China Fishery launches new offer for Copeinca

Gains 74.23% effective control.

In a release, leading international frozen seafood supplier Pacific Andes International Holdings Limited’s (HKEx: 1174) (Pacific Andes) Singapore-listed subsidiary, China Fishery Group Limited (China Fishery), has announced that it intends to launch a new voluntary cash offer for Oslo Børs-listed Copeinca ASA (Copeinca), Peru’s second largest fishing company.

At the time of the announcement, China Fishery owns 5,773,000 Copeinca shares, representing 8.22% of total number of shares outstanding in Copeinca. Further, on 21 June 2013, China Fishery exercised its call option to acquire 6,295,100 additional Copeinca shares, representing approximately 8.97% of the outstanding shares in Copeinca, from Veramar Azul S.L. (Veramar) pursuant to a call option agreement.

Moreover, China Fishery has received pre-acceptances for the New Offer for a total of 40,039,247 Copeinca shares, representing 57.04% of the outstanding shares in Copeinca, from various Copeinca shareholders, including Dyer Coriat Holding S.L. (DCH) (19,098,000 shares or 27.21%), Weilheim Investments S.L. “Weilheim) (3,485,930 shares or 4.97%), and Cermaq ASA (Cermaq) (13,620,492 shares or 19.40%).

On this basis, China Fishery has gained an effective control of 74.23% of the total outstanding shares of Copeinca at the time of the announcement.