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Latest Posts By JMS213 - Senior      About JMS213
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15-Nov-2014 18:35 China Fishery   /   China Fishery - Low PE       Go to Message
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Strategic move by Pacific Andes&rsquo majority owners, the N.S. Hong group controlled by the Ng family, has agreed to subscribe to its share of the rights issue, thereby preserving its 54.92% share in the group following the deal. 

Agreed with   Solsys " It' s a good thing that the rights issue is coming from Pacific Andes and not China Fishery, no diliution for China Fishery' s shareholders."

Why $53m ? Below the cash report show $252m + 53 = $305m they have more than enough to redeem the bonds if necessary.

Pacific Andes to issue $53m in new shares to pay back debt nets Copeinca bond extension
November 11, 2014, 5:58 pm


Pacific Andes International Holdings unveiled plans to raise  HKD 410.4 million ($53m) worth of new shares, in a deal that could see of its creditor banks  own  15% of the  Hong Kong-listed group.

 


SLPY69      ( Date: 10-Nov-2014 08:42) Posted:



According to Moody' s, China Fishery  had reported cash of $132m  by June 28, 2014 and a further $120m cash repatriation expected from its Russian suppliers in the next 12 months, as part of its pull-out of Russian pollock.

The B2 ratings continue to reflect the enlarged scale of China Fishery' s Peruvian fishmeal followings its acquisition of Copeinca and the progressive integration of the latter, it added. The acquisition made China Fishery into Peru' s largest anchovy catcher and fishmeal producer.

Of course, the banks want the jewel which is Copeinca. The banks want access into Copeinca .... hahaha before they release monies to China Fishery. Indirectly they have to pay monies to the teams " to help in the SOLICITATION"   ..... that' s how you have this phrase " storm in a teacup" hahahaha  laugh

" ....   refinance the Copeinca bond or obtain a waiver from the banks to remove the subordination issue."

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11-Nov-2014 22:54 China Fishery   /   China Fishery - Low PE       Go to Message
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Haha ... Don' t think SLPY said that, maybe you got confuse with SLP. NOBODY is saying but the reverse it true many things can be done behind the curtains

All that we are unhappy is the drag in unifying Copeinca and China fishery. Pretty much dramatic and like what SLPY said wayang

Whether anything goes in between is not for me to say, unless someone blow the whistle. 

What we are curious is why won' t the bondholders take the offer .... Sound like they are worried taking over the debt of China Fishery which isn' t true ....   Bondholders has the least to worry.

For nothing enjoy consent fee 1% and continue with high return 9.75%. Maybe that' s why SLPY said " Who are these bondholders ?"  

Anyway no point to speculate, instead bring an end to all this wayang because it is becoming more and more apparent.

We should move on ...  frown
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07-Nov-2014 18:44 China Fishery   /   China Fishery - Low PE       Go to Message
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SP, you are so concern about redeeming the bond ? Just move bondholders out ? Why is there a need to pay them consent fee and tolong tolong ?

People are looking for places not to charge them for depositing their money ...   and if you can offer them 3-5% they love you to bits .... haha

Ahead of Thursday' s conference, the ECB announced it was holding key interest rates at record lows. The euro zone' s benchmark lending rate will remain at 0.05 percent,  while its deposit rate will stay at negative 0.20 percent effectively charging lenders for holding deposits with the central bank.

Overhaul the whole entire outfits of CF and the rating will get better. Management can operate efficiently, seamless, under one roof.

The world is waiting for China Fishery and Copeinca to merge as one entity ... Everyone is weary of all the drag in the solicitation. Failed once, twice, thrice and still no result.

China Fishery should not be in this state.  They should do it quickly and not delay it any further. 

stockpicker      ( Date: 05-Nov-2014 13:20) Posted:



If there is one way not to drag the solicitation without redeeming the bonds, suggest that to CF.   They might give you bonus issueslaugh

 
JMS213 
Senior  		04-Nov-2014 23:28           About JMS213           Contact              Quote!                    Mood:  cool 
Yells:  " Just living is not enough. One must have sunshine, freedom !"
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Alert Admin		 "   No one is asking why are they having the solicitation BUT    why are they    dragging the whole entire solicitation process  ??? Why"  

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06-Nov-2014 23:32 China Fishery   /   China Fishery - Low PE       Go to Message
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31 Mins Ago

Ahead of Thursday' s conference, the ECB announced it was holding key interest rates at record lows. The euro zone' s benchmark lending rate will remain at 0.05 percent, while its deposit rate will stay at negative 0.20 percent&mdash effectively charging lenders for holding deposits with the central bank.
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06-Nov-2014 20:12 China Fishery   /   China Fishery - Low PE       Go to Message
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x 0 		They should learn from Apple issue bonds in Europe ... Only 1% people rushed to get after all they have to pay to deposit with the banks.

