MTQ Acquires Shares in Neptune Marine Services (Australia)

The Board of Directors of MTQ Corporation Limited announces that its wholly-owned subsidiary, Blossomvale Investments Pte. Ltd., has acquired a further 48,040,442 ordinary shares in Neptune Marine Services Limited at an average price of A$0.030 per share at a total consideration of A$1.4 million (approximately S$1.9 million) pursuant to an on-market purchase on the Australian Stock Exchange between the period 26 March 2012 and 30 March 2012 on a “willing buyer and willing seller” basis.

Arising from the Transaction, MTQ’s equity interest in Neptune increased from 14.8% to 17.4%.

Neptune is a company publicly listed on the Australian Securities Exchange that provides offshore engineering solutions to the global oil and gas, marine and renewable energy industries. Founded in 2003 and headquartered in Perth, Western Australia, Neptune has a comprehensive focus on subsea services with operations spanning Australia and the United Kingdom.

The net tangible assets backing per share for Neptune as at 31 December 2012 was A$0.032.

The Transaction had been paid in cash and was funded through internal resources.

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Subsea World News Staff , April 02, 2012;  Image: Neptune

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