Thimar discloses deviations in actual use of rights issue proceeds

Actual vs. Planned Use of Rights Issue Proceeds Through 2024-End & Reasons for Deviations (SAR mln)

Item

Planned Use

Actual Use

Difference

Deviation (%)

Reasons

Partial repayment of creditors under the financial restructuring proposal

58.52

69.46

10.94

18.69%

Payment of part of the second installment due on March 30, 2025, in accordance with the approved financial restructuring plan.

Real estate investment

47.00

12.14

(34.86)

(74.17%)

The company redirected the amount to pay part of the second installment due, settle court judgments outside the financial restructuring plan, fund working capital, and pay other accrued expenses.

Settlement of amounts due under court judgments

2.44

5.69

3.25

133.53%

Settlement of court judgments that the company was previously unaware of.

Working capital funding

10.32

26.04

15.72

152.27%

Payment of operating expenses and company restructuring costs. Approximately 48% of the deviation represents Board and committee remuneration for 2024 and part of 2025, which was not included in the offering prospectus.

Settlement of other accrued expenses

13.25

18.19

4.94

37.29%

Payment of accrued expenses, including employee dues, board and committee remuneration for 2023, rent, and various other expenses.

Offering costs

18.47

18.49

0.01

0.08%

The difference between actual and planned use amounted to only SAR 14,100.

Total

150

150

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