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If you are now the team going to present the solicitation to the bondholders, what will you be saying to them ?

We want you to take up more debt $1.2bn. Of course, NOT. Read the headline.

China Fishery seeks Copeinca bondholders' nod to merge Peru ops, ~~with $1.2bn debt~~

They must have thought through the whole process and were being advised by the experts before they they go ahead with this proposal.

" The proposed amendment will pave the way for China Fishery to consolidate its Peru operations under its main Peru subsidiary, CFG Peru," said Fitch

What is in the mind of all the bondholders " What' s in it for me ?"

Equilibrium is positive or long. Enjoy ...

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Leongsan, when CF acquired Copeinca, who world is saying why so stupid ? On hindsight, Copeinca has become the saving grace for CF.

Nothing new, then and now, the same song is being played " The whole Copeinca guarantee the us$250m debt. For 0.75% more why would the bondholders share with $1,25billion debts? Very fishy? What is your view? Are they really hard up for cash ?"

I am sure they have the plan for a better future for CF. Don' t make the bondholders sound so stupid.

Global rating company, Fitch concludes by saying " Fitch does not see any changes to its view on China Fishery if the proposed indenture changes are adopted because the agency already expects China Fishery' s Peru operations to eventually be fully integrated and considers Copeinca ASA' s bonds as part of China Fishery' s debts.

If you still didn' t get it, let me enlarge it " Already expects ...... Copeinca ASA' s bonds as part of China Fishery' s debts" . They ain' t surprise

T2LE56 ( Date: 19-Jul-2014 06:27) Posted:

Just to highlight the assessment by Fitch with regard to the Consent Solicitation by China Fishery

Fitch: China Fishery' s Ratings Not Impacted By Consent Solicitation

In a note, Fitch said the request would not affect its rating of China Fishery and said its bonds, due 2019, would not be impacted if the request is adopted.

" The proposed amendments will pave the way for China Fishery to consolidate its Peru operations under its main Peru subsidiary, CFG Peru," said Fitch.

" The proposed amendments will not alter the key business terms, such as the interest rate or maturity date, of the $250m Copeinca bonds due 2017.

" Fitch does not see any changes to its view on China Fishery if the proposed indenture changes are adopted because the agency already expects China Fishery&rsquo s Peru operations to eventually be fully integrated and considers Copeinca ASA' s bonds as part of China Fishery' s debts."

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PACIFIC ANDES RESOURCES DEVELOPMENT LIMITED

(Incorporated in Bermuda with limited liability) (the " Company" )

ANNOUNCEMENT BY CHINA FISHERY GROUP LIMITED RELATING TO THE CONSENT SOLICITATION EXERCISE IN RELATION TO THE US$250,000,000 9.00% SENIOR NOTES DUE 2017 ISSUED BY CORPORACIÓN PESQUERA INCA S.A.C. &ndash COMMENCEMENT OF SOLICITATION

The Company wishes to inform its shareholders that an announcement was made by China Fishery Group Limited (" China Fishery" ), an indirectly owned subsidiary of the Company, on 17 July 2014 relating to the consent solicitation exercise in relation to the US$250,000,000 9.00% senior notes due 2017 issued by Corporación Pesquera Inca S.A.C. &ndash commencement of solicitation.

For more information, please refer to the announcement released by China Fishery to the Singapore Exchange Securities Trading Limited on 17 July 2014.

By Order of the Board

Lynn Wan Tiew Leng Company Secretary

Singapore, 17 July 2014

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Good step forward .... it is paramount important that China Fishery pay down the Copeinca bonds by September 2014

CONSENT SOLICITATION EXERCISE IN RELATION TO THE US$250,000,000 9.00% SENIOR NOTES DUE 2017 ISSUED BY CORPORACION PESQUERA INCA S.A.C. - COMMENCEMENT OF SOLICITATION

1. INTRODUCTION

The Board of Directors of the Company (which together with its subsidiaries shall be referred to as the " CFGL Group" ) wishes to announce that:

