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China Fishery - Low PE

Looks like china fish has up its offer to match cermaq..

Full article on:
http://www.chinafisherygroup.com/attachment/2013041107570517_en.pdf

 

Close up at 45cts today..CF with its existing 9.9% stake in Copeinca,CF may want to sell to the latest offeror and made some extraordinary gains..win win situation even if takeover not successful

 

http://www.undercurrentnews.com/2013/04/05/copeinca-to-be-cermaqs-third-pillar/

 

... buying interest is building up ... generally... pm session sentiment seems improve....

...last done: $0.445... 

 

For your reading pleasure:

http://www.undercurrentnews.com/2013/04/05/cermaq-offer-leaves-china-fishery-little-room-to-maneuver-in-bid-for-copeinca/

http://www.undercurrentnews.com/2013/04/05/copeinca-to-be-cermaqs-third-pillar/ 

China Fish is holding  9.9% stake in Copeinca. Personally I hope  China Fish  would withdraw its acquisition offer & not up the offer. Let us see how China Fish respond.

 

one good example will be ipco.. ipco is cash rich just like what CF is going to have now.. but the price doesnt goes up.. u guys can just hope positive news come out from what they going to do with the cash, just like how im waiting for ipco to break news on what they going to do with their cash lol

cheongsl      ( Date: 06-Apr-2013 10:19) Posted: Cash rich does not implies that price will go up, will need to observe whether is there any good investment on the cash. starlene      ( Date: 05-Apr-2013 23:08) Posted:   Recall how CF dropped from 75cts to 57cts after the takeover,don't be surprise CF may go up instead as it is now cash rich with the rights issue. CF may then become cash rich with its recent rights issue...since deal to acquire the Peru fish co did not materalise as the major shareholders agree to sell to another co and not to CF. Cermaq's per share price offer excludes Copeinca's proposed dividend of 3.56 kroner per share, and represents a premium of 10.9 percent to the offer price of 53.85 kroner per share launched by CFGL on March 13. It also represents a 55.8 percent premium to the closing price of the Copeinca share on February 22, the second last trading day prior to CFGL's announcement of the intended voluntary offer.

 

Fundamental this counter profit margin is good, but in short terms will be affect by the rights issue and especially those that look for quick bargain since the right is 1:1 the dilution is quite large. and exercise price at 0.34 which is quite low, thus if some shareholder did not take up the right, and those that take up the excess right might look for quick profit, thus usually after rights issue, short terms there is sell pressure. It may take half or one year before starting to show the real potential again. If the take up rate for the rights by shareholder is  alot, then likely the sell pressure will not be great and in shorter duration the potential will be realise, thus currently will need to check the take up rate by shareholder.

Yes, currently is the ex-right value. Before ex-right closing is 0.6, thus ex-right adjustment should be (0.6+0.34)/2 = 0.47. The pushing down of the price shown is an interest in party to get more access rights, by generating lower interest for shareholder. But how is the effect need to wait until the right allotment annoucment.

starlene      ( Date: 06-Apr-2013 15:26) Posted: I wonder the existing 41% stake is a comfirmed deal or CF must return since CF is now unable to be successful in the takeover..being cash rich means CF can look for other better deals and CF is unlikley to fail as its financial position is strengthened..deal no successful,theoretical the price shd go up,since it dropped from 75cts to 58cts after deal is announced,and now the price is theoretical ex-rights Blanchard      ( Date: 05-Apr-2013 23:25) Posted: In addition, if CF chooses to sell her existing stake in Copeinca to Cermaq, I think  CF  might earn a few millions? Just  enough to cover the cost for this failed acquisition? Cash-rich CF can then  look for other good deals...

 

I wonder the existing 41% stake is a comfirmed deal or CF must return since CF is now unable to be successful in the takeover..being cash rich means CF can look for other better deals and CF is unlikley to fail as its financial position is strengthened..deal no successful,theoretical the price shd go up,since it dropped from 75cts to 58cts after deal is announced,and now the price is theoretical ex-rights

Blanchard      ( Date: 05-Apr-2013 23:25) Posted: In addition, if CF chooses to sell her existing stake in Copeinca to Cermaq, I think  CF  might earn a few millions? Just  enough to cover the cost for this failed acquisition? Cash-rich CF can then  look for other good deals...

 

Cash rich does not implies that price will go up, will need to observe whether is there any good investment on the cash.

starlene      ( Date: 05-Apr-2013 23:08) Posted:   Recall how CF dropped from 75cts to 57cts after the takeover,don't be surprise CF may go up instead as it is now cash rich with the rights issue. CF may then become cash rich with its recent rights issue...since deal to acquire the Peru fish co did not materalise as the major shareholders agree to sell to another co and not to CF. Cermaq's per share price offer excludes Copeinca's proposed dividend of 3.56 kroner per share, and represents a premium of 10.9 percent to the offer price of 53.85 kroner per share launched by CFGL on March 13. It also represents a 55.8 percent premium to the closing price of the Copeinca share on February 22, the second last trading day prior to CFGL's announcement of the intended voluntary offer.

 

In addition, if CF chooses to sell her existing stake in Copeinca to Cermaq, I think  CF  might earn a few millions? Just  enough to cover the cost for this failed acquisition? Cash-rich CF can then  look for other good deals...

