Pac Andes / China Fish (update)

Pac Andes / China Fish: both companies to lift halt at 2pm. China Fish intends to make a voluntary cash offer for all shares of Oslo listeed Copeinca ASA, Peru's second largest fishing co. This is consistent with China Fish's business strategy of increasing access to fishery resources in strategic mkts such as Peru. It will provide China Fish with an additional 10.7% of catch quota in North and Central Peru adn an additional 3% of catch quota in South Peru. Upon successful completion of acq, China Fish will become the largest fishmeal co in Peru with a total of 16.9% catch quota in North and Central Peru and 14.7% in South Peru, and one of the top producers in the world. Total consideration for the entire stake in Copeinca at the NOK 53.85 Offer price trasnlates to NOK 3.15b (US$556m). To finance the deal, China Fish proposed 1-for-1 rights share issue will be at an issue price of $0.34/sh. This represents a 51% discount to the counter's last close at $0.69. Ex-rights is on 21 Mar 2013. DBS, Stan Chart are the joint lead mgrs and underwriters.