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Latest Forum Topics / China Fishery    Last:0.076 --  Post Reply
China Fishery - Low PE
T2LE56
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17-Jul-2014 22:26     
 
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The Solicitation is to:
(a) enable Copeinca to pursue financing activities to support the expansion and growth of its business that may not otherwise be available to it
(b) enable certain members of the CFGL Group, namely the Company, CFG Peru, CFIL and SFR to support the repayment obligations of the COP Notes
(c) enable Copeinca, Copeinca Norway and the Restricted Subsidiaries to support the payment obligations of certain indebtedness of the CFGL Group, including CFG Peru and
(d) better reflect Copeinca&rsquo s current business and operational status, as it would benefit from the consolidated financing platform and enhanced liquidity that would be available to it if the Proposals are adopted.
A copy of the relevant consent solicitation statement (" Consent Solicitation Statement" ) pertaining to the Solicitation will be sent to the relevant Holders of the COP Notes.
The record date for the Solicitation is 5:00 p.m., New York City time, on 16 July 2014 (5:00 a.m., Singapore time, on 16 July 2014).
The Solicitation will expire at 5:00 p.m., New York City time, on 30 July 2014 (5:00 a.m., Singapore time, on 30 July 2014) (" Expiration Date" ), unless extended or terminated by the Company.
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JMS213
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17-Jul-2014 22:02     
 
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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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JMS213
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17-Jul-2014 21:52     
 
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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:


  1. (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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srichipan
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17-Jul-2014 16:06     
 
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srichipan
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17-Jul-2014 09:47     
 
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Phil13
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16-Jul-2014 19:07     
 
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wa say someone jerk the table ... aso said got earthquake. plea..se lor still at 0.37

wu liao nothing to discuss talk about the catch starting week may be different ..... 

stockpicker must have invested a lot or paid to write .... dedicate to one and only fish. 
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stockpicker
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16-Jul-2014 15:23     
 
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Starting week may be different but weekly catch should not be far out...
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Leongsan
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16-Jul-2014 14:58     
 
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msiceres company' season tac 2,53

independent FIS and IMARPE' s report.. year to date starting 1 jan , including part of lasr quota

stockpicker      ( Date: 16-Jul-2014 14:53) Posted:



There appear to be some discrepancies between the msiceres company' s and the independent FIS and IMARPE' s report..  This one specifically mention for Anchovies..under fishmeal section


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stockpicker
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16-Jul-2014 14:53     
 
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There appear to be some discrepancies between the msiceres company' s and the independent FIS and IMARPE' s report..  This one specifically mention for Anchovies..under fishmeal section

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srichipan
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16-Jul-2014 14:47     
 
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srichipan
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16-Jul-2014 13:58     
 
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swee. got mine at 0.37
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Leongsan
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16-Jul-2014 12:25     
 
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NORTH-CENTRAL REGION

Ports



7-Jun

8-Jul

9-Jul

10-Jul

11-Jul

12-Jul

13-Jul

Week 28


Paita

22

2,230

1,430

1,317

1,270

550

1,248

8,067


Chicama

0

0

511

926

3,365

254

0

5,056


Chimbote

1,952

18,521

14,769

165

0

299

0

35,706


Center Ports

2,485

17,609

10,256

9,307

22,365

21,905

14,705

98,632


Pisco

0

6,310

8,770

11,710

13,388

17,630

16,130

73,938


Total North-Central

4,459

44,670

35,736

23,425

40,388

40,638

32,083

221,399


SOUTH REGION

Ports



7-Jun

8-Jul

9-Jul

10-Jul

11-Jul

12-Jul

13-Jul

Week 28


Atico/Planch

0

0

0

0

0

0

0

0


Mollendo/Matar

0

0

0

0

0

0

0

0


Ilo

0

477

678

0

0

0

0

1,155


Total South

0

477

678

0

0

0

0

1,155


 


Total Landing

4,459

45,147

36,414

23,425

40,388

40,638

32,083

222,554


Nº of Boats

33

304

359

174

444

300

286

1,900


 

stockpicker      ( Date: 16-Jul-2014 11:18) Posted:



Very scachy report.. not sure it is for Anchovy..Will wait for the independent report from FIS

http://fis.com/fis/mediakit/new/overview-e.html

Leongsan      ( Date: 16-Jul-2014 10:56) Posted:



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srichipan
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16-Jul-2014 11:50     
 
