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ANNAIK LIMITED
(Company Registration No. 197702066M)
(Incorporated in Singapore with limited liability)
USAGE OF THE PROCEEDS FROM PLACEMENT OF 38 MILLION SHARES
Pursuant to the request from Singapore Exchange Securities Trading Limited, AnnAik Limited (the "Company") wish to announce that during the third quarter ended 30 September 2007, the Company has utilized part of the placement proceeds for the following purposes:
1) About $1.8 million to settle trade liabilities, and
2) About $2.8 million as repayment of bank loans
A summary of total utilization of the placement proceeds up to 30 September 2007 is as follows:
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Quarter ended 30 June 2007
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Quarter ended 30 Sept 2007
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Total
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Settlement of trade liabilities
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$3.7 million
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$1.8 million
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$5.5 million
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Repayment of bank loans
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$0.4 million
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$2.8 million
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$3.2 million
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Total
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$4.1 million
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$4.6 million
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$8.7 million
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The above usage of the placement proceeds is in accordance with the intended use stated.
By Order of the Board
Ng Kim Keang
Director
Singapore, 4 October 2007
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