(a) its subsidiaries Corporación Pesquera Inca S.A.C. (" Copeinca" ), a sociedad anónima cerrada organized under the laws of the República del Perú and Copeinca AS, a private limited company (Aksjeselskap) organized under the laws of Norway, as the parent guarantor (" Copeinca Norway" ), plan to solicit (such solicitation, as may be amended or supplemented, the " Solicitation" ) consents from the holders (" Holders" ) of at least a majority in aggregate of the principal amount (" Requisite Consents" ) of its outstanding US$250,000,000 9.00% Senior Notes due 2017 (" COP Notes" ) to make certain amendments to an indenture dated 10 February 2010, as amended and supplemented, entered into by and among Copeinca, Copeinca Norway, Deutsche Bank Trust Company Americas, as trustee, registrar, paying agent and transfer agent (" DB Trustees" ) and Deutsche Bank Luxembourg S.A., as Irish paying agent, Irish transfer agent and Irish listing agent (" DB Lux" ) pursuant to which the COP Notes were issued (the " COP Indenture" ).

The Solicitation will commence at 9:00 a.m., New York City time, on 17 July 2014 (9:00 p.m., Singapore time, on 17 July 2014) and

JMS213 ( Date: 16-Jul-2014 00:59) Posted:

Exactly right, it is paramount important that China Fishery pay down the Copeinca bonds by September 2014. With all the liquidity flow into China Fishery will boost the credit rating of the company. Also, the result for the first half is healthy and profitable.

I have started collecting. Long for the Equilibrium is super bullish. Enjoy

Announcement: Moody' s: China Fishery' s postponed redemption of Copeinca bonds has no rating impact Global Credit Research - 06 Jun 2014

Hong Kong, June 06, 2014 -- Moody' s Investors Service says that China Fishery Group Limited' s postponed redemption of $250 million in Copeinca bonds due 2017 has no immediate impact on its B2 corporate family and senior unsecured debt ratings or the stable outlook for the ratings.

China Fishery' s decision follows a weakening of its operating cash flow for April and May 2014, due to unfavorable weather conditions.

" Moody' s considers the unfavorable weather conditions as a temporary situation. While the delayed redemption of the bonds will increase China Fishery' s debt leverage in 2014, its debt levels will still fall within the parameters of its B2 rating," says Lina Choi, a Moody' s Vice President and Senior Analyst.

Based on Moody' s estimates, if China Fishery fails to pay down the Copeinca bonds by September 2014, and the company suffers from a reduced cash flow due to a lower than expected total catch, its debt/EBITDA will rise to 5.5x-5.7x by September 30 2014, and its EBITDA/interest will decline to 3.3x-3.5x. Such metrics would remain within the parameters of its B2 rating.

" Moody' s will continue to monitor China Fishery' s liquidity position which could weaken if there are further disruptions to its Peruvian catch and/or supporting banking facilities," says Choi, who is also the Lead Analyst for China Fishery.

Moody' s estimates that China Fishery' s cash holdings totaled around $130 million at 31 May 2014 an amount sufficient to support the company' s operations.

If the redemption is not completed for an extended period, then China Fishery' s ratings could be negatively affected.

The principal methodology used in these ratings was the Global Protein and Agriculture Industry published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

China Fishery Group Ltd is headquartered in Hong Kong and listed in Singapore. It is engaged in three business segments: (1) the contracted supply of Alaska pollock -- a species of cod -- in Russia' s northern Pacific area, through agreements with suppliers (2) the production of Peruvian fishmeal and fish oil, and (3) fishing fleet operations.

The company is 46.5% effectively owned by the Pacific Andes group, through Pacific Andes International Holdings Ltd (PAIH), a Hong Kong-listed integrated fish and seafood products processor. The Carlyle Group, a global alternative asset management firm, holds an 11.1% stake in China Fishery.

Lina Choi

Vice President - Senior Analyst
Corporate Finance Group
Moody' s Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

cheongsl ( Date: 15-Jul-2014 21:50) Posted:

I have just vested.

Net Asset value per share is USD0.58, which is around S$0.72, current price is trade at around 50% discount.

The company is having profit over the years.

For the third quarter result, which is from Apr ~Jun 2014, it will be positively impact by the long term supply termination for LSA which shall be contributed of 80million USD in cash in Apr 2014, refer to news release on 24march 2014.

Total LSA for remaining for refund is actually 161 million USD, this will make China Fish cash rich for other exploration.

