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15-Mar-2013 23:34

China Fishery / China Fishery - Low PE

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Peru's Copeinca Vulnerable to China Fishery Takeover - J.P. Morgan

Mar 15, 2013 (Dow Jones Commodities News Select via Comtex) --By Robert Kozak

Peru's Copeinca ASA, (COP.OS) the second biggest fishing company in the Andean nation, has a fragmented shareholder structure and is vulnerable to a takeover, J.P. Morgan Chase said.

China Fishery Group Ltd. (CIFHY) has launched a public offer for Copeinca's common shares, a bid worth 551 million, the bank said in a report late Thursday.

The largest shareholder, Dyer Coriat Holdings, is opposing the takeover, saying the offer is a lowball bid.

J.P. Morgan said Dyer Coriat has a 32.6% stake in Copeinca, followed by Ocean Harvest with 13.9%, Euroclear Bank with 11.3% and an investment fund held by the Dyer Coriat Investors with 5.96%.

" The remaining stakes are very fragmented with most investors holdings less than 1.4%. Therefore, technically a deal could go forward without the agreement of Dyer Coriat," the bank said.

J.P. Morgan says that China Fishery has already secured 41.5% in positive indications, such as pre-sold shares or binding agreements.

Peru's rich fishing grounds make it the world's largest producer of fishmeal, which is exported to China, Germany and a number of other nations. The fishmeal, used in part as a high-quality animal feed, is made mainly of anchovy.

Copeinca officials say their company is worth up to 1.1 billion, and said Thursday the company is looking at all options, including soliciting interest from potential alternative bidders.

It added that " interesting dialogues have already been established with potentially interested parties attracted by Copeinca's leading operational platform and market position."

Peru's Credibolsa SAB, which is handling the public share purchase offer, said in a published statement that the offer is open until April 15.

Copeinca said it " strongly advises shareholders to refrain from taking any action in respect of their shares in Copeinca which may be prejudicial to their interests."

Separately, South Korea's Dongwon Group has reportedly made an offer to purchase Peru's Pesquera Diamante, a leading fishing company.

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15-Mar-2013 15:00

China Fishery / China Fishery - Low PE

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Maybe over time... there might be interested parties attracted by China Fish's leading operational platform and market position... who knows? Just a mental indulgence...

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15-Mar-2013 13:35

Vard / STXOSV

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Can confirm VARD's dividend policy... during VARD's AGM next month?

chuayc1985 ( Date: 15-Mar-2013 13:18) Posted:

15 Mar 2013

STX OSV: What's next after offer closing?
At the close of its mandatory offer for STX OSV shares on 13 Mar 2013, Fincantieri received only 4.88% valid acceptances, bringing its total shareholdings to 55.63% (pre-offer: 50.75%). The low acceptance level is unsurprising given that the Board of Directors has recommended shareholders to reject Fincantieri's offer as it is not compelling enough. Looking ahead, we believe there will be better clarity in terms of corporate identity, board leadership and senior management. Fincantieri has also stated that it has no intention to (i) introduce any major changes to STX OSV, (ii) re-deploy the fixed assets or (iii) discontinue the employment of its employees. Maintain BUY with unchanged S$1.52 fair value estimate. (Chia Jiunyang)

Hopefully this is true. Huat ah!

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14-Mar-2013 00:57

Pacific Andes / pac andes

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Major shareholders of Camposol

Largest 20 Shareholders as of 22 September 2011 (Pacific Andes Resources Development should be now #3)

	Investor	Shares	%
1	DYER-CORIAT HOLDING	8,571,000	28.73%
2	DEUTSCHE BANK AG LON PRIME BROKERAGE FULL	6,165,018	20.66%
3	Pacific Andes Resources Development	3,380,100	11.33%
4	EUROCLEAR BANK S.A./ 25% CLIENTS	2,328,235	7.80%
5	FONDO DE INVERSIÓN AGROINDUSTRIAL	1,908,750	6.40%
6	SOUTH WINDS AS	1,753,000	5.88%
7	WEILHEIM INVESTMENTS	1,432,059	4.80%
8	PERU LAND AND FARMING LLC	960,695	3.22%
9	CLEARSTREAM BANKING	847,499	2.84%
10	CREDIT SUISSE SECURITIES (USA) LLC	535,906	1.80%
11	DEUTSCHE BANK OPCT REPO OPS	375,204	1.26%
12	JP MORGAN	279,377	0.94%
13	SIX SIS AG 25PCT	153,878	0.52%
14	MP PENSJON PK	137,000	0.46%
15	JAHRMANN AS	127,850	0.43%
16	JUSTNES REDERI AS	105,300	0.35%
17	SOCIETE GENERALE LON	73,213	0.25%
18	MILLCOM NORGE AS	60,000	0.20%
19	BANK OF NEW YORK	44,982	0.15%
20	MILLCOM NORGE AS	42,000	0.14%
	TOTAL TOP 20	229,281,066	98.15%
	OTHERS	552,754	1.85%
	TOTAL	29,833,820	100.00%

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13-Mar-2013 22:57

Vard / STXOSV

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What a relief! VARD is here to stay...

