China Fish

China Fish: climbs 7.7% to $0.42, poised for its biggest advance in a year. China Fish: has agreed to give 96.15m warrants to its second largest shareholder, CAP III-A, a subsidiary of the private equity Carlyle, in a deal that could give it up to $40m. The warrants allow CAP III-A to purchase 96.15m shares in China Fishery, for $0.52 per share, or a maximum of $40m. If CAP III-A exercises all its warrants, it would increase is stake in China Fishery from 11.09% to 15.08%. China Fishery's largest shareholder, Pacific Andes Resources would in turn be diluted from 70.51% to 67.35%. The warrants will not be listed or traded on the main board of the Singapore stock exchange, where China Fishery is listed. Carlyle has been a shareholder in China Fishery since July 2010, when it acquired 113m shares at $1.85 per share. The use of proceeds is currently intended to be utilised as additional working capital of the Group.