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

BackJun 23, 2009
Part I
1. Date of notice to issuer 22/06/2009
2. Name of Substantial Shareholder Argyle Street Management Holdings Limited
3. 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
1. Date of change of Deemed Interest 21/05/2009
2. The change in the percentage level From 54.49 % To 51.38 %
3. Circumstance(s) giving rise to the interest or change in interest # Others

Argyle Street Management Holdings Limited ("ASMHL") is the beneficial holder of more than 50% of the voting shares of Argyle Street Management Limited ("ASML"). 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").

Pursuant to a trust arrangement between ASMVL and its beneficial holders, ASMVL renounced the 10,819,119 Series A warrants of TIH allotted to ASMVL as a result of a right issue. 4,495,315 and 5,413,601 Series A warrants of TIH are held on trust by ASMVL as nominee for ASMARMF and ASMHRF respectively. All of the Series A warrants are held by ASMVL's depository agent, HSBC (Singapore) Nominees Private Limited.

In addition to the Series A warrants renounced from ASMVL, ASMARMF and ASMHRF also holds 4,811,111 and 352,491 Series A warrants directly as a result of a right issue.

Accordingly, ASMHL has a deemed interest in 15,072,518 Series A warrants.
4. 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
1. Holdings of Substantial Shareholder, including direct and deemed interest :
 
  Direct Deemed
No. of shares held before the change 0 15,982,721
As a percentage of issued share capital 0 % 54.49 %
No. of shares held after the change 0 15,072,518
As a percentage of issued share capital 0 % 51.38 %
Footnotes (i) The percentage of Series A Warrants is calculated based on 29,333,334 Series A Warrants issued on 12 May 2009.
(ii) The percentage figures in Parts III & IV refers to the number of Series A Warrants.