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China Fishery - Low PE

T2LE56
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30-Oct-2014 08:37

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October 28, 2014, 9:54 am

Undercurrent News

Is this some kind of joke ?

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.

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&rsquo t they have gotten the financing ready to redeem the $250m, afterall Fitch has already back them up

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

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

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T2LE56
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25-Oct-2014 13:26

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You guys are talking nonsense, DON' T CARE WHAT SP OR EZ .... all are bullshit. The management is not doing their duty. They owe an obligation to the investors. How can they remain silence after they have spent serious money expanding into large markets abroad ? OK. Understand Copeinca is bringing in profits .... fair enough. What about the investors ?

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 an update to the investors.

So don' t talk nonsense or be poetic.

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T2LE56
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30-Jul-2014 13:31

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Haha .. you agreed to JMS to take up the bond $8.5%. Same here .... That also tell me that we are not business owners because you are calculating how much they have to pay per day.

Business owners are looking at how to turn you $1 to multiple 100%, 200%, 300% and beyond.

Haha ... So agreed to take up the bonds. Enjoy ....

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T2LE56
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30-Jul-2014 11:36

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What JMS said also not baseless, $200millions and it is sold like hot cakes, like BTO flats oversubscribed. The one who bought are rich private bank clients.

There are many kind of debts. If truly to fund the expansion, rich people are willing to fund them .... Oversubscribed and they have to lower from 8.75 to 8.5%.

I' m if they buy the bonds, they will also invest in the stock. Don' t worry when you are private bank clients, they know what they are doing.

Let' s watch before committing. Thank you all for postings

JMS213 ( Date: 30-Jul-2014 08:07) Posted:

Stockpicker, I would like to believe what you said " how bad how bad about China Fishery" !!! BUT the very fact is the rich and fithy rich private bank clients don' t believe what you said. SO how ??? Read the article below :

" It sold like hot cakes despite the facts they LOWER the initial 8.75% to 8.5%." Who are this people who bought it ??? Not ordinary folks

The bonds will be priced at 8.50 per cent, down from an initial 8.75 per cent, the source said. Private bank clients again account for the lion' s share of the deal.

PACIFIC Andes Resources Development' s inaugural Singapore-dollar bond issue sold like hot cakes on Tuesday, in what has become a familiar refrain in the local debt market. - PHOTO: MONETARY AUTHORITY OF SINGAPORE

Equilibrium is POSITIVE. Enjoy .....

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T2LE56
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29-Jul-2014 11:28

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S69, you are right. The market is oscillating but no convincing push.

Better wait and see.

T2LE56 ( Date: 29-Jul-2014 10:05) Posted:

The fish has no clear direction, .... as in no convincing buying at 0.38.

Shall wait and see ...

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T2LE56
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29-Jul-2014 10:23

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PUBLISHED JULY 22, 2014

Pacific Andes Resources Dev inaugural SGD bond issue snapped up. Private bank clients again account for the lion' s share of the deal. Interesting .... enjoy

BY SIOW LI SEN

[email protected]

PRINT |EMAIL THIS ARTICLE

PACIFIC Andes Resources Development' s inaugural Singapore-dollar bond issue sold like hot cakes on Tuesday, in what has become a familiar refrain in the local debt market.

The frozen-fish supplier is said to have received orders exceeding S$2 billion for its three-year issue, expected to be around S$200 million, said a source.

The bonds will be priced at 8.50 per cent, down from an initial 8.75 per cent, the source said.

Private bank clients again account for the lion' s share of the deal.

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T2LE56
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29-Jul-2014 10:05

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The fish has no clear direction, .... as in no convincing buying at 0.38.

Shall wait and see ...

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T2LE56
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29-Jul-2014 09:45

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13 lots sell @ 0.375 while buy 233 lots 0.375 & 0.38

Any updates ? Please share .... is it time to collect ?

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T2LE56
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29-Jul-2014 09:36

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What is happening ? The buy @ 0.375 is low but players are hitting 0.38.

Look like the bb is moving up, little resistance and weak selldown so far. What is going on ?

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T2LE56
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23-Jul-2014 07:29

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You talking about financial institutions that are taking up the bonds.

Banks are advised by theirs advisers.

The Consolicitation is just an exercise out of formality. Like what Isolator always said Long

Enjoy ....

stockpicker ( Date: 22-Jul-2014 20:58) Posted:

Short term bond for 3 years @ 8.5% rate.. looks attractive. Mostly taken up the banks. Company unlikely to become insolvent in 3 years...

kc6164 ( Date: 22-Jul-2014 20:21) Posted:

PACIFIC Andes Resources Development' s inaugural Singapore-dollar bond issue sold like hot cakes on Tuesday, in what has become a familiar refrain in the local debt market.

