China Fishery

China Fishery: Recall, China Fish previously made a voluntary cash offer to shareholders of Copeinca ASA, of NOK 53.85/ share. Group currently owns 9.9% stake from Ocean Harvest, with the sale conditional upon the NOK 3.56 dividend/ share belonging to Ocean Harvest. Over the weekend, Cermaq ASA made a voluntary cash offer of NOK 59.70/ share for Copeinca ASA, after gaining a 50.7% control of Copeinca. Cermaq achieved its 50.7% control after i) Copeinca issued new shares to Cermaq; ii) several of Copeinca's major shareholders and treasury shareholders sold their stakes to Cermaq; After taking dividends into account, China Fish's 5.8m shares (9.9%) in Copeinca has made a gain of NOK 2.29/ share (total gain of NOK 13.2/ S$2.9m), which barely covered Group's expenses of the rights issue. The initial plan for the acquisition of Copeinca would boost China Fish's peruvian catch quota by 10.7% in North and Central Peru, and an additional 3% of catch quota in South Peru- enabling China Fish to 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. China Fish currently trades at $0.435, vs its theoretical ex-rights price of $0.47.