 

  Recall how CF dropped from 75cts to 57cts after the takeover,don't be surprise CF may go up instead as it is now cash rich with the rights issue.

CF may then become cash rich with its recent rights issue...since deal to acquire the Peru fish co did not materalise as the major shareholders agree to sell to another co and not to CF.



Cermaq's per share price offer excludes Copeinca's proposed dividend of 3.56 kroner per share, and represents a premium of 10.9 percent to the offer price of 53.85 kroner per share launched by CFGL on March 13. It also represents a 55.8 percent premium to the closing price of the Copeinca share on February 22, the second last trading day prior to CFGL's announcement of the intended voluntary offer.

 

CF may then become cash rich with its recent rights issue...since deal to acquire the Peru fish co did not materalise as the major shareholders agree to sell to another co and not to CF.

 

Cermaq's per share price offer excludes Copeinca's proposed dividend of 3.56 kroner per share, and represents a premium of 10.9 percent to the offer price of 53.85 kroner per share launched by CFGL on March 13. It also represents a 55.8 percent premium to the closing price of the Copeinca share on February 22, the second last trading day prior to CFGL's announcement of the intended voluntary offer.

 

Report in undercurrent news: http://www.undercurrentnews.com/2013/04/05/cermaq-buys-50-7-of-copeinca/  ..." The surprise announcement means the end of China Fishery Group’s takeover ambitions for Copeinca, which were conditional on China Fishery acquiring 50.01% of shares in the company."

The China Fishery Group Board is in consultation with its advisors to explore its options in relation to the information announced by Copeinca and will update Shareholders in due course. In the meantime, the Board wishes to advise Shareholders to exercise caution in their dealings in shares of the Company and to refrain from taking any action in relation thereto, until they have sought their own financial and legal advice where appropriate.

 

I was lucky in this counter, escape in time and also get  the divident. Will continue to observe until next technical entering time.

 

Copeinca ASA : STATEMENT BY THE BOARD OF DIRECTORS OF COPEINCA ASA IN CONNECTION WITH THE VOLUNTARY OFFER FROM GRAND SUCCESS INVESTMENT (SINGAPORE) PRIVATE LIMITED

http://www.4-traders.com/COPEINCA-ASA-4006733/news/Copeinca-ASA-STATEMENT-BY-THE-BOARD-OF-DIRECTORS-OF-COPEINCA-ASA-IN-CONNECTION-WITH-THE-VOLUNTARY-16606999/

Let us see how China Fish respond...

 

Latest development :

 

Noted. Even if I purchased the rights off the market, I will make payment by ATM using the same process as the provisionally allocated rights.

Thanks for the help!!

guoyanyunyan      ( Date: 04-Apr-2013 16:26) Posted: ... first they will sent you a letter, indicating the number of rights you have... ... then you can make payment by ATM (the easier way) or by bank draft (need to send the attached form back)... lawliet      ( Date: 04-Apr-2013 16:15) Posted: After purchasing the rights off the open market and getting the confirmation letter saying the number of rights purchased, I just have to go to the ATM to apply and pay as per the process for shares provisionally allocated? Quite confused cause I was told that I have to do some bank draft and send some form if I bought the rights off the open market.

 

Bottom liao-44.5cts NAV adjusted downward to US 39-40cts..about S$50cts,still tarding below NAV,no regrets buying

ken_boy      ( Date: 04-Apr-2013 17:04) Posted: true.. personally think that it is quite a good time to enter for china fish now given current valuation. but might have to hold a while before the money starts coming in.. huat ah! starlene      ( Date: 03-Apr-2013 14:52) Posted: Becoz the nil paid rights still trading downward pressure,after this the new shares  from exercise of rights at 34cts is on the way,CF may take the chance to boost its share price at this moment with its successful takeover or we hve to wait a little longer..

 

true.. personally think that it is quite a good time to enter for china fish now given current valuation. but might have to hold a while before the money starts coming in.. huat ah!

starlene      ( Date: 03-Apr-2013 14:52) Posted: Becoz the nil paid rights still trading downward pressure,after this the new shares  from exercise of rights at 34cts is on the way,CF may take the chance to boost its share price at this moment with its successful takeover or we hve to wait a little longer... ken_boy      ( Date: 03-Apr-2013 08:31) Posted: Haha dun flatter me.. Anyway, I bought some yesterday, just in case missed the boat. Looking to average by buying the rest on the last day.. Hmm, how come the sentiment for this stock so negative recently? (apart from the acquisition plan). Current stock price seems quite undervalued.

 

... first they will sent you a letter, indicating the number of rights you have...

... then you can make payment by ATM (the easier way) or by bank draft (need to send the attached form back)...

lawliet      ( Date: 04-Apr-2013 16:15) Posted: After purchasing the rights off the open market and getting the confirmation letter saying the number of rights purchased, I just have to go to the ATM to apply and pay as per the process for shares provisionally allocated? Quite confused cause I was told that I have to do some bank draft and send some form if I bought the rights off the open market.

 

After purchasing the rights off the open market and getting the confirmation letter saying the number of rights purchased, I just have to go to the ATM to apply and pay as per the process for shares provisionally allocated?

Quite confused cause I was told that I have to do some bank draft and send some form if I bought the rights off the open market.