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T2LE56
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23-Jul-2014 06:59

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The settlement date of the bond is on the 30 July same day as the expiry date for the solicitation.

The outcome of the solicitation is certain and it is not a choice for the bondholders.

Get ready ... The Sailfish is ready to charge forward. Cheers

stockpicker ( Date: 22-Jul-2014 20:58) Posted:

Short term bond for 3 years @ 8.5% rate.. looks attractive. Mostly taken up the banks. Company unlikely to become insolvent in 3 years...

kc6164 ( Date: 22-Jul-2014 20:21) Posted:

PACIFIC Andes Resources Development' s inaugural Singapore-dollar bond issue sold like hot cakes on Tuesday, in what has become a familiar refrain in the local debt market.

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T2LE56
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21-Jul-2014 15:12

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Are you ok ? Relax no news .... chiong what ?

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T2LE56
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19-Jul-2014 06:27

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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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T2LE56
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18-Jul-2014 10:08

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That aside regarding Isolator' s story. Those vested in BB certainly did not do so because Isolator cried long.

Stockpicker, have you attended any of their meetings ? The attendees are savvy investors, unlike some meetings just for the sake of no.

We will see how the market digest the news. Enjoy

JMS213 ( Date: 17-Jul-2014 21:52) Posted:

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

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T2LE56
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18-Jul-2014 07:40

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Srichipan, what is your take regarding this Solicitation ? What happen to Blanchard ? Did hear from him for a while .....

T2LE56 ( Date: 17-Jul-2014 22:26) Posted:

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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T2LE56
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17-Jul-2014 22:26

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T2LE56
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08-Jul-2014 22:20

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Haha ...it goes to show that this is a fact and you just cannot run away from it

" there is definitely a big and significant difference between fish caught in the wild versus farmed fish"

Norway' s Food Safety Authority (NFSA) There is no reason to assume that the environmental pollutant has any impact on food safety,

Farmed fish usually contain more contaminants. Farmed fish are fed processed pellets,

The fact is the future of wild fish is getting brighter and brighter. I must applaud you for your effort in collecting rubbish and post in this thread. Insignificant news also can juice it up. Not bad ... huh

stockpicker ( Date: 08-Jul-2014 14:16) Posted:

ha ha still harping around differences between aquacultural and wild fish. It is a fact that Aquaculture is one of the fastest-growing segments of the U.S. and global agricultural economies--growing

worldwide at a rate of 6.5 percent per year and wild fish is shrinking or staying stagnant for the rest of century. Whether wild fish taste better or has lesser diesease if not going to change that fact.

The fishmeal contamination will affect the share price and Copeinca' s revenue if Copeinca is involved.

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T2LE56
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08-Jul-2014 11:45

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We are not confuse, you need to understand fishmeal come from 2 sources Farmed Fish or " Organic or Wild" Fish.

That is the reason why NFSA has said " There is no reason to assume that the environmental pollutant has any impact on food safety, said NFSA."

Rather it is from Farmed Fish

Contamination: Farmed fish usually contain more contaminants. Farmed fish are fed processed pellets, often made from processed anchovies, sardines and other small fish. Unfortunately, the types of fish used to make the pellets are usually caught in the polluted waters closer to shore and are often contaminated with industrial chemicals. As a result, farmed fish tends to have much higher levels of chemical contaminants that may cause cancer, memory problems, and neurobehavioral changes in children. Farmed salmon, for example, has been found to contain seven times more PCBs (polychlorinated biphenyls), dioxins and pesticides than wild salmon. Consumers can reduce the amount of contaminants in farmed salmon by almost half by grilling or broiling it so that the juices drip off, cooking it until the internal temperature reaches 175 degrees Fahrenheit and removing the skin before eating.
Antibiotics: Besides being prone to industrial contamination, farmed fish are more subject to disease, which spreads quickly throughout the entire pen. Sick fish can escape into surrounding open water and spread disease to wild fish populations. To control disease, farmed fish are often given antibiotics to prevent the whole group from becoming ill. Research has shown that farmed salmon, for example, are administered more antibiotics by weight than any other type of livestock.

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T2LE56
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08-Jul-2014 11:10

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The article clearly states, " There is no reason to assume that the environmental pollutant has any impact on food safety, said NFSA." You may want to check which company that supplied farmed fish. I have posted this article before, just to refresh your memory. This will help to explain why people will pay to have organic fish. Enjoy

Did you stuck a lot in China Fish ? Can you tell the difference between wild boar and a pig ? Apparently you can taste the different. For your reading pleasure .....