All the best to all vested.

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13-Mar-2013 22:27

Pacific Andes / pac andes

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Confirmation

The acquisition of 3,380,100 shares (or 11.33% stake) in Camposol at the price of NOK22.90 per share (approximately USD4.0 per share) will be accounted for as quoted equity shares, and the aggregate consideration of approximately NOK77.40 million (approximately USD13.70 million) has been funded entirely from internal sources.

Commenting on the investment, Executive Director and Chairman, Mr Ng Joo Siang said: " Camposol is an ideal fit within our greater resources development strategy. As the world’s largest exporter of asparagus, along with a growing global demand for avocado, Camposol is well-positioned to continue its growth trend with its advanced farming technology and large land bank in Peru. Camposol’s strong fundamentals and attractive valuation make this a compelling investment for PARD, and we look forward to positive outcomes from this investment."

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13-Mar-2013 17:54

Midas / Midas

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" It is wise to hold what you know and admit what you don't know."

We can also say: " It is wise to have what is good and avoid what is not good."

And Midas is an example of what is still good to have.

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13-Mar-2013 00:44

Pacific Andes / pac andes

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Camposol — an agribusiness company that has recently expanded into shrimp farming....

Camposol is the leading agroindustrial company in Peru, the largest exporter of asparagus in the world and soon to be the first producer of avocado in the planet. The company owns all the fields where its products are planted and harvested, having total control of the growing, harvesting and packing phases of its final products.

The lines of Camposol products include Asparagus (green & white), Piquillo Peppers, Avocados, Mangoes, Grapes, Mandarins, among others, which are packed fresh, frozen or canned, and exported to our world markets.

By being a vertically integrated business, from the growing fields to the finished products, Camposol guarantees that only products of the highest quality are being offered to our wide range of international customers.

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12-Mar-2013 23:51

Pacific Andes / pac andes

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Extract from Undercurrent News dated 12 Mar 13:

A Pacific Andes subsidiary has acquired a 11.33% stake in Camposol, the Peruvian producer owned by the same family that owns Copeinca.

The sale comes as Copeinca is fending off a hostile takeover bid by China Fishery Group, also part of the Pacific Andes group.

Both Copeinca – Peru’s second largest fishmeal producer — and Camposol — an agribusiness company that has recently expanded into shrimp farming — are controlled by the Dyer Coriat family.

The family has expressly said it does not intend to tender its shares to China Fishery’s $556 million cash bid.

The transaction in Camposol shares was carried out by Golden Target Pacific Limited, described as a British Virign Island registered company and a wholly owned subsidiary of Pacific Andes Resources Development.

The group acquired the 11.33%, or 3.38m shares, from US-registered Andean Fishing.

No price was given for the transaction.

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12-Mar-2013 18:01

AusGroup / AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m

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AusGroup announces Allseas contract for Chevron-operated Wheatstone Project 不辜负我们的期望

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12-Mar-2013 17:49

Midas / Midas

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不辜负我们的期望

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12-Mar-2013 09:52

China Fishery / China Fishery - Low PE

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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.”

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11-Mar-2013 17:29

Accrelist / We hldgs

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Returning to her inactive state?

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10-Mar-2013 23:33

SPH / SPH

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Not vested as the current price of this good stock is already high to me. Guess the price may drop slightly? And more price drop only after her proposed REIT is listed? Await more announcements for clearer picture.

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10-Mar-2013 13:02

Midas / Midas

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China railways ministry- Past vs Future: (illegal gain, more pain) vs (no pain, no gain). LOL.

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10-Mar-2013 12:26

Midas / Midas

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" China will split its scandal-plagued railways ministry in two and bring its administrative functions under the control of the transport ministry, state media said on Sunday. The plan is to " dismantle" the ministry, the official Xinhua news agency reported, citing a report on institutional reform to be submitted to the National People's Congress parliament meeting in Beijing later. The ministry's commercial functions will be taken over by a new China Railway Corporation, it added... Investment this year is due to reach 650 billion yuan (US$105 billion), Xinhua reported in January, up 30 percent on the 2012 budget, although actual rail investment in China usually turns out higher than the planned figure..." (Quote from CNA this morning)

It is partly because of the previous scandal that Midas shares price dropped so jia lat. Now with this institutional reform, I think it should help to reduce (if not eliminate) corruption/scandal & bring stability/confidence in the ministry.... therefore will be favourable to Midas business.

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09-Mar-2013 12:21

Midas / Midas

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Await updates in next month AGM.

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08-Mar-2013 23:24

BreadTalk / BREADTALK GROUP LIMITED

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Hope there will not be any rights issue/shares placement.

Not vested.

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08-Mar-2013 19:26

China Fishery / China Fishery - Low PE

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Vested too... can stomach the business development & financial risks.

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08-Mar-2013 18:19

Midas / Midas

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Agreed with skk888 & GorgeousOng . Bought some at 0.485.

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