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COPEINCA: COMPANY UPDATE


March 11, 2013 - London

Reference is made to the stock exchange notice dated 26 February 2013 regarding the announcement of the intended voluntary offer by China Fishery Group Limited ("CFGL") for Copeinca ASA ("Copeinca"), the stock exchange notice dated 27 February 2013 regarding the negative response from major shareholders in Copeinca on the intended offer from CFGL and the stock exchange notice dated 4 March 2013 regarding the appointment of financial advisors by Copeinca. Copeinca hereby wishes to provide shareholders, analysts and other interested parties with the information it considers important in assessing the value of the company.

Given strong demand and limited volume of available quota there has been significant consolidation through M&A in the sector over recent years. These precedent transactions have implied a value per 1% harvesting quota ranging from US$ 89 million to US$ 105 million. The CFGL intended offer price implies a value per 1% of Copeinca's harvesting quota of approx. only US$ 70 million which is up to 33% lower compared to precedent quota transactions. Further, CFGL itself has in a number of former transactions acquired Peruvian fishing companies at significantly higher values per 1 % quota than in the intended unsolicited offer for Copeinca. For further information regarding former transaction values please see enclosed company presentation.

Copeinca has a leading position in the Peruvian fisheries market, which is undergoing significant growth due to increasing demand for fish meal and fish oil particularly from Asia, whilst supply remains constrained due to wild catch fishing at sustainable levels and regulated fishing quotas.

Copeinca has a detailed business plan for continued strong growth and has decided to provide some detail of this growth plan today. After successfully leading consolidation of the industry and optimizing operational efficiency, going forward Copeinca will look to invest into delivering higher value added products to enhance profitability. Further information is included in the attached updated company presentation. The Company's management team will host a conference call today, 11 March 2013 at 13:00 CET to discuss recent transactions in the Peruvian fishing sector and the Company's business plan.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers:

Local - Oslo, Norway: +47 2316 2771

Local - London, United Kingdom:  +44 (0)20 3364 5381

Local - New York, United States of America: +1 646 254 3361

Local - Sao Paulo, Brazil: +55 11 3351 7249

National free phone - Chile:  123 0020 9330

National free phone - Colombia:  01800 915 7426

Local - Hong Kong, Hong Kong:  +852 3071 3093

Conference Code:      1706344

If you are unable to participate in the call, a playback of the conference will be available for 7 days until March 18th at 23:59

Local - Hong Kong, Hong Kong: +852 3011 4669

Local - Oslo, Norway: +47 2100 0498

Local - London, United Kingdom: +44 (0)20 3427 0598

Local - New York, United States of America: +1 347 366 9565

Replay Passcode:           1706344

To protect the interests of Copeinca and all its shareholders, Copeinca will together with its financial advisors consider any and all available options to maximize shareholder value compared with CFGL's unsolicited intended offer, including by soliciting interest from potential alternative bidders. Copeinca will disclose further views of the announced intended offer and other relevant developments in due course, following a closer evaluation and discussion with its advisors.

In the meantime, shareholders are strongly advised to refrain from taking any action in respect of their shares in Copeinca which may be prejudicial to their interests, and to exercise caution when dealing in the shares of the Company.

For further information, please contact:
Samuel Dyer Coriat
Chairman, Copeinca ASA
Email: sdyerc@copeinca.com.pe
Tel: + 51-(1)-213 4040
Mikkel Storm-Jensen Enrique Vivot
Managing Director and Co-Head of Nordic IBD Managing Director and Head of Latam
Andean Region UBS UBS
Email: mikkel.storm-Jensen@ubs.com Email: enrique.vivot@ubs.com
Mobile: +44-77-7624 5160 Mobile: +54-911-3175 1173
Tel: +44-20-7567 2293 Tel: +54-11-4316 0310
Per Even Hauge Torleif Ernstsen
Director Director
DNB Markets Carnegie
Email: per.even.hauge@dnb.no Email: te@carnegie.no
Mobile: +47-97 13 58 66 Mobile: +47-93 40 93 88
Tel: +47-23 26 80 58 Tel: +47-22 00 93 88

About Copeinca ASA
Copeinca ASA is one of the largest fishmeal and fish oil producers in Peru. The Company produces its fishmeal and fish oil from anchovy harvested off the coast of Peru, and most of its production is exported. Key countries for export are China, Japan, Germany, Canada, Chile and Denmark.Typical customers are fish and animal feed producers as well as refineries for omega-3 products.Copeinca ASA runs its operations out of Lima and has its own fleet.Copeinca ASA operates 5 plants located in strategic locations all around the Peruvian coast line. The company has around 1,400 part and full time employees.

Please visit www.copeinca.com

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Company presentation



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Copeinca via Thomson Reuters ONE

HUG#1684185

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