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Alimar fish meal plant. (Photo: Alimar)
Alimar proposal for 100 pc of Invermar is about USD 21 million
(CHILE, 2/19/2015)
Alimar, a company owned by well-known fishing businessman Roberto Izquierdo Menendez, began on Tuesday the public share offering (PSO) for 288,805,366 shares of Invermar S.A., the salmon business linked to the Montanari family.
The offer represents 100 per cent of the outstanding shares valued at USD 0.07271333 per share, with a premium equal to 17.4 per cent compared to the market value of the salmon company, which stood at CLP 38.8.
However, considering that the value of each title of Invermar on 29 January, the day prior to the announcement of the intention to purchase the assets of the salmon business, was USD 0.04498, the amount offered in PSO is 61.5 per cent higher.
The fishing enterprise reported that if the acquisition of 100 per cent of the share capital of the salmon firm were materialized, the operation would total USD 21 million for the purchase of 288.8 million shares of Invermar.
The offer, which will run for 30 days, is subject to compliance with certain conditions. Among them, the PSO must be accepted for a number not inferior to 192,536,912 of Invermar shares subscribed and paid, representing at least two-thirds of Invermar total issued shares with voting right.
It was also provided that before the expiry of the PSO term, Invermar and Ostimar must reach an agreement with creditor banks, under which scope the bank debt of these companies on a consolidated basis must not exceed USD 69 66 million, including principal, interest and costs, and such creditors undertaking to lift existing guarantees against full payment of that sum.
Given that the total debt with banks amounts to USD 150 million, the proposal requires a significant cut by creditors.
The proposal also includes that an agreement must be reached with Salmofood, Invermar and Ostimar fish feed provider, to regularize the situation of the current contract.
Related articles:
- Creditor banks agree to 'forgive' 55 pc debt to Invermar
- Alimar to launch a PSO to buy Invermar
editorial@seafood.media
www.seafood.media
Information of the company:
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City:
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Providencia
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State/ZIP:
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Santiago ( )
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Country:
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Chile
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Phone:
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+56 2 225 6190
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Fax:
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+56 2 225 6190
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E-Mail:
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pweber@alimar.cl
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More about:
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