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Exactly right, it is paramount important that China Fishery pay down the Copeinca bonds by September 2014. With all the liquidity flow into China Fishery will boost the credit rating of the company. Also, the result for the first half is healthy and profitable.

I have started collecting. Long for the Equilibrium is super bullish. Enjoy

Announcement: Moody' s: China Fishery' s postponed redemption of Copeinca bonds has no rating impact Global Credit Research - 06 Jun 2014

Hong Kong, June 06, 2014 -- Moody' s Investors Service says that China Fishery Group Limited' s postponed redemption of $250 million in Copeinca bonds due 2017 has no immediate impact on its B2 corporate family and senior unsecured debt ratings or the stable outlook for the ratings.

China Fishery' s decision follows a weakening of its operating cash flow for April and May 2014, due to unfavorable weather conditions.

" Moody' s considers the unfavorable weather conditions as a temporary situation. While the delayed redemption of the bonds will increase China Fishery' s debt leverage in 2014, its debt levels will still fall within the parameters of its B2 rating," says Lina Choi, a Moody' s Vice President and Senior Analyst.

Based on Moody' s estimates, if China Fishery fails to pay down the Copeinca bonds by September 2014, and the company suffers from a reduced cash flow due to a lower than expected total catch, its debt/EBITDA will rise to 5.5x-5.7x by September 30 2014, and its EBITDA/interest will decline to 3.3x-3.5x. Such metrics would remain within the parameters of its B2 rating.

" Moody' s will continue to monitor China Fishery' s liquidity position which could weaken if there are further disruptions to its Peruvian catch and/or supporting banking facilities," says Choi, who is also the Lead Analyst for China Fishery.

Moody' s estimates that China Fishery' s cash holdings totaled around $130 million at 31 May 2014 an amount sufficient to support the company' s operations.

If the redemption is not completed for an extended period, then China Fishery' s ratings could be negatively affected.

The principal methodology used in these ratings was the Global Protein and Agriculture Industry published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

China Fishery Group Ltd is headquartered in Hong Kong and listed in Singapore. It is engaged in three business segments: (1) the contracted supply of Alaska pollock -- a species of cod -- in Russia' s northern Pacific area, through agreements with suppliers (2) the production of Peruvian fishmeal and fish oil, and (3) fishing fleet operations.

The company is 46.5% effectively owned by the Pacific Andes group, through Pacific Andes International Holdings Ltd (PAIH), a Hong Kong-listed integrated fish and seafood products processor. The Carlyle Group, a global alternative asset management firm, holds an 11.1% stake in China Fishery.

Lina Choi

Vice President - Senior Analyst
Corporate Finance Group
Moody' s Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

cheongsl ( Date: 15-Jul-2014 21:50) Posted:

I have just vested.

Net Asset value per share is USD0.58, which is around S$0.72, current price is trade at around 50% discount.

The company is having profit over the years.

For the third quarter result, which is from Apr ~Jun 2014, it will be positively impact by the long term supply termination for LSA which shall be contributed of 80million USD in cash in Apr 2014, refer to news release on 24march 2014.

Total LSA for remaining for refund is actually 161 million USD, this will make China Fish cash rich for other exploration.

JMS213 ( Date: 15-Jul-2014 17:34) Posted:

When we talk about Equilibrium we are referring to the trend.

Will be patience and enjoy ... ikan belis or juvenile fish is no good.

Go for the Sailfish more exciting .... take it ez

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When we talk about Equilibrium we are referring to the trend.

Will be patience and enjoy ... ikan belis or juvenile fish is no good.

Go for the Sailfish more exciting .... take it ez

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The BB is making some adjustment. Get ready for the next wave.

You should thank Isolator, because of the cystal ball theBB already dropped 70%

Equilibrium is positive

JMS213 ( Date: 13-Jul-2014 20:42) Posted:

Bigmama, I can' t agree with you more. Since Isolator mentioned about crystal ball ... the BB has already dropped 70%.

That' s why now is time to collect. Equilibrium is positive. Patience and we should be hearing more good news.

