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Halleluyah, good you provide info regarding Interra Resources and Annica. I did a check on the background on why Interra and Annica raise the $$$$, after the findings I chose to go along with Starlene,
Even if deal aborted, rights issue will boost its coffers,shd head back to higher level again |
The purpose why they issue Rights is also very important, China Fish strategically wanting to acquire a profitable and below value company. Naturally Dyer Coriat family is frantically trying to block, .... DESPERATELY.. HAHA. I will go with Starlene, managed to buy some at $0.56
While Interra Resources, went for PAYment
Unless otherwise defined, capitalised terms used herein shall bear the same meaning ascribed to them in the offer information statement dated 5 September 2012 in relation to the Rights Issue (the “Offer Information Statement”).
Further to the announcements dated 19 October 2012, 15 November 2012, 14 December 2012, 26 December 2012 and 15 January 2013 in relation to the use of proceeds from the Rights Issue, the Board of Directors of Interra Resources Limited (the “Company” or “Interra”) wishes to provide an update on the utilisation of the net proceeds from the Rights Issue of S$21,752,124 (after deducting related expenses incurred in connection with the Rights Issue) (the “Net Proceeds”) as follows:
Purpose
Payment of US$1,041,700 for work activities relating to the work programme of Linda Sele TAC in Indonesia for the year 2013
Payment of US$991,336 for work activities relating to the work programme of Tanjung Miring Timur TAC in Indonesia for the year 2013
Payment of US$969,000 for work activities relating to the work programme of Yenangyaung and Chauk IPRCs in Myanmar for the year 2013
Total
Thanks for the extract from Undercurrent news by serialain
If Copeinca justification of $1bn valuation is indeed correct, ...... this is definitely a strategic move and much planning in acquiring it. Can see that Dyer Coriat family is now frantically trying to block it. Veteran pretty smart got some at 0.56, wonder if the price will go up after the news .... hope I'm not too late.
Based on Peruvian mergers and acquisitions made since 2011, a company’s share of the Peruvian total allowable catch quota has been valued at between $90 million to $105 million per 1% of the quota. On these terms, and due to its 10.7% quota holding, Copeinca should be valued at between $950m and $1.1 billion, said Trapunsky.
“I would say that Copeinca is probably the most profitable fishing company in Peru,” said Trapunsky, explaining his valuation of the company.
halleluyah ( Date: 11-Mar-2013 13:32) Posted:
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Extract from Undercurrent news 5 hours ago
" Ocean Harvest, Copeinca’s second largest shareholder, has signed a deal to sell its shares to China Fishery Group for NOK 53.85 per share, or NOK 310.9 million, in cash.
The company has also signed a pre-acceptance agreement for the remainder of its shares, representing 4% in Copeinca.
The deals are a setback to Copeinca’s majority shareholder, the Dyer Coriat family, which has urged its shareholders not to sell their shares to China Fishery.
They also represent the latest twist in China Fishery’s hostile takeover of Copeinca — a prospect that has gotten Copeinca’s bondholder worried.
Earlier on March 12, it was revealed that a Pacific Andes subsidiary (China Fishery is part of the Pacific Andes group) had acquired 11.33% of Camposol – a Peruvian shrimp and agro producer also controlled by the Dyer Coriats.
Later the same day, Copeinca announced that one of its board members, Ivan Orlic, hadresigned from the board with immediate effect, without giving any reason for his departure.
The sale of Ocean Harvest shares was unveiled only minutes before the March 13 start ofChina Fishery’s tender offer, also priced at NOK 53.85 per share.
While China Fishery’s tender offer is conditional on acceptance from 50.01% of shares, the purchase of Ocean Harvest’s 9.9% stake is not conditional to such an acceptance, China Fishery said.
It added that shareholders owning 29% of shares had entered irrevocable agreements to tender their shares to China Fishery during the tender offer. This includes an option from one of Copeinca’s top three shareholders — presumably Euroclear Bank – for a stake of 10.8%.
Added to “positive support” from shareholders owning 2.6% of shares, this would secure China Fishery ownership over 41.5% of the shares, it said.
That would be more than the Dyer Coriat family, which owns just under 40%. To block the offer, the Dyer Coriat family has said it would explore strategic options, including seeking out potential rival bidders."
I wonder if this is a good sign? And also I hope bro starlene's prediction comes true. Getting jittery about this punt haha. Wondering if the best time to sell is before XR, or should take XR and wait for price to climb.
Blanchard ( Date: 12-Mar-2013 09:52) Posted:
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Extract from Undercurrentnews, dated 11 Mar 13:
The precedent set by recent mergers and acquisitions in Peru, as well as the strong and improving company EBITDA and plans to move into value-added feed, show that the $556m bid made by China Fishery is not close to being enough, said Copeinca.