Maybe CF can offer them 3-5% for $250m ... Why stucked with the current bondholders more than 9% ? Time to move on
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04-Nov-2014 23:28 China Fishery   /   China Fishery - Low PE       Go to Message
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The Singapore-listed group is pushing for  Corporacion Pesquera Inca SAC,  its Lima-based unit known as Copeinca, to back obligations including CNY 650 million of credit lines from five lenders, CNY 300 million of its July 2019 bonds and future borrowings, company filings show. That would require a majority of holders of Copeinca' s CNY 250 million notes due February 2017 agreeing to relax the bonds&rsquo covenants, according to a July 17 2014 consent solicitation document.

" It' s very negative for bondholders to consent to this because Copeinca is now going to represent basically the vast majority of China Fishery' s earnings and it has the least amount of debt," Mariela Anguiano, an analyst at BCP Securities LLC in Greenwich, Connecticut said by phone Aug. 20 2014. " If you make a simple calculation, it doesn' t make sense from a bondholder perspective."

Source:  Bloomberg

Consent Solicitation ==> Integration of Greater CF (Management)==> Future borrowing (Loans) ==> improve the Management of Greater CF

It is all linked and that' s the reason why  SLPY said " No one is asking why are they having the solicitation BUT  why are they  dragging the whole entire solicitation process  ??? Why"

stockpicker      ( Date: 04-Nov-2014 11:22) Posted:



No contradiction.   One is the debt problem,   the other is the management problem.   Using debt to redeem bond is a zero sum gain.   Solicitation will require time.   Combining Copeinca and CF will save some admin cost and increase management efficiency help little but nothing will solve debt problem except increased earnings.

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31-Oct-2014 00:17 China Fishery   /   China Fishery - Low PE       Go to Message
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About " Pacific Andes Damanzaihao on draft IUU list by Undercurrents News, at the end of it all, it is still about the loan. The Management should know that the crux of the matter is about the loan. Why are they not doing it .... I don' t know and I don' t understand.

Make no sense for them not to get the in principle approval for the $250m loan ready and meet the bondholders. Why is there a need to convince holders. Take our offer or You are fired. What happened to the board after winning Copeinca, now turned into a mouse. This is business and nothing to sweet talk with the bondholders. Are they playing game or what ???

On Monday,  Pacific Andes said is in talks to refinance debt, after  it  failed to convince holders of Copeinca&rsquo s  $250m bonds  to guarantee  up to $1.2 billion in group debt for China Fishery.

The Hong Kong-listed company  added it was not aware of any reason for the &ldquo unusual&rdquo fluctuation in its share price and trading volume seen on Monday, Oct. 27.

Of course the world is watch you and how you continue to drag the whole episode or saga.

 

SLPY69      ( Date: 30-Oct-2014 16:29) Posted:



The loan issue has been weighing and dragging on the company for far too long. The corporate bonds is not cheap and have to pay consent fee to the bond holders.

They should have redeemed the bonds 3-6 months ago, and integrated the companies and get the machinery running. 

By now the rating of the company would have been improved and look forward to refinance the loan at a cheap rate.

It is about time Management need to put their acts together. Let' s be patience

 

SLPY69      ( Date: 30-Oct-2014 08:48) Posted:



I agreed with TL. This whole process has no bite. Pretty obvious they are not ready for the negotiation. Why wait until now ?

The loan issue has been hogging the news ever since the acquisition of Copeinca. Next is the solicitation that directly affecting the loan. Next they pay big monies to a bunch of jokers who came back with nothing (a third failure to win over bondholders). 

Shouldn' t they have gotten the financing ready to redeem the $250m, afterall Fitch has already back them up 

" Fitch also argued that  China Fishery' s fundamentals remain strong and said the company is cash-generative, in part thanks to the gradual refunds of $241.5m from the company' s pull-out  of its Russian pollock contracts."  

Why do they need a solicitation teams to agonise over it ?

There is reason why investors are now very frustrated with BOD' s move. 


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30-Oct-2014 08:56 China Fishery   /   China Fishery - Low PE       Go to Message
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Just like the free warrants to Carlyle and NOT to the rest of the shareholders. There was an uproar but their overwheming holdings in China Fishery (80% including Carlyle) snubbed out the minority shareholders and the " independent directors" sing the same song as the directors.

