KREUZ HOLDINGS LTD 
By Kreuz Holdings Limited
Co Reg No. 200923628R
12 International Business Park Swiber@IBP #01-03/04 Singapore 609920
Tel: +65 6505 0900 Fax: +65 6505 0901 www.kreuzsubsea.com
UPDATE ON THE USE OF PROCEEDS FROM:
1. THE INITIAL PUBLIC OFFERING OF THE COMPANY'S SHARES ON THE CATALIST BOARD; AND
2. PLACEMENT PROCEEDS RAISED FROM THE PLACEMENT OF 50,000,000 NEW ORDINARY SHARES (THE "PLACEMENT SHARES") IN THE SHARE CAPITAL OF THE COMPANY
1. THE INITIAL PUBLIC OFFERING OF THE COMPANY'S SHARES ON THE CATALIST BOARD
Further to the announcement made by the Board of Directors ("Board") of Kreuz Holdings Limited (the "Company") on 9 March 2012 in relation to the use of proceeds from the Initial Public Offering ("IPO") of the Company on the Catalist Board of the Singapore Exchange Securities Trading Limited, the Board wishes to provide an update on the use of the proceeds raised by the Company from the IPO.
As disclosed in the announcement made on 9 March 2012, the Company had utilized S$16.3 million out of the
S$19.2 million net proceeds raised from the IPO, thus leaving a balance of S$2.9 million.
As of 27 November 2012, the Company has fully utilized the remaining balance of S$2.9 million as follows:
Intended use of proceeds | Balance of the proceeds as at 9 March 2012 (S$'000) | Amount utilized (S$'000) | Balance as at 27 November 2012 (S$'000) | Descriptions (S$'000) |
Acquisition of new assets including Remotely Operated Vehicles ("ROV") and diving systems | 2,854 | 2,854 | - | ROV: S$2,265 Reel drive system: S$589 |
Total | 2,854 | 2,854 | - |
Kreuz Holdings Limited
Co Reg No. 200923628R
12 International Business Park Swiber@IBP #01-03/04 Singapore 609920
Tel: +65 6505 0900 Fax: +65 6505 0901 www.kreuzsubsea.com
2. PLACEMENT PROCEEDS RAISED FROM THE PLACEMENT OF 50,000,000 NEW ORDINARY SHARES (THE "PLACEMENT SHARES") IN THE SHARE CAPITAL OF THE COMPANY
Further to the announcement made by the Board of the Company on 15 May 2012 in relation to the use of proceeds from the issue of the Placement Shares, the Board wishes to provide an update on the use of the proceeds.
As disclosed in the announcement made on 15 May 2012, the Company has utilized S$7.9 million out of S$16.6 million net proceeds raised from the issue of the Placement Shares, thus leaving a balance of S$8.7 million.
As at 27 November 2012, the Company has fully utilized the remaining balance of S$8.7 million as follows:
Intended use of proceeds | Balance as at 14 May 2012 (S$'000) | Amount utilised (S$'000) | Balance as at 27 November 2012 (S$'000) | Descriptions (S$'000) |
Capital expenditure such as the acquisition of assets including vessels and/or other subsea related assets | 7,001 | 7,001 | - | Diving support vessel: S$7,001 |
Working capital | 1,658 | 1,658 | - | Project related consumables/others; and Vessel management fee. Total: S$1,658 |
Total | 8,659 | 8,659 | - |
By Order of the Board
Kurush Phiroze Contractor
Executive Director and CEO
27 November 2012
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