Let' s enjoy tomorrow World Cup Final. After that enjoy fishing

Bigmama ( Date: 13-Jul-2014 15:51) Posted:

Huh? Is that the same crystal ball you use last year for ipco, Magnus, innopac? .... The same one who ask u to buy or regret because they are going to triple ..... Lol... Your crystal ball lost about 70% of your money!!!! lol.
Better throw it away....come ....see u so Cham ....let me give you some lesson. Don't play shares like a little boy. "Crystal ball!" Ha ha ha

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The article posted by Stockpicker is a general news.

Yesterday is the first wave, the next wave is coming and the next. Make no mistake about it. You sounded a bit scare, nervous .... cos you did not see it coming

Relax and enjoy ... not everything is through technical analysis, also you can provide the aftermath of yesterday after it already happened. Will it happen again ..... just wait and see

stockpicker ( Date: 15-Jul-2014 08:18) Posted:

Small retailers not stupid...

stockpicker ( Date: 15-Jul-2014 07:48) Posted:

There is some activities yesterday. Lets hope it is not pump and dump which usually happen in counters with little float and having bad news the opposite is true when there are good news, counters with little float will see price dump first to panic the small retailers while the BBs accumulate. However, small retailers are learning smart nowadays, seen many of them selling these few days in CF.

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This is the first wave that is pounding the shore, the next wave is coming and the next. Make no mistake about it.

The article posted by Stockpicker is a general news. The specific is on the way. Get ready for it. Enjoy

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There is reason why the price went up. The bb is attractively undervalued. It is still a cool time to pick up undervalued stock.

I was told funds are already in. Enjoy

JMS213 ( Date: 12-Jul-2014 23:33) Posted:

This time, you guys maybe getting the sum wrong and Isolator is right.

This stock is traded too low and has become very attractive.

Maintain time for collection. Equilibrium is positive

JMS213 ( Date: 12-Jul-2014 08:16) Posted:

" Why is the stock trading so far under water?"

The market knows that China Fishery is trading below its value or undervalued. It has consolidated its position after the acquisition of Copeinca.

How long it is going to stay at this low level ?

Change is about to happen &hellip . historically July is a cool time to look for undervalued stocks. More good news is coming .....

I have started accumulating.

Maintain Equilibrium is positive. Cheers

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Bigmama, I can' t agree with you more. Since Isolator mentioned about crystal ball ... the BB has already dropped 70%.

That' s why now is time to collect. Equilibrium is positive. Patience and we should be hearing more good news.

Let' s enjoy tomorrow World Cup Final. After that enjoy fishing

Bigmama ( Date: 13-Jul-2014 15:51) Posted:

Huh? Is that the same crystal ball you use last year for ipco, Magnus, innopac? .... The same one who ask u to buy or regret because they are going to triple ..... Lol... Your crystal ball lost about 70% of your money!!!! lol.
Better throw it away....come ....see u so Cham ....let me give you some lesson. Don't play shares like a little boy. "Crystal ball!" Ha ha ha.

Isolator ( Date: 11-Jul-2014 01:26) Posted:

When news reached you..... Is already history...... Long now.... When my crystal ball say so.... Enjoy..

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This time, you guys maybe getting the sum wrong and Isolator is right.

This stock is traded too low and has become very attractive.

Maintain time for collection. Equilibrium is positive

JMS213 ( Date: 12-Jul-2014 08:16) Posted:

" Why is the stock trading so far under water?"

The market knows that China Fishery is trading below its value or undervalued. It has consolidated its position after the acquisition of Copeinca.

How long it is going to stay at this low level ?

Change is about to happen &hellip . historically July is a cool time to look for undervalued stocks. More good news is coming .....

I have started accumulating.

Maintain Equilibrium is positive. Cheers

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" Why is the stock trading so far under water?"

The market knows that China Fishery is trading below its value or undervalued. It has consolidated its position after the acquisition of Copeinca.

How long it is going to stay at this low level ?

Change is about to happen &hellip . historically July is a cool time to look for undervalued stocks. More good news is coming .....

I have started accumulating.

Maintain Equilibrium is positive. Cheers

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Next week you should be getting some official news from the fishing industry. The catch for the first season is still rather positive.

Maintain the Equilibrium is positive. Enjoy

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Isolator, is correct, The BB is lacking direction now. We must always look at the future business of the CF. The CF players are matured and not easily deceived.