Cons of Farmed Fish

Contamination: Farmed fish usually contain more contaminants. Farmed fish are fed processed pellets, often made from processed anchovies, sardines and other small fish. Unfortunately, the types of fish used to make the pellets are usually caught in the polluted waters closer to shore and are often contaminated with industrial chemicals. As a result, farmed fish tends to have much higher levels of chemical contaminants that may cause cancer, memory problems, and neurobehavioral changes in children. Farmed salmon, for example, has been found to contain seven times more PCBs (polychlorinated biphenyls), dioxins and pesticides than wild salmon. Consumers can reduce the amount of contaminants in farmed salmon by almost half by grilling or broiling it so that the juices drip off, cooking it until the internal temperature reaches 175 degrees Fahrenheit and removing the skin before eating.
Antibiotics: Besides being prone to industrial contamination, farmed fish are more subject to disease, which spreads quickly throughout the entire pen. Sick fish can escape into surrounding open water and spread disease to wild fish populations. To control disease, farmed fish are often given antibiotics to prevent the whole group from becoming ill. Research has shown that farmed salmon, for example, are administered more antibiotics by weight than any other type of livestock.
Lower Omega-3' s: While farmed fish can be fed an enhanced diet to increase its Omega-3' s, there is no way for consumers to know whether one piece of fish contains more healthy fats than another. According to research in The American Journal of Clinical Nutrition, farmed salmon contains two or three times fewer Omega-3' s even though it contains more overall fat than wild salmon due to its grain-based diet. The same is is true for other popular farmed fish, such as catfish and tilapia.

Wild-Caught fish
Wild fish, in contrast to farmed, live in open waters and eat a natural diet. Fishermen catch wild fish on open waters, their natural habitat.

Pros of Wild Fish

Flavor: Many people prefer the taste of wild fish. Farmed fish do not have as much room to move as their wild counterparts, which reduces the amount of muscle they can develop and affects texture and taste.
Appearance: Wild salmon is naturally bright in color due to its food source (krill and other small sea creatures), while farmed salmon is grayish in color and dyes must be added to bring the flesh to an appealing shade.
Nutrition: Wild fish are usually healthier (higher in Omega-3s) and less contaminated than farmed fish.

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T2LE56
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24-Jun-2014 16:26

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Did you stuck a lot in China Fish ? Can you tell the difference between wild boar and a pig ? Apparently you can taste the different. For your reading pleasure .....

Cons of Farmed Fish

Contamination: Farmed fish usually contain more contaminants. Farmed fish are fed processed pellets, often made from processed anchovies, sardines and other small fish. Unfortunately, the types of fish used to make the pellets are usually caught in the polluted waters closer to shore and are often contaminated with industrial chemicals. As a result, farmed fish tends to have much higher levels of chemical contaminants that may cause cancer, memory problems, and neurobehavioral changes in children. Farmed salmon, for example, has been found to contain seven times more PCBs (polychlorinated biphenyls), dioxins and pesticides than wild salmon. Consumers can reduce the amount of contaminants in farmed salmon by almost half by grilling or broiling it so that the juices drip off, cooking it until the internal temperature reaches 175 degrees Fahrenheit and removing the skin before eating.
Antibiotics: Besides being prone to industrial contamination, farmed fish are more subject to disease, which spreads quickly throughout the entire pen. Sick fish can escape into surrounding open water and spread disease to wild fish populations. To control disease, farmed fish are often given antibiotics to prevent the whole group from becoming ill. Research has shown that farmed salmon, for example, are administered more antibiotics by weight than any other type of livestock.
Lower Omega-3' s: While farmed fish can be fed an enhanced diet to increase its Omega-3' s, there is no way for consumers to know whether one piece of fish contains more healthy fats than another. According to research in The American Journal of Clinical Nutrition, farmed salmon contains two or three times fewer Omega-3' s even though it contains more overall fat than wild salmon due to its grain-based diet. The same is is true for other popular farmed fish, such as catfish and tilapia.

Wild-Caught fish
Wild fish, in contrast to farmed, live in open waters and eat a natural diet. Fishermen catch wild fish on open waters, their natural habitat.

Pros of Wild Fish

Flavor: Many people prefer the taste of wild fish. Farmed fish do not have as much room to move as their wild counterparts, which reduces the amount of muscle they can develop and affects texture and taste.
Appearance: Wild salmon is naturally bright in color due to its food source (krill and other small sea creatures), while farmed salmon is grayish in color and dyes must be added to bring the flesh to an appealing shade.
Nutrition: Wild fish are usually healthier (higher in Omega-3s) and less contaminated than farmed fish.

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