28/10/2016

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DailyupdatednewsforthewholeFishing,
SeafoodandProcessingindustries.

SamuelDyerCoriat,CopeincaChairman.(Photo:ChinaFisheriesGroup/FIS)

CopeincareassuresstakeholdersinlightofChinaFishery's
announcement
PERU
Tuesday,March26,2013, 03:00(GMT+9)
ChinaFisheryGroupLimited(CFGL)recentlyannouncedthatithadsentalettertothe
BoardofDirectorsofCopeincaASAurgingtheboardnottousetheauthorisationgrantedat
Copeinca's2012annualgeneralmeetinginamannerthatcouldhinderorobstructa
successfulcompletionofthevoluntarycashoffer.
CopeincasBoardofDirectorshasissuednegativestatementsonthevoluntarycashofferon
severaloccasions,includingon4March,whenCopeincaannouncedthatithasappointed
UBSLimited,DNBMarketsandCarnegieasitsfinancialadviserstoexplorestrategic
alternativespertainingtothevoluntarycashoffer.
ChinaFisherybelievesthatCopeinca'sBoardofDirectorsislookingintoissuingnewshares
pursuanttotheauthorisationbecauseitwasregisteredintheNorwegianRegisterof
BusinessEnterpriseson15March2013andseveralinvestorsappeartohavebeen
approachedregardingapossibleshareissue.Thus,ChinaFisherysaiditbelievesthe
purposeofsuchashareissuewouldbetoobstructasuccessfulcompletionoftheoffer.
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CFGLwarnedthatifasatisfactoryresponseisnotreceivedfromtheBoardofDirectorsof
Copeinca,ChinaFisherymighttakelegalactions.

Inresponse,CopeincainformedthatitsBoardofDirectorsconsidersCFGL'sannouncement
speculativeandwiththesolepurposeofpreservingtheinterestofCFGL,andconsidersthe
announcementmisleadingforinvestorswhowishtomakeinformeddecisionswiththeir
Copeincashares.
AsCopeincacommunicatedpreviously,Copeinca'sBoardofDirectorsanditsadvisorsare
consideringalloptionstomaximizevalueforallofCopeinca'sshareholders.Thekeyfocusis
continuingdiscussionswithpartiespotentiallyinterestedinmakinganofferforallofthe
sharesinCopeincaatbettertermsbutwithinthetimeframesetbyCFGL'soffer.

IntheeventofanyshareholderconcernscausedbyCFGL'sannouncementwithregardto
Copeinca'sauthorizationtoissuenewshares,theBoardofDirectorswishestoexpressthat
itwouldonlyconsiderusingthisifitisdeemednecessarytomaximizethevalueforall
Copeinca'sshareholders.UsingtheauthorizationsimplytoblockCFGL's,oranyother
potentialbidder'soffer,withoutensuringthatamorefavorableofferispresentedtoall
Copeinca'sshareholders,wouldhencenotbeconsideredbytheBoardofDirectorsof
Copeinca,thecompanyassureditsshareholders.

CFGLhasbeenpursuingCopeincaformonths,persistingdespitetheowners'lackof
interestinselling.
Relatedarticles:
Asianbusinessmen'sinterestinbuyingPeruvianfirmspersists
CopeincasetsChinaFisheryofferstraight
ByNataliaReal
editorial@fis.com
www.fis.com

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