TIDMAFG
RNS Number : 8116D
Aquatic Foods Group PLC
03 February 2015
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
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SECURITIES LAWS OR REGULATIONS OR TO ANY NATIONAL RESIDENT OR
CITIZEN OF THE UNITED STATES OF AMERICA, CANADA, JAPAN, THE
REPUBLIC OF SOUTH AFRICA OR AUSTRALIA.
THE DISTRIBUTION OF THIS ANNOUNCEMENT IN OTHER JURISDICTIONS
INCLUDING (WITHOUT LIMITATION) THE UNITED STATES OF AMERICA,
CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR AUSTRALIA (OR TO ANY
RESIDENT THEREOF) MAY BE RESTRICTED BY LAW AND THEREFORE PERSONS
INTO WHOSE POSSESSION THIS ANNOUNCEMENT COMES SHOULD INFORM
THEMSELVES OF AND OBSERVE ANY SUCH RESTRICTIONS. ANY FAILURE TO
COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE
SECURITIES LAWS OF ANY SUCH JURISDICTION.
This announcement is an advertisement and not a prospectus or
admission document and does not constitute an offer to sell or a
solicitation of an offer to buy securities in any jurisdiction in
which such offer or solicitation is unlawful. Investors should not
subscribe for or purchase any transferable securities referred to
in this announcement except on the basis of the information in the
admission document ("Admission Document") and any supplement
thereto published by Aquatic Foods Group Plc ("Company" or the
"Group") in connection with the admission of its ordinary shares
("Ordinary Shares") to trading on the AIM Market of the London
Stock Exchange plc ("Admission"). Copies of the Admission Document
are available on the Company's website at
www.aquaticfoods-ir.com.
3 February 2015
Press Release
Aquatic Foods Group Plc
("Aquatic Foods", the "Company" and together with its
subsidiaries, the "Group")
First Day of Dealings on AIM
Aquatic Foods Group Plc, a marine foods and seafood processor
and supplier based in the People's Republic of China ("PRC"),
supplying to export and local markets, is pleased to announce the
commencement at 08.00 a.m. today of dealings in its Ordinary Shares
on AIM, a market operated by the London Stock Exchange plc. SP
Angel Corporate Finance LLP is acting as Nominated Adviser and
Broker to the Company. The Company's ticker is AFG.L
The Company, together with SP Angel Corporate Finance,
successfully raised GBP 9.3 million (before expenses) through the
issue of 13,226,081 new ordinary shares at a price of 70 pence per
ordinary share (the "Fundraising"). Aquatic Foods' market
capitalisation on admission, based on the placing price, is
approximately GBP 79.3 million.
The net proceeds of the Fundraising will be used in part to
expand the Group's processing capabilities, through the purchase of
machinery to increase process automation as well as expanding into
additional facilities to ensure the Group can meet the anticipated
increase in production demand; and increase sales through
investment in continued product innovation and further expanding
its product distributor network across the PRC. This will involve
committing funds to assist the Group in expanding the "Zhenhaitang"
chain of stores in the PRC to exclusively sell its product range.
Admission will also provide Aquatic Foods with increased reputation
in the PRC and internationally, as well as providing a broader
investor base and access to future capital.
Li Xianzhi, Chief Executive Officer of Aquatic Foods Group Plc,
said: "Aquatic Foods Group's fundraising and Admission to AIM marks
an important landmark for the Company as we look to grow and cement
our place as a leading Chinese marine foods and seafood processing
company.
"Our IPO marks the next stage in the Company's evolution as we
look to take a leading role in the industry's expansion and to
extend our existing offering in a growing market. We welcome our
new investors and look forward to updating them as to our progress
as a publically listed company."
The Company's admission document can be found at
www.aquaticfoods-ir.com.