Speaking during a conference call in which the Peruvian firm set out some of its plans for growth, Pablo Trapunsky, CEO of the company, announced that it would be strengthening its already-healthy earnings in the next five years through value-added fishmeal and oil.
Based on Peruvian mergers and acquisitions made since 2011, a company’s share of the Peruvian total allowable catch quota has been valued at between $90 million to $105 million per 1% of the quota.
On these terms, and due to its 10.7% quota holding, Copeinca should be valued at between $950m and $1.1 billion, said Trapunsky.
The position of the company is another factor which makes it more valuable than China Fishery’s offer suggested, said the CEO.
Anchovy quotas are well below the average catch that has been allowed over the past 20 years, while demand from Asia and especially Chinese aquaculture for high protein feed is growing.
Copeinca prices its ‘super prime’ fishmeal at $2,100 per metric ton in 2013, the peak of a steadily increasing trend since 2001, while it prices its aqua grade fish oil at $2,600 and Omega-3 grade oil at $3,100 /mt.
Since 2010, the company has been increasing its efficiency and the quality of its produce, said Trapunsky. It has streamlined, and the benefits can be seen in its EBITDA from each year, which in 2011 hit over $100m for the first time.
“Now we have higher efficiencies, higher quality of end product and of course, much higher profitability,” he explained.
To add to this, 2013 marks the start of Copeinca’s move into value-added products.
Specifically, the company is set to produce new oil and fishmeal products, which add significant value to the prices already being earned.
The value-added fishmeal is expected to add $700/mt within two to three years, while purified oil, which can be produced inside a year, would add over $1,000/mt, and concentrated oil, which would take four or five years to reach full quality, increases in value as it becomes more concentrated, as it requires less to nourish fish.
Asked about bids other than the China Fishery one, the Copeinca executive stated that scenarios which maximized the return for shareholders were still being evaluated.
“I would say that Copeinca is probably the most profitable fishing company in Peru,” said Trapunsky, explaining his valuation of the company.
“It has a very clever business model which delivers results as expected…and even with low quotas for the company, we achieve a very strong cashflow.”
Nt necessary. Like interra n annica, nearer date to ex-rights still down further a bit.
starlene ( Date: 11-Mar-2013 13:28) Posted:
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guoyanyunyan ( Date: 10-Mar-2013 17:57) Posted:
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... the harami (孕 み ) pattern observed on 1 March indicate the halt of the downtrend ....
... now on sideway movement ....
2 cents..
What's more important is reason for the split in 2007. For investment? For M& A? Did FISH mgt mismanaged or misjudged it's profitability?
Previously worked in a company from $60+..dropped to $3+. Good innovation brought the company to the high, when lesser innovations, lesser products to beat the market, share goes down. Financial crisis brought more woes, those that can and will explore was bounded by cost. These people left the company and new ones came but without drive. Old mgmt prefers " friends" to work with them but they are equally old. Innovations takes a beating with such mgmt.
Hope the company's mgmt forsight is great and walk the right path. I'm vested 65 lots...nia!
Prices fluctuating due to financial crisis, company performance, analysts' call etc.
Personally, I think the current price is very attractive.
Yes, you are right.
May 2007 - price is 2.50.
May 2007 - share split
Oct 2008 - price is around 0.50. Price has dropped gradually from 2.50 to 0.50 after share split.
I want to know the reason for this drop because I am vested too.
Oh no. After May 2007, China fishery share plunge.
Any reason for the plunge?
Or was it an effect of the share split.
| Type | Expiry Date | Record Date | Particulars |
| ENTITL | 8 May 2007 | 10 May 2007 | STOCK SPLIT OFFER OF 2 FOR 1 |
| BONUS | 21 May 2009 | 25 May 2009 | OFFER OF 1 FOR 10 |
| RIGHTS | 21 Mar 2013 | 25 Mar 2013 | OFFER OF 1 FOR 1 @ SGD 0.34 |
wendel ( Date: 07-Mar-2013 22:03) Posted:
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Came to know the following:
1. Copeinca, Peru's No. 2 fish exporter, said on 4 Mar 13 it has hired a team of financial advisors to " explore alternatives" after it received a $556 million unsolicited buyout bid from China Fishery Group.
2. On 4 Mar 13, the credit agency Fitch Ratings affirmed its BB- rating on China Fishery Group and removed it from its negative rating watch, saying no major deterioration or improvement is expected in the next 12 months. The decision reflects Fitch’s assessment that China Fishery – the fishing subsidiary of Pacific Andes International Holdings – " is not likely to suffer imminent substantial losses in its contract supply operations in Russia" , said Fitch.