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queue to long more
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stockpicker
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16-Jul-2014 11:18     
 
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Very scachy report.. not sure it is for Anchovy..Will wait for the independent report from FIS

http://fis.com/fis/mediakit/new/overview-e.html

Leongsan      ( Date: 16-Jul-2014 10:56) Posted:



http://www.msiceres.com/Welcome.do

Leongsan      ( Date: 16-Jul-2014 10:54) Posted:



www.msiceres.com/


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Leongsan
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16-Jul-2014 10:56     
 
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http://www.msiceres.com/Welcome.do

Leongsan      ( Date: 16-Jul-2014 10:54) Posted:



www.msiceres.com/

stockpicker      ( Date: 16-Jul-2014 10:22) Posted:



Can quote source?  think the latest is  for week 27 and also,  there are 3 mini-bans which should have affected the catch unless the Peruvian fishermen is fishing elsewhere   also,  during this period at the end of the fishing season,  the catch is traditionally  low..


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Leongsan
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16-Jul-2014 10:54     
 
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www.msiceres.com/

stockpicker      ( Date: 16-Jul-2014 10:22) Posted:



Can quote source?  think the latest is  for week 27 and also,  there are 3 mini-bans which should have affected the catch unless the Peruvian fishermen is fishing elsewhere   also,  during this period at the end of the fishing season,  the catch is traditionally  low..

Leongsan      ( Date: 16-Jul-2014 09:19) Posted:



great catch last week total 222,554 mtons ....week 28
  • quota meter at 1,613,586 mtons until july 13th.....63.77 pct of the quota landed....
  • catch week 28 @ 222,554 mtons.....n/c @ 221,399 mt......south @ 1,155 mt.....
  • Market hit usd 1920 fob super prime callao ....
  • STOCKS CHINA NOW .... 130,300 mtons as of july 13 TH .....
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stockpicker
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16-Jul-2014 10:54     
 
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Further.  the TAC for this season in the south which runs from Jun 23 till end of September is only 234,300 M tons..

  http://www.undercurrentnews.com/2014/06/19/sharp-anchovy-quota-cut-in-south-peru-raises-fishmeal-players-concerns/

in week 24,  25 and 26,  the Peru fishermen has already reached to TAC of 234,300 M tons and there was no news about Peru lifting the TAC although the Industrial players did request a review of the decision..

 

 

stockpicker      ( Date: 16-Jul-2014 10:22) Posted:



Can quote source?  think the latest is  for week 27 and also,  there are 3 mini-bans which should have affected the catch unless the Peruvian fishermen is fishing elsewhere   also,  during this period at the end of the fishing season,  the catch is traditionally  low..

Leongsan      ( Date: 16-Jul-2014 09:19) Posted:



great catch last week total 222,554 mtons ....week 28
  • quota meter at 1,613,586 mtons until july 13th.....63.77 pct of the quota landed....
  • catch week 28 @ 222,554 mtons.....n/c @ 221,399 mt......south @ 1,155 mt.....
  • Market hit usd 1920 fob super prime callao ....
  • STOCKS CHINA NOW .... 130,300 mtons as of july 13 TH .....
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stockpicker
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16-Jul-2014 10:22     
 
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Can quote source?  think the latest is  for week 27 and also,  there are 3 mini-bans which should have affected the catch unless the Peruvian fishermen is fishing elsewhere   also,  during this period at the end of the fishing season,  the catch is traditionally  low..

Leongsan      ( Date: 16-Jul-2014 09:19) Posted:



great catch last week total 222,554 mtons ....week 28
  • quota meter at 1,613,586 mtons until july 13th.....63.77 pct of the quota landed....
  • catch week 28 @ 222,554 mtons.....n/c @ 221,399 mt......south @ 1,155 mt.....
  • Market hit usd 1920 fob super prime callao ....
  • STOCKS CHINA NOW .... 130,300 mtons as of july 13 TH .....
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Leongsan
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16-Jul-2014 09:19     
 
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great catch last week total 222,554 mtons ....week 28
  • quota meter at 1,613,586 mtons until july 13th.....63.77 pct of the quota landed....
  • catch week 28 @ 222,554 mtons.....n/c @ 221,399 mt......south @ 1,155 mt.....
  • Market hit usd 1920 fob super prime callao ....
  • STOCKS CHINA NOW .... 130,300 mtons as of july 13 TH .....
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JMS213
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16-Jul-2014 00:59     
 
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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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