In November 2005, Sage Capital successfully advised Property Perfect Plc. in its issuance of US$ 20 million convertible debenture to a leading Asia-based private equity fund, General Enterprise Management Services (HK) Limited. It was the first convertible debenture offered by a Thai public company to any offshore investor since the crisis in 1997. The high conversion premium of 20% reflected a high level of confidence the investor had in the growth potential of the company as well as the long-term sustainability of Thai property development industry. The issuance provided a 5-year financing at a coupon rate of only 3.5% per annum to Property Perfect for its expansion amidst the adverse environment for fund raising in the local market.

Sage Capital advised United Overseas Bank Limited (“UOB”) on the merger between Bank of Asia Plc. (“BOA”) and UOB Radanasin Bank Plc. (“UOBR”), both of which were UOB's banking subsidiaries in Thailand, to form United Overseas Bank (Thai) Plc. (“UOBT”). Our role covered conducting a due diligence on UOB, BOA and UOBR, preparing tender offer documents of BOA and UOBR and information memorandum and other documents relating to the merger process. Sage Capital also coordinated with a tender offer agent, independent financial advisors of BOA and UOBR, and relevant authorities to complete the merger and establish UOBT successfully in November 2005.

Sage Capital advised Siam Paper Plc. (“SIAMP”) on its Baht 390 million private placement to Siam Investment Fund II (“SIF II”), a private equity fund, in 2004. In December 2005, Sage Capital also successfully advised SIAMP to secure a US$ 12 million mezzanine debt from a leading international bank. SIAMP is one of the leading paper manufacturers in Thailand, and is in the process of preparing itself for an initial public offering and listing on the SET.

In 2004, Sage Capital completed the shareholders restructuring of 124 Communications Plc. (“PR124”), a leading public relations consulting company. With a new strategic investor group, PR124 positioned itself for a massive growth by substantially building up the existing business as well as expanding into other related marketing communication activities. Our advisory role covered deal structuring, share valuation, negotiation of share purchase agreement and shareholders' agreement. In 2005, Sage Capital also advised PR124 on its successful initial public offering and listing on the MAI. Following the listing, Sage Capital has continued to work closely with PR124 to develop and implement an M&A strategy to enhance the total value of PR124, which will likely include the acquisitions of complementary businesses in media & advertising, production, and brand management.

Sage Capital advised Prinsiri Plc. (“Prinsiri”), a leading high-end property development company, on its initial public offering and listing on the SET in 2005. Our responsibilities included conducting a due diligence, preparing application, filing and prospectus, advising on corporate structure, financial aspects, regulatory requirements and corporate governance, and coordinating with a lead underwriter to ensure a broad and balanced placement and a strong after-market performance.  The offering of 155 million shares was well oversubscribed and Prinsiri shares had a successful first trading day on November 7, 2005.

Sage Capital advised Asia Sermkij Leasing Plc. (“ASK”), a leading automobile hire purchase, leasing and factoring company, on its initial public offering and listing on the SET. Our role covered advising on corporate and financial structure, conducting a due diligence, preparing application, filing, prospectus and all documents relating to the offering and listing, coordinating with the SEC and the SET, and advising ASK on its responsibilities as a listed company. In addition, Sage Capital worked with the lead underwriter to prepare presentations to securities analysts, investors and media, and coordinated with an underwriting syndicate to ensure a broad and balanced distribution of shares. The offering of 23 millions shares, together with 3.45 million shares for a green shoe option, was well oversubscribed, and ASK shares had a successful first trading day on August 25th, 2005.

Sage Capital successfully advised Siam2you Plc., a leading digital communications company, which focused on providing value-added services and interactive digital media on mobile phones and Internet, on its initial public offering of 12.88 million shares and listing on the MAI. Our responsibilities included conducting a due diligence, preparing application, filing and prospectus, advising on corporate structure, financial aspects, regulatory requirements and corporate governance. In addition, Sage Capital worked with the lead underwriter to arrange presentations to securities analysts, investors and media, and coordinated with the underwriting syndicate to ensure a broad and well balanced shares distribution. Siam2you's offering was well oversubscribed and recorded a strong performance on its first trading day on May 4, 2005