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As expected, Norway govt backs Cermaq on Copeinca deal & rejects Marine Harvest.
http://www.reuters.com/article/2013/05/14/cermaq-government-urgent-idUSWEB0055220130514
Next event is Cermaq's AGM on 21 May 13. Wonder if there would be any surprising development to this acquisition fight?
Why is Cermaq so eager to acquire the valuable Copeinca?
http://news.yahoo.com/cermaq-asa-ceq-copeinca-acquisition-140202120.html
For your reading pleasure...
Take a look at the offer, the price should still be consider ok.
Peruvian Fishmeal quota
| Peruvian Fishmeal Industries | |
| Company | Quotas (%) |
| Tasa | 14.10% |
| Copeinca | 10.70% |
| Diamante | 8.50% |
| Austral | 6.90% |
| Hayduk | 6.60% |
| China Fishery Group | 6.20% |
| Exalmar | 6.00% |
| Centinela | 2.30% |
| Pacifico Centro | 2.20% |
| Others | 16.60% |
| Wood Fleet | 19.90% |
| Copeinca (USD million) | 2011 | 2012 |
| Total Revenue | $254.50 | $314.20 |
| Net Income | $47.80 | $49.60 |
| Profit Margin | 18.78% | 15.79% |
| Total share issue | USD | Net Income/share NOK |
| 58,500,000 | 0.847863248 | 4.913409915 |
| Offer (NOK) | PE | |
| 59.5 | 12.10971627 |
As of now, I think the acquisition fight status is something like this...
|
China Fish Holding |
Cermaq Holding |
Remainder Holding |
Remarks |
|
|
Copeinca Shares |
35.8% |
51.3% |
12.9% |
1. China Fish's offer deadline: 23 May 13 2. Cermaq's offer deadline: 28 May 13 |
|
Marine Harvest Holding |
Lansdowne Holding |
Norwegian Govt Holding |
Remainder Holding |
Remarks |
|
|
Cermaq Shares |
5.44% |
7.5% |
43.5% |
43.56% |
1. Norwegian Parliament to vote to approve Cermaq rights issue on 14 May 13 2. Cermaq AGM to approve rights issue on 21 May 13 |
Wonder which side the remainder holding would incline to?
Wonder if Marine Harvest would up her offer for Cermaq?
Lansdowne, second biggest shareholder in Cermaq, to vote against Cermaq's Copeinca deal
http://www.reuters.com/article/2013/05/10/cermaq-lansdowne-copeinca-idUSWEB004XJ20130510
A piece of good news for China Fish...
Blanchard ( Date: 11-May-2013 11:07) Posted:
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China Fish's announcement this morning. As of today, China Fish holds Copeinca Shares and rights to Copeinca Shares equal to approximately 35.8% of the Copeinca Shares and votes in Copeinca.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_D5A7EC2539054FF048257B6800017F13/$file/CFGL-Annc_Copeinca-11052013.pdf?openelement
Cheongsl, wonder if these announcements help? Thanks for helping us to understand more about China Fish.
1.http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_2C7D35355AA7033948257B6500230C33/$file/CFGL-2QFY2013_PressRelease.pdf?openelement
2.http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_39BDE8D4BAE17B2C48257AB6002464B3/$file/CFGL-LongTermSupplyAgreement-141112.pdf?openelement
3.http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_4C60A94CB7C4A37848257A3D003B6DF0/$file/CFGL-LongTermSupplyAgreement-160712.pdf?openelement
Anyone know about the new operating reforms for the company. The new operating methods seems to reduce cost but have major impact on the revenue, as what mention in the report is that the price of fish have when up, the revenue decrease due to volume decrease. It seems to suggest less experience labour are used which have result in lowering of fish catches. The new financial statement seems to suggest that they only rent the vessel, and they get their own labour which is reclassified under cost of sales.
