July 29, 2013

 

China Fishery Group to complete acquisition of Copeinca shares

 
 

  

 

In respect of the call option at the call option price of NOK59.70 (US$10.11) per Copeinca share, China Fisheries Group Limited (CFGL) reached an agreement with Veramar to complete the acquisition of the 6,295,100 Copeinca shares, equivalent to approximately 9% of the company stock.

 

CFGL had been trying to purchase shares from Veramar Azul SL for months. Now, after the agreement, it will have control over 17.2% of the shares (12,068,100 shares) in Copeinca. Following settlement of the Call Option, China Fisheries will own 12,068,100 Copeinca shares, representing approximately 17.19% of the total Copeinca shares.

 

In addition, China Fishery has already ensured prior acceptance of another 57% stake (40,039,247 shares) in a public offering that closes later this month, and received the offer acceptance for additional shares, with which it manages to increase its shares in Copeinca from 65.3% to 74.3%.

 

The agreement reached on July 25 means CFGL's goal of taking over Copeinca is getting closer.