MAS IMPOSES COMPOSITION AMOUNT OF $1,000 ON TIG ADVISORS, LLC FOR LATE NOTIFICATION TO THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ["SGX-ST"] OF CHANGE IN SUBSTANTIAL SHAREHOLDINGS

1       On 23 November 2009, TIG Advisors, LLC ["TIG"] paid a composition amount of $1,000 for contravening section 137 of the Securities and Futures Act ["SFA"] which requires substantial shareholders of listed companies to notify the securities exchange of a change in shareholdings.

2       TIG was late in notifying SGX-ST of its deemed shareholding change in Gallant Venture Ltd. ["GVL"] which took place on 1 September 2009.  TIG was also late in notifying GVL of its deemed shareholding change.  As a result, GVL was unable to disseminate the information to the market as required under Rule 704(3) of the SGX Listing Manual.

3       TIG was previously warned by the Authority in June 2009 for a contravention of section 137 of the SFA.

Substantial shareholders are required to notify the securities exchange of changes in their shareholdings in a timely manner. This is necessary for the proper functioning of a fair, efficient and transparent market.