Equilibrium is up and should be soon. Be prepared to ride the wind of change. Enjoy

Isolator ( Date: 09-Jul-2014 14:47) Posted:

Very soon most chart will show uptrend breakout..... Mine is already show.... Enjoy...

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You ain' t KNOW anything yet. Enjoy

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They are confident of the global demand for fish. They also recognise that aquaculture has grown to cater for the steadily rising global demand for fish. Just like Esso slogan " we are drivers too" I am sure the management knows about the industry better than you and me. If you think it is an easy feat to acquire Copeinca ... you ain' t anything yet. Stay calm ...

INDUSTRY OVERVIEW

Global Outlook: Fishing Industry

Strong Industry Fundamentals

Industry growth prospects remain strong due to 3 fundamental factors. Firstly, the consumption of fish and seafood globally has continued to rise steadily on increasing health consciousness and rising living standards alongside a growing population. Secondly, this rising fish consumption is set against a backdrop of regulated supply for ocean-catches, which has been set at a sustainable and stable level of around 85 million to 90 million metric tonnes per annum for the past 20 years. Lastly, aquaculture has grown to cater for the steadily rising global demand for fish, and as such, demand for fishmeal has risen along with aquaculture production.

Over the years, pricing trends for ocean-caught fish and fishmeal have remained favourable. These upward price trends indicate the resilient nature of our key products and growing preference for fish in consumer diets.

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Argentina defeats Switzerland 1-0

Market regardless of Ngs or whoever, has a pattern and behaviour. They are also humans, certainly not God. They too are under the mercy of the Almighty. They have no control over the weather. They too need to eat, sleep and shit. Sorry, don' t mean to be crude.

General consensus is the investor expectations are growing for the second half of 2014. US definitely showing sign of growth and momentum is buliding up.

The market will be looking out for forward-looking statements which is the company future growth. The market is still flushed with liquidity and historically July is a cool time to look for undervalued stocks. Past one week has been an accumulation for the market.

They have already successfully acquired Copeinca and have already consolidated the operation, They are doing the right thing to save cash and reduce capex.

This study conducted by the Canadian and Peruvian Researchers is important. For them to said " Don' t hold the anchovies : Study shows Peruvian fish worth more as food than as feed" point to the future growth of the company. We are seeing growth and profits from the fishing operation.

Blanchard said " The market shall determine the shares price

" Equilibrium is POSITIVE

JMS213 ( Date: 21-Jun-2014 23:11) Posted:

I am sure the Canadian and Peruvian Researchers know what they are doing and talking about. Anchovies health benefits in the form of essential fatty acids, protein and other nutrients.

Don' t hold the anchovies: Study shows Peruvian fish worth more as food than as feed.

We may not have a crystal ball, but from the study, we know the current business trend point to a not so distant future that will be totally different from fishmeal to food for human consumption.

We know the Asians and Chinese are lovers of food. Enjoy .....

T2LE56 ( Date: 20-Jun-2014 09:34) Posted:

Don' t hold the anchovies: Study shows Peruvian fish worth more as food than as feed

Media Release | November 13, 2013

Rethinking the potential of anchovies could pay big dividends for the Peruvian fishing industry. Photo: Paul Asman and Jill Lenoble, Wikimedia Commons.

The true potential of Peruvian anchovy lies not in fishmeal but as food for people and as part of the ocean food web, according to Canadian and Peruvian researchers.

The Peruvian anchovy is the world' s biggest fishery resource, with annual landings of five to 10-million metric tons. It generates up to one-third of the world' s fishmeal supply. But a new study reveals the bulk of the revenue and employment comes from producing the seafood for human consumption.

" Anchovy accounts for upwards of 80 per cent of Peruvian landings by weight, but it' s only responsible for 31 per cent of the sector' s revenue," says Villy Christensen, a professor in the University of British Columbia Fisheries Centre. " It hasn' t lived up to its true economic value because almost all of it is ground up for low-value fish oil or fishmeal."

