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| 11-Feb-2015 08:53 |
China Fishery
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Exactly. Dyodd ... issue has been raised. Anyway the market has already priced in when PA made the announcement. |
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| 11-Feb-2015 08:20 |
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This is just preliminary ... wait and see. Carlyle group is not supportive and recently SGX has queried the board. Understand minority shareholders have raised the matter.
They may have to look for other avenue. |
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| 09-Feb-2015 08:23 |
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 Normal fishing catch quota expect in 2015Posted by: Genesis Vasquez Saldana in National, News, Fishery 2 days ago 0 129 Views The Fisheries Society is the expectation of measurement that will do the Instituto del Mar del Peru (IMARPE) between this month and next to determine the availability of anchovy. However, estimates that if the Peruvian Sea remains cold, could be between 11 and 13 tonnes of anchovy. According to the President of the union, Elena Conterno, this will allow the government to authorize a fee of Fisheries for the North Central area on the first season, between 2 and 3 million tons. Landings from around 2014 for Industrial consumption were 2.3 million tonnes. In 2013, 10 of the 12 flour companies of the National Fisheries Society closed with losses. Conterno notes that the balance of 2014 paint a similar picture. However states that the sector can return to boost GDP by up to a point (1 of 4.8 estimated by the BCR) only for the purpose of landings, which should grow as much as fell in 2014 (-52%) and the impulse to give this meal and oil industries and canned and frozen. |
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| 06-Feb-2015 07:31 |
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Fisheries contribute 1% of GDP this yearPosted by: Genesis Vasquez Saldana in National, News, Fishery 3 days ago 0 95 Views Elena Conterno, president of the National Fisheries Society (SNP), is more optimistic. Speaking to E said the Peruvian Sea temperature has been neutralized two months ago and allows greater reproduction Anchovies in North Central Region in southern stressing that the picture is even more encouraging, as drafts of the last measurement who made the Instituto del Mar del Peru (IMARPE) in the throw triple the volume ratio of two months.
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| 05-Feb-2015 09:17 |
China Fishery
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Quotas and TACs Peruvian industry expects anchovy fishing in south will restart soon. 12 January 2015. Peru' s national fisheries organization SNP (National Society of Fisheries) has welcomed the new rules established on 9 January that allow industrial anchovy fishing from five miles in the southern coast, reports La Republica. The new rules involve an extension by two miles of the fishing area for industrial anchovy fishing in southern Peru, since before Friday vessels were restricted to operate within seven miles of the shore. Peru' s marine institute Imarpe report of 8 December, which re-iterated its advice to suspend fishing for this year' s second anchovy season, stated anchovy stock was reduced by the end of November last year, with very low densities in the northern region, which is the main area of fishing for anchovy. This low density is linked to high presence of juveniles -- 94% in terms of weight and 84% in number of individuals, according to the report. Following the release of Imape' s report, Peru officially closed 2014' s second anchovy fishing season, running usually from November to January every year. http://www.undercurrentnews.com/2015/01/12/peruvian-industry-expects-anchovy- fishing-in-south-will-restart-soon/ |
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| 03-Feb-2015 23:47 |
China Fishery
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 Bags of fishmeal. (Photo: Copeinca) A growth of fishmeal exports is expected  PERU Thursday, January 22, 2015, 02:40 (GMT + 9) Scotiabank estimates that the production of fishmeal in Peru will see a recovery this year, situation that will allow exports of this product to grow around 12 per cent. This good performance would follow a negative 2014 for Pacific anchovy catch. According to the latest report from Scotiabank, the production of fishmeal fell 39 per cent and the value of exports, 4 per cent. The Committee in charge of the National Study of El Niñ o Phenomenon (Enfen) forecasts conditions between normal and slightly warm in the summer of 2015 in the Peruvian sea. These conditions may favour the recovery of Pacific anchovy biomass, especially juveniles, Gestion informed. In addition, the ban on Pacific anchovy ordered by the Government during the second fishing season is also expected to have a positive effect on the biomass recovery. " Under this assumption, we project a catch of 3.5 million tonnes of Pacific anchovy for 2015, up 53 per cent compared to the estimate for 2014 (2.3 million tonnes)," said Erika Manchego, senior analyst of Scotiabank&rsquo s Department of Economic Studies. The document released by the bank also details fishmeal production is expected to reach about 800,000 tonnes this year. During 2014, the international price of fishmeal kept an upward trend and exceeded the historical record set in 2012 of USD 2,033 per tonne, hitting USD 2,290 in December. Manchego considers it likely that prices will remain high during the first quarter, but she believes that " By May, the estimated recovery of Peruvian production will push down prices throughout the year." |
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| 11-Nov-2014 17:49 |
China Fishery
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Stockpicker, don' t be confused or made others blurred leh. Just look at the term " Solicitation" , " Subordination issue" beautiful sounding words correct .... Make it simple 1. Bondholders consent to guarantee China Fishery' s debt which is what the bank term it as " Subordination issue" [Btw who are these bondholders ??? Enjoying 9.75% plus consent fee 1% still not happy meh ... that' s a lot of money] Bondholders are the first to collect money before everyone else ... talk until they are so reluctant must set up teams to cajole them and sweeten the consent fee to make them happy ... Oh my goodness. 2. Refinance the Copeinca bond. 3. Obtain a waiver from the banks to remove the subordination issue JMS said why must pay the teams to tolong tolong the bondholders, stupid right ??? Bondholders gain with consent fee 1% and still enjoy 9.75%. Delay for 5 mths ... not wayang is what ??? Quickly find a closure, stop wasting time.
