1110
E [email protected]
28 January 2011
Dear Shareholder
Please find enclosed a Notice of Meeting and Proxy Form for a General Meeting of
Neptune Marine Services Limited to be held at 10.00am (WST) on Tuesday 1
March 2011 at Level 19, 140 St Georges Tce Perth.
The General Meeting has been rescheduled from its original date of 10 February
2011 and the documents previously sent to you in relation to that meeting have
been superseded by this new Notice of Meeting and Proxy Form.
Unfortunately proxies already lodged for the original meeting date are no longer
valid and it will be necessary for shareholders to lodge their proxy votes using
the documents enclosed with this letter.
We apologise for the inconvenience caused by this change of meeting date,
however the amendment to the pricing of our capital raising process from $0.06
per share to $0.05 necessitated a revision to the resolutions requiring
shareholder approval.
Our decision to reduce the price of the capital raising was made after an
extensive review of both the operational and financial structure of Neptune and
advice from the Joint Lead Managers, Patersons Securities Limited and Euroz
Securities Limited. We believe the reduction in price maximises the prospects of
successfully raising the new equity we require to recapitalise our balance sheet.
The capital raising has been structured as a pro‐rata entitlement issue to provide
all shareholders with an opportunity to participate at this price.
I encourage you to read the enclosed documents thoroughly and exercise your
right to vote on the resolutions. Your support for these resolutions is integral to
the turn around process that is designed to return Neptune to profitability.
Your Directors will be voting in favour the resolution.
Yours sincerely
Ross Kennan
Chairman
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