- Ends -
For further information:
Aquatic Foods Group Plc
Sean Lim, Finance Director Tel: +44 (0) 20 7398
7719
John McLean, Non-Executive Deputy Chairman www.aquaticfoods-ir.com
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
Stuart Gledhill / Liz Yong Tel: +44 (0) 20 3470
0470
www.spangel.co.uk
Media enquiries:
Abchurch Communications Limited
Henry Harrison-Topham / Jamie Hooper / Canace Tel: +44 (0) 20 7398
Wong 7719
AquaticFoods@abchurch-group.com www.abchurch-group.com
Notes to Editors:
Aquatic Foods Group Plc, together with its subsidiaries, is a
leading marine foods and seafood processor and supplier based in
China ("PRC"). The Group initially built its business through
focusing on the export market (principally Japan under the "Kanwa
Foods" brand), and subsequently established the "Zhenhaitang" brand
in 2007 in mainland China to take advantage of the growing market
in the PRC driven by growing disposable income within the PRC
Middle-Classes and a more health conscious consumer base. The
Group's main products are processed frozen seafood, seaweed-based
foods and marine snack foods.
The Group benefits from excellent food safety procedures
developed over many years which have helped the Group to build a
strong track record of supplying its products into overseas
markets. This track record has enhanced the perception of the
quality and reliability of the Group's products in the PRC and has
allowed the Group to expand significantly into local markets as
demand for seafood products has increased. In a market that has
seen regular public health scares relating to food safety, the
Group considers that its adherence to these standards to be a key
strength.
The Group has obtained the following key standards:
- ISO 9001 Quality Management System certification
- HACCP Food Safety System certification
- BRC certification; and
- Marine Stewardship Council certification
The Group works with a network of distributors to effectively
market its products in the PRC. The Group has continued to grow its
distributor relationships and now distributes its products in 16
provinces, municipalities and autonomous regions in the PRC through
50 regional distributors. These distributors in turn sell the
Group's products to sub-distributors and retailers, including
supermarket chains and hypermarkets such as Metro, Wal-Mart,
RT-Mart and FMart. The widespread distribution and customer
network, coupled with extensive efforts in marketing and product
innovation, has allowed the Group to continue strengthening its
market position in the PRC seafood products industry.
Market
According to Euromonitor International, the annual growth rate
of high-income individuals in the PRC has grown significantly
recently. Between 2010 and 2012, the growth rate of high-income
consumers in the PRC has increased from 20% to 28%.
With the growth in the PRC's per capita wealth and resultant
higher standard of living, demand has started to move towards
processed and ready to eat products as opposed to the procurement
of daily foods from traditional markets. Furthermore, many PRC
consumers are believed to be concerned about food hygiene and
safety and look to recognised branded goods where there is a
perception of enhanced food safety. As a producer offering quality,
ready to eat and internationally sourced seafood products with a
strong emphasis on food safety, the existing and proposed directors
believe that the Group will be able to meet this demand.
The international seafood market has also continued to be a
favourable market place for the Group to operate in. The export
market for PRC seafood processors witnessed fast growth between
2009 and 2013. Total export for frozen whole fish and fish fillets
and pieces products from the PRC has increased from 1.42 million
tons to 1.98 million tons, representing a Compound Annual Growth
Rate of 8.8%.
Board of Directors
Dr. Wang Shaodong, Non-Executive Chairman (aged 52)
Dr. Wang was the chief executive officer of Shenzhen Xinyong
Fanglue Investment Management Company Limited mainly responsible
for identifying projects for private equity investments and
execution of merger and acquisition projects. Since May 2013, Dr.
Wang has worked as the chief executive officer for China Bright
Stone Investment Management Group Limited which is a leading
investment company specialized in fund management, financial
advisory and direct investment in listed or non-listed companies in
the PRC. From 1991 to 1994, Dr Wang worked as an associate
professor and professor in the Chongqing University of the PRC.
