December 5, 2013, 5:44 pm     
China Fishery Group has agreed to give 96.15 million warrants to its second largest shareholder, CAP III-A, a subsidiary of the private equity Carlyle, in a deal that could give it up to $40 million.
The warrants allow CAP III-A to purchase 96.15m shares in China Fishery, for $0.52 per share, or a maximum of $40m.
If CAP III-A exercises all its warrants, it would increase is stake in China Fishery  from 11.09% to 15.08%.
China Fishery?s largest shareholder, Pacific Andes Resources Development Limited,  would in turn be diluted from 70.51% to 67.35%.
The warrants will not be listed or traded on the main board of the Singapore stock exchange, where China Fishery is listed.
CAP III-A is a wholly-owned subsidiary of Carlyle Asia Partners III.
Carlyle has been a shareholder in China Fishery since July 2010, when it acquired 113m shares at $1.85 per share.
The use of proceeds is currently intended to be utilised as additional working capital of the Group.