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| 11-Nov-2014 09:17 |
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Yeah Yeah Yeah ... Stockpicker " not another fabrication ? You are right, it is from Moody and reported by Undercurrent News Stockpicker said properly NOT ME huh. THEY, THE PRODUCERS fabricate a situation so they can Wayang .... hahahaha  Didn' t you hear this saying " God makes thing simple and man makes simple thing complex"
In the Nov. 6 note, Moody' s said it maintained its B2 rating for the group and its subsidiary CFG Investment S.A.C, which issued the bonds. " The outlook revision reflects the increased refinancing risk on the $250 million notes at Copeinca," said Lina Choi, a Moody' s vice president and senior analyst. China Fishery &mdash which is part of the Pacific Andes group &mdash has made " repeated efforts to resolve the subordination issue" that was attached as a condition on the bank debt it secured when acquiring Copeinca in August last year, said Moody' s. [created by who ? Banks] This included its request to Copeinca bondholders to guarantee China Fishery' s debt, a request that the bondholders snubbed despite three deadline extensions. &ldquo Most recently, in July 2014, the company sought consent solicitation from Copeinca&rsquo s bondholder for the upstream guarantees from [Copeinca], but it has been unsuccessful,&rdquo said Moody&rsquo s. Under the request, the Singapore-listed group pushed for Copeinca bondholders to back obligations including $650m of a $750m debt package issued in March, $300m in July 2019 bonds and $250m of senior notes or debt that it said could be issued in the future. At the time the $750m debt was raised, Pacific Andes said it would be used to repay Copeinca' s bonds, while paying to buy the remaining shares in Copeinca, and settling existing debt. Producer decided to create or fabricate a situation so they can WAYANG .... otherwise where got audience. Watch a show and when it is so predictable, you come out saying so boring. That' s life ... we like suspense, mystery and drama/wayang wayang |
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| 10-Nov-2014 08:42 |
China Fishery
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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 
" .... refinance the Copeinca bond or obtain a waiver from the banks to remove the subordination issue." |
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| 09-Nov-2014 18:57 |
China Fishery
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Stockpicker don' t look at the wrong place for money. The returned of the money to the banks was a mistake because they are not aware that the contract (by the previous owner of Copeinca) have a effect on the bank loan. This is not a problem because Copeinca' s value is attractive, hence Fitch do not see a problem to refinance Copeinca' s $250millions bonds. August 26, 2014, 10:33 am
China Fishery Group will have to " immediately" refinance Copeinca' s $250 million bonds if Copeinca bondholders refuse a request to guarantee debt belonging to China Fisher, said Fitch Rating. That being the case, there is absolutely no need to bother about the consent from the bondholders. It is rather silly for them not to take the consent fee and continue to enjoy 9.75%.
Once redeemed it is the end of such high coupon rate.
 As JMS has rightly pointed out, once they are integrated, they can issue bond at 2-3% basing on today' s environment. Apple has capitalised on this and sold their bonds like hot cake at 1% only.
