MICLYN EXPRESS OFFSHORE LIMITED 
By
ABRN 141 683 552
3 HarbourFront Place
#11-01/04 HarbourFront Tower Two
Singapore 099254
Telephone: +65 6545 6211
Fax: +65 6545 9211
Internet: www.miclynexpressoffshore.com
Date: 29 April 2013
Miclyn Express Offshore Limited (ASX: MIO) (Company) has had further discussions with SEA6
Limited and CHAMP Marlin Holdings Limited (Majority Shareholders) regarding their letter dated 23 April 2013 (Letter) and would like to provide the following further information.
1. As set out in the Letter, the Majority Shareholders have informed the Company that they each have purchased approximately 8.0% of the shares in the Company at A$2.20 per share (Transaction Price) following an offer made to certain shareholders on 23 April 2013 (Share Acquisition). As a result of the Share Acquisition, the Majority Shareholders have indicated that they each hold 37.6% of the shares in the Company, resulting in a combined shareholding of 75.2%.
2. The Company notes the disclosures made by the Majority Shareholders regarding their intentions following the Share Acquisition. In relation to the Majority Shareholders' intention to each appoint an additional director to the Company's Board, the Board (by majority, with the directors appointed by the Majority Shareholders dissenting) has indicated (following a request from the Majority Shareholders) that it would not agree to such appointments in the present circumstances because given the critical role the Board may play in the protection of the rights of shareholders should a privatisation offer be made, it does not believe that it is in the interests of all shareholders for control of the Board to be in the hands of the Majority Shareholders.
The Board acknowledges that the Majority Shareholders have the right to call a meeting to seek, and effect, Board change, but the Board (by majority, with the directors appointed by the Majority Shareholders dissenting) has requested that the Majority Shareholders refrain from taking that action. The Board has however indicated that it would continue to support its existing practice of including Majority Shareholders' alternate directors (in addition to the directors appointed by the Majority Shareholders in all processes of the Board, except in relation to this critical issue.
The Majority Shareholders have notified the Board that they intend to immediately call an extraordinary general meeting to appoint two additional directors to the Board.
3. The Company wishes to provide further information in relation to statements made by the Majority Shareholders in the Letter as follows. This should not be regarded as legal advice or as a complete statement of relevant Bermuda law, and shareholders and potential investors should obtain their own legal advice as required.
The Majority Shareholders stated in the Letter that:
