Date: March 14, 2013
SIAS was advised that the rights issue will in fact strengthen the balance sheet of the company and reduce gearing. In addition, the funds will be used for growth and payment of 25 aircraft on order.
SIAS was also re-assured that SIA as Tiger Airwaysﾒ largest shareholder, has given the undertaking that SIA would be subscribing to itﾒs allocation of the rights and any other unsubscribed rights up to a total ownership of 49.9% and the excess of Perpetual Convertible Capital Securities (PCCS) offered which SIAS finds should be comforting to the minority shareholders.
For the above reasons, SIAS supports the resolutions.
David Gerald
President & CEO
SIAS
