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News

Notice Of A Change In The Percentage Level Of A Substantial Shareholder's Interest

BackSep 16, 2009

Part I

Date of notice to issuer

16/09/2009

Name of Substantial Shareholder

Argyle Street Management Limited

Notice Type

Notice of a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest.

Part II - Not Required

Part III

Date of change of Deemed Interest

16/09/2009

The change in the percentage level

From 19.17 % To 28.28 %

Circumstance(s) giving rise to the interest or change in interest

# Others

Argyle Street Management Limited ("ASML") is the beneficial holder of more than 20% of the voting shares of ASM Hudson River Fund ("ASMHRF") and ASM Asia Recovery Fund ("ASMARF"). ASMARF is the beneficial holder of more than 50% of the issued share capital of ASM Asia Recovery (Master) Fund ("ASMARMF"). ASMARMF and ASMHRF are the beneficial holders of more than 20% of the issued share capital of ASM Ventures Limited ("ASMVL").

On 11 Sep 2009, 4,495,315 and 680,000 Series A warrants of TIH held in trust by ASMVL as nominee respectively for ASMARMF and ASMHRF were exercised and ordinary shares of TIH are allotted on 16 Sep 2009. As a result, 0 and 4,733,601 Series A warrants of TIH are held in trust by ASMVL as nominee for ASMARMF and ASMHRF respectively.

In addition, 4,274,685 Series A warrants held by ASMARMF through its depository agent were exercised on 11 Sep 2009 and ordinary shares of TIH are allotted on 16 Sep 2009. As a result, 536,426 Series A warrants of TIH are held by ASMARMF through its depository agent.

ASMHRF also holds 352,491 Series A warrants through its depository agent.

All of the Series A warrants are held by their depository agent, HSBC (Singapore) Nominees Private Limited.

Accordingly, ASML has a deemed interest in 5,622,518 Series A warrants.

A statement of whether the change in the percentage level is the result of a transaction or a series of transactions:

The change is the result of a single transaction.

Part IV

Holdings of Substantial Shareholder, including direct and deemed interest :

	Direct	Deemed
No. of shares held before the change	0	5,622,518
As a percentage of issued share capital	0 %	19.17 %
No. of shares held after the change	0	5,622,518
As a percentage of issued share capital	0 %	28.28 %
Footnotes	(i) The percentage figures in Parts III & IV refers to the number of Series A Warrants. (ii) Before the change - the percentage of Series A Warrants is calculated based on 29,333,334 Series A Warrants issued on 12 May 2009. (iii) After the change - the percentage of Series A Warrants is calculated based on 19,881,324 Series A Warrants issued as at 16 September 2009.