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

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. 

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.