1% is still better than pay the banks to deposit their money .... Can you imagine China Fishery coupon rate drop from 9.75% to 3% ... wow 6.75% cost saving
Ok, will leave it to the Management to do the right thing. Help save some monies please .... from the teams that did nothing thus far
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| 09-Nov-2014 09:49 |
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Stockpicker, to be fair to JMS, you were the one that is concern about the bonds and the debts issue. Please take a look what you have posted. As you have said settling the bonds is a zero sum game. MORE IMPORTANTLY, it paves the way for the integration of China Fishery and Copeinca into ONE ENTITY, Greater China Fishery. Agreed with you that earnings is important but let' s NOT FORGET, the importance of reducing the cost of borrowing. With that I don' t think JMS is wrong to suggest redeeming the loan after all that is also the banks' agenda for the bondholder' s consent. After integration, lower the cost of borrowings which is a considerable savings for the company.
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| 05-Nov-2014 16:25 |
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Aiyo ... you win already " you receive the bonus issues " Hahahaha ... Pro
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| 05-Nov-2014 15:00 |
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Like to hear from you, Professional Blogger. Is this consider some kind of manipulation ? Please share your thought .... Stockpicker |
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| 05-Nov-2014 14:43 |
China Fishery
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After they have stabilised the boat, Greater China Fishery and then issue bond the rate likely to drop further 5-6% .... You really think they will give bonus issue ??? BOD should quickly get the bondholders out of the equation, we don' t need them and lest being ransomed or held hostage by them. Not to said a bunch of insipid teams to negotiate with the bondholders. Sheer waste of resources, time and maybe the coffee breaks ... The Hong Kong-listed company added it was not aware of any reason for the unusual fluctuation in its share price and trading volume seen on Monday, Oct. 27. Give the shareholders what they deserve and stop all the nonsense ... Question should be : Why is the price kept so low for the longest history ? Of course the world is watching how you continue to drag the whole episode or saga. |
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| 05-Nov-2014 14:28 |
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SP, sure they will give me bonus issue ??? Haha .... As you have said the loan is zero sum in term of the amount. However,
Now, do you agreed that they should have redeemed the bond and stop playing game with the bondholders.
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| 04-Nov-2014 01:17 |
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Stockpicker, On one hand you said " The given reason for converting the bonds from Copeinca to CF was for combining Copeinca and CF under one roof, maybe easier for management and other reasons." On the other hand " Getting solicitation approved can' t solve the debt problem" Of course it will help to resolve the debt problem and that is precisely why they are having the solicitation because it is important to integrate the 2 companies to form a " Greater China Fishery" 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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| 04-Nov-2014 00:46 |
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Exactly earning is more important but the loan issue has overshadowed the earnings of the company. " 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." The given reason for converting the bonds from Copeinca to CF was for combining Copeinca and CF under one roof, may be easier for management and other reasons. The coupon rate is about 9%, maturing in 2017. CF present short term loans attracted an interest of around 8-9% hence, said to be a zero sum gain. There was a loan of $250 mil approved earlier to redeem the bonds but CF probably returned it when it paid $500 mil to the banks early this year. Again you have contradicted yourself, " Getting solicitation approved can' t solved the debt problem." The sooner the sooner the solicitation is approved, the quicker they integrate China Fishery and Copeinca under one roof, easier for management, making the company leaner and more efficient, Hence, improving profitability of the company. Once the rating is better, the interest rate for the loan goes down. Of course getting the companies integrate will help to solve the debt problem. Wonder why they are being questioned ? The board &ldquo is not aware of any reasons for such price and/or volume movements or of any information which must be announced to avoid a false market in the company&rsquo s securities&rdquo , nor is it aware of any inside information that must be disclosed under stock exchange rules, said Pacific Andes in a statement issued on Oct. 27.
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| 03-Nov-2014 08:52 |
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SP, you have also capitalised and blogged on the loan issue that has affected the rating of the company. This issue should and could have been settled/resolved long ago. Why is it still plaguing the company ? You can' t help TL and the others are feeling BOD did not actively or even want to settle the issue. Instead allow the drag. Why did they carry out the solicitation, when the teams appeared not ready to take it on. That is the reason, why many are feeling frsutrated and disgruntled. Thrice they failed and still not settled. Why ??? Are they playing marbles or stalling for time ??? The world are watching.
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| 30-Oct-2014 16:29 |
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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 |
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| 30-Oct-2014 08:48 |
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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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