Fishing in Peru is often associated with industrial-scale catch of anchovies. (Photo: Patricia Majluf)

Christensen and colleagues at the Centre for Environmental Sustainability (CSA) at Cayetano Heredia University in Peru calculated the economic impact of anchovy and other Peruvian fisheries. They found that artisanal fishers, wholesalers, markets and restaurants generated US$2.4 billion per year, or 69 per cent of total revenue.

Meanwhile, the fishmeal industry generated only $1.1 billion, or 31 per cent of revenue. Similarly, of all the jobs supported by fishing in Peru, more than 80 per cent were part of the seafood industry. Details are published in the current issue of the journal Marine Policy.

" Current Peruvian regulations only allow anchovy caught by artisanal or small boats to be used for human consumption, forcing the majority of the landings to be exported as fishmeal," says Patricia Majluf, CSA Director and the project' s Peruvian lead.

Video: Prof. Patricia Majluf summarizes findings of the study. (Video en españ ol)

" There are far more economic and food security benefits to Peru to channel fisheries for human consumption," adds Majluf, who launched a campaign in 2006 to encourage Peruvian chefs to incorporate anchovy on their menus. " We need to reform our laws to allow anchovy fishery to reach its full economic potential."

AddLuck ( Date: 21-Jun-2014 12:27) Posted:

Bro, the achovies here are called Kang Hu. In there, it is different, the picture posted looked more like the Tiow Keng or Tambun. The latter 2 deteriorate immediately after catch or if caught in bulk - due to heavy catch in same net, they crushed themselves. in what, posted below...there' s a clue..." only anchovies caught by small boat can be used for human consumption" ......small boat catches can be carefully handled and kept fresh at all times but with much effort and cost.....these critters are too soft and fragile for handling.

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The future prospect of CF is attractive.

Welcome to your gateway to the largest and fastest growing seafood market in the world.

More than 1,200 companies will exhibit at China Fisheries & Seafood Expo 2014. Join us for our 19th year, as Asia' s largest seafood trade exposition brings leading seafood suppliers and buyers together from around the world.

Over the past six years, China Fisheries & Seafood Expo has more than doubled in size to become the second largest seafood trade fair in the world. Asia' s only major seafood show, China Fisheries & Seafood Expo has been helping international companies grow their business in China for 18 years.

More than 85 percent of China Fisheries & Seafood Expo exhibitors return year after year because they know it is the best place to showcase their products and services to the most important seafood market in the world.

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What are you talking about ? Report from Reuter 23 June 2014

Washington, D.C.-based Carlyle had $198.9 billion in assets under management as of the end of March, $64.5 billion of which were in private equity

Carlyle raises $1 billion for second financial-companies fund

Published June 23, 2014

Reuters

REUTERS

Private equity firm Carlyle Group LP said on Monday it had raised $1 billion for its second fund focused on buying and selling financial institutions such as wealth managers and insurance firms, almost three years after it began fundraising.

While a few smaller private equity firms also run funds dedicated just to financial companies, Carlyle is the only one among the major buyout firms to do so. Carlyle first' s financial companies fund, launched in 2008, raised $1.1 billion.

Financial regulations implemented in the aftermath of the financial crisis have created opportunities for private equity funds to buy assets both in Europe and the United States.

For example, Carlyle acquired TCW Group Inc, a $127 billion Los Angeles-based asset manager, from Societe Generale two years ago, as the French bank sought to bolster its balance sheet

Yet, by industry standards, the relatively long fundraising period of the latest fund, called Carlyle Global Financial Services Partners II, shows that some investors are still skeptical about the size of the opportunity and the challenges involved.

Carlyle' s first financial companies fund had generated 1.6 times its investors' money and an 18 percent internal rate of return on a gross basis as of the end of March. Carlyle' s current portfolio of fully invested private equity funds had generated, on average, two times its money and a 26 percent internal rate of return over the same period on a gross basis.

Investments of Carlyle' s first financial companies fund include investment bank and brokerage Sandler O' Neill & Partners LP, Florida bank BankUnited Inc and Boston-based asset manager Boston Private Financial Holdings Inc.

Carlyle' s financial companies investment team is run by Olivier Sarkozy, half-brother of former French President Nicolas Sarkozy.

Washington, D.C.-based Carlyle had $198.9 billion in assets under management as of the end of March, $64.5 billion of which were in private equity