Samuel Dyer Coriat, Copeinca Chairman. (Photo: China Fisheries Group/FIS)

Copeinca reassures stakeholders in light of China Fishery's announcement

PERU
Tuesday, March 26, 2013, 03:00 (GMT + 9)

China Fishery Group Limited (CFGL) recently announced that it had sent a letter to the Board of Directors of Copeinca ASA urging the board not to use the authorisation granted at Copeinca's 2012 annual general meeting in a manner that could hinder or obstruct a successful completion of the voluntary cash offer.

Copeinca’s Board of Directors has issued negative statements on the voluntary cash offer on several occasions, including on 4 March, when Copeinca announced that it has appointed UBS Limited, DNB Markets and Carnegie as its financial advisers to explore strategic alternatives pertaining to the voluntary cash offer.

China Fishery believes that Copeinca's Board of Directors is looking into issuing new shares pursuant to the authorisation because it was registered in the Norwegian Register of Business Enterprises on 15 March 2013 and several investors appear to have been approached regarding a possible share issue. Thus, China Fishery said it believes the purpose of such a share issue would be to obstruct a successful completion of the offer.

CFGL warned that if a satisfactory response is not received from the Board of Directors of Copeinca, China Fishery might take legal actions.

In response, Copeinca informed that its Board of Directors considers CFGL's announcement speculative and with the sole purpose of preserving the interest of CFGL, and considers the announcement misleading for investors who wish to make informed decisions with their Copeinca shares.

As Copeinca communicated previously, Copeinca's Board of Directors and its advisors are considering all options to maximize value for all of Copeinca's shareholders. The key focus is continuing discussions with parties potentially interested in making an offer for all of the shares in Copeinca -- at better terms but within the timeframe set by CFGL's offer.

“In the event of any shareholder concerns caused by CFGL's announcement with regard to Copeinca's authorization to issue new shares, the Board of Directors  wishes to express that it would only consider using this if it is deemed necessary to maximize the value for all Copeinca's shareholders. Using the authorization simply to block CFGL's, or any other potential bidder's offer, without ensuring that a more favorable offer is presented to all Copeinca's shareholders, would hence not be considered by the Board of Directors of Copeinca,” the company assured its shareholders.

CFGL has been pursuing Copeinca for months, persisting despite the owners' lack of interest in selling.

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- Copeinca sets China Fishery offer straight

By Natalia Real
[email protected]
www.seafood.media

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