| FH2013 | FH2012 | Different | |
| Revenue | 270,783 | 345,455 | -74,672 |
| Cost of sales | -131,321 | -40,000 | |
| Charter hire expenses | -33,221 | ||
| Vessel operating costs | -51,503 | -153,077 | |
| Cost expense for revenue | -182,824 | -226,298 | 43,474 |
guoyanyunyan ( Date: 10-May-2013 09:04) Posted:
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China Fishery Group extends offer for Copeinca shares
http://www.reuters.com/article/2013/05/10/copeinca-idUSWEB004XC20130510
For your reading pleasure:
1. Cermaq cool on $521 mln synergies share-out with Marine Harvest
http://www.reuters.com/article/2013/05/10/marineharvest-cermaq-idUSL6N0DP1F220130510
2. Cermaq ASA : Letter to Cermaq's shareholders
http://www.euroinvestor.com/news/2013/05/10/cermaq-asa-letter-to-cermaqs-shareholders/12330019
...Last Done: $0.410...
| US$ Million | 1H FY2013 | 1H FY2012 | Chg (%) |
| Revenue | 270.8 | 345.5 | -22% |
| EBITDA | 122.1 | 135.2 | -10% |
| Net Profit attributable to shareholders | 55.5 | 72.0 | -23% |
| EBITDA margin | 45.1% | 39.1% | |
| Net profit margin | 20.5% | 20.8% |
Net asset value per ordinary share based on existing issued share capital as at the end of period reported on (28.03.2013) US$0.84 up from (28.09.2012) US$0.80
...Last Done: $0.405...
China Fishery Group Limited posted a 13 per cent decrease in net profit attributable to shareholders from US$48.2 million to US$41.9 million for their second quarter ended March 28.
For the first half of the financial year 2013, net profit decreased 23 per cent to US$55.5 million, from H1 2012's US$72.0 million.
Group revenue for Q2 decreased from US$219.7 million in the previous year to US$162.7 million, a 26 per cent fall this was primarily due to lower sales contributions from Peruvian Fishmeal Operations and Contract Supply Business.
Correspondingly, H1 revenue decreased 22 per cent to US$270.8 million from US$345.5 a year ago
Half Year Results
“Looking ahead, although the reduction in total allowable catch of Peruvian anchovy is expected to impact the Group’s results in the second half of FY2013, the continued strength in fishmeal and fish oil prices is expected to mitigate this potential impact.” Mr. Ng Joo Siang, Group Managing Director of China Fishery, said.
On 26 February 2013, the Group announced a cash voluntary offer for all the outstanding issued shares of Copeinca ASA (the “Tender Offer”) and a 1-for-1 rights issue (the “Rights Issue”) to partially fund this acquisition. As of the date of this announcement, the Tender Offer remains on-going. As there is one other competing offer currently in the market, along with some recent developments related to the Tender Offer, the Board will continue to update the Shareholders and public investors on the progress of the Tender Offer and related corporate actions as and when appropriate.
The Rights Issue was successfully completed on 19 April 2013. A total of 1,294,480,241 shares have been subscribed in this issue, representing approximately 126.5% of 1,023,177,273 shares offered, raising approximately US$278 million after expenses. “This capital raising exercise has further increased the Group’s financial strength and provided capacity for its prospective investment opportunities in the future.“ Mr. Ng concluded.
[I'm pleased that China Fish is able to maintain profitability in tough operating circumstances while some other fish company quarterly results even swings in the red...]
The Chairman of Marine Harvest ASA, Ole-Eirik Lerøy, writes to Cermaq shareholders...
http://www.fishnewseu.com/latest-news/world/10359-leroy-writes-to-cermaq-shareholders.html
[For your reading pleasure... It will be good if Marine Harvest can up her offer for Cermaq... as Norwegian government deems Marine Harvest's bid too low.]
Agreed... The $ will probably ended up with Relevant Worthwhile Spending or Money in Balance Sheet. LOL...
tchoonw ( Date: 07-May-2013 13:08) Posted:
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serialain ( Date: 07-May-2013 12:21) Posted:
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