Regarding the solicitation issue, is this some kind of payout to the teams ? As TL rightly pointed out there was not clear cut plan to win over the bondholders. The teams will get paid anyway .... big monies

Is this some kind of April' s fool joke in October ???
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29-Oct-2014 23:27 China Fishery   /   China Fishery - Low PE       Go to Message
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Not again. Cannot post
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29-Oct-2014 19:26 China Fishery   /   China Fishery - Low PE       Go to Message
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Now ok ... I think is technical issue.

Anyway this loan issue should not be allowed to drag on for so long by the BOD. Initially we can understand solicitation teams (ST) needed time to convince with bondholders. But when it dragged on for so long, it appears that the ST is incompetent and place no urgency in the whole matter. Hence, it reflects poorly on the ST.

Today the issue is still hanging in the air ...   Any investor will start to question the legitimacy of the ST. If the loan issue is of paramount important, why didn' t Management should step in to steer the situation.   Obviously they are manipulating the price of China Fishery   ....   and have done injustice to the investors.

Seriously it has gone overboard and there is a need for a closure. Even TL is fed up and EZ invite others to go over to Yuuzoo.

It is time the independent directors do their due diligent and account to the minority shareholders.

I' m sure there are many " frustrated investors" ready to explode 💣 just like TL 😡

 
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29-Oct-2014 18:35 China Fishery   /   China Fishery - Low PE       Go to Message
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Why I cannot post this msg and SLPY can ???

No wonder TL really boey song why are they silence with regard to the solicitation issue ? The company is unlikely to ignore frustrated investors forever. They have to show financial discipline and be responsive. They need to give update to the investors.

The BOD is playing along with the financial institutions, media .... to benefit themselves. Creating the financial saga and after that solicitation issue. These are man made issue. There are many frustrated investors who will challenge their action. Paying big money to a bunch of incompetent teams to negotiate or to have coffee thus far produce no result. 

wayang wayang wayang letting 5 investors hold up the solicitation  process if not incompetent then it is in cahoot. Payment is not cheap to the team. 

Either you convince the 5 or settle the rest of them. Otherwise pay all of them. Making a mockery about this whole loan saga. It is a joke
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28-Oct-2014 23:27 China Fishery   /   China Fishery - Low PE       Go to Message
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Not democratic 
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28-Oct-2014 23:26 China Fishery   /   China Fishery - Low PE       Go to Message
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SJ block message
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28-Oct-2014 23:22 China Fishery   /   China Fishery - Low PE       Go to Message
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Where is Isolator ? Kenna ban
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28-Oct-2014 23:21 China Fishery   /   China Fishery - Low PE       Go to Message
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Equilibrium is Positive. 
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28-Oct-2014 09:18 China Fishery   /   China Fishery - Low PE       Go to Message
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Maybe someone can help. SInce the value of the stock is deem attractive, there will be investor who will want to buy, however there is a force that refuse to let the price goes up.

So the force that try to curb any movement up will sell to bring down the price. No wonder, Leongsan said " everyday cannot be el nino" ... that' s just an excuse. 

Therefore now is the time to buy.

Equilibrium is positive 
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28-Oct-2014 08:53 China Fishery   /   China Fishery - Low PE       Go to Message
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S& P Capital expectation on China Fishery - Good

Valuation attractive Earning quality is high Volatility is low and Growth is high

Equilibrium is positive
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09-Oct-2014 08:45 China Fishery   /   China Fishery - Low PE       Go to Message
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Leongsan, as you said TOP 1 & 2 have kept their % constant. The sale volume per day can be 0 - 100,000 shares transacted, Global Thematic must have took quite a while to accumulate 51,825,124 shares from the market. With the float ~8%, it is suicidal to short the CF. As usual, there will be diehard souls waiting to prove you wrong.

Whatever ..... Equilibrium is Positive

 

 
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09-Oct-2014 08:25 China Fishery   /   China Fishery - Low PE       Go to Message
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Consider substantial since Pacific Andes took up 70.51%, next Carlyle 11.09% and Global Thematic is third 2.53%.

If Global Thematic continues to up their stake, the float get even smaller. Currently minusing the TOP 20 shareholders, what is left behind is ~8% .... any upward swing is going to be sporadic.

It is not about Carlyle' s warrants rather the TOP 1 & 2 have kept their holdings ? Now you have Global Thematic upping their stake. All the TOP 3 are investing for long term. 

Equilibrium is Positive

 

 

 
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08-Oct-2014 15:53 China Fishery   /   China Fishery - Low PE       Go to Message
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Leongsan, you right. It is under Pacific Andes Resources Development Ltd, total 70.51%. If we consider TOP 20, we are left with a float of ~ 8% ... crazy

Equilibrium is Positive

 

 

 

 

 

 

 

 

 
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