From 2001 to 2004, Dr. Wang was a doctorate supervisor (instructing
professor) at Economics at Shandong University of the PRC. Dr. Wang
obtained his Bachelor of Science Degree from Wuhan University of
Technology and Master of Science Degree from Chongqing University
in 1982 and 1987 respectively, and the Degree of Doctor of
Philosophy from Imperial College of Science, Technology and
Medicine, University of London in 1995. Dr. Wang is also an
executive director of Synertone Communications Ltd, a company
listed on the Hong Kong Stock Exchange (Stock Code - HK1613).
Li Xianzhi, Chief Executive Officer (aged 46)
Mr. Li Xianzhi is the Chief Executive of the Group and is
primarily responsible for Group's overall strategies, planning and
business development. He has more than 20 years' experience in the
seafood industry and founded Yantai Kanwa in 1999. He graduated in
1991 from the Yantai University of International Business and
economics with a diploma majoring in International Trading.
Kim Huat (Sean) Lim, Chief Financial Officer and Company
Secretary (aged 39)
Mr. Sean Lim is the Chief Financial Officer of the Group. He is
a member of the Association of Chartered Certified Accountants and
Institute of Singapore Chartered Accountants. He has more than 15
years' experience in areas of financial reporting, tax, corporate
finance, treasury, risk management and audit. He joined the Group
in July 2014 and is responsible for overseeing the Group's
accounting and financial reporting functions, regulatory reporting
as well as investor relations matters. Prior to joining the Group,
he was the Chief Financial Officer of VSIP Group.
John McLean OBE, Non-Executive Deputy Chairman (aged 61)
Mr. McLean is a non-executive director of the China Britain
Business Council (CBBC) and is Chair of VSO China. In addition, he
is also a member of the VSO Federation Council. In 2007 he joined
the board of Humberts plc, the estate agent, and became its
Executive Chairman to lead its rescue and ultimate disposal. Prior
to this, he carried out a strategic review for Gamma Holdings NV of
their UK interests, including Sanderson, the textile and wallpaper
company, and as its UK group managing director successfully
implemented the turnaround and disposal plan. Sanderson was a
global company which was brand and design led and had operations in
America, Asia and China. In the nineties, he was Finance Director
and then General Manager of ICS, the UK logistics and overnight
courier business and co-led a management buy-out of the company
with 3i, prior to its successful disposal to Hays plc. Mr. McLean
qualified as a Chartered Accountant and was previously with Coopers
& Lybrand in both London and New York. Mr. McLean is Chairman
of China Food Company plc, a leading manufacturer and seller of
soya sauce in Northern China and is also Chairman of Sorbic
International Plc, a major Chinese sorbate producer and
distributor.
Richard Sweet, Non-Executive Director (aged 54)
Mr. Sweet has over 25 years' experience in the retail industry,
primarily in the clothing sector. He initially worked for
Selfridges plc and then worked for over 20 years at Marks and
Spencer plc up until 2009, with 10 years in buying and
merchandising, and with extensive experience of procurement from
China and the Far East. Mr. Sweet was Head of International
Franchise for Marks and Spencer and managed franchised stores
across Europe, the Middle East and Asia. Mr. Sweet was Managing
Director of Marks and Spencer China, where he was responsible for
leading the market analysis and entry strategy for the group in
China and lived in Shanghai for 3 years. Mr. Sweet was the Managing
Director for the commercial arm of the UK charity Shelter where he
was responsible for their trading activities and managed over 120
stores in the UK. Mr. Sweet is currently Commercial Director for
the Museum of London based in the City. Mr. Sweet is a
non-executive director of AIM listed Camkids Group plc.
Mircle Yap Ching Chai, Non-Executive Director (aged 37)
Mr. Yap has over ten years' experience in the finance industry,
primarily in South East Asia as a director and investment adviser.
Mr. Yap currently works as a strategic investment adviser for One
Capital Group Investment Ltd. ("One Capital") where he is
responsible for developing strategies and implementing the
organisation's financial plans. Prior to working at One Capital,
Mr. Yap was a strategic investment adviser at Quarto Capital LLC
from 2007 to 2011. He was an executive director at Exalt Global
Investment & Co. from 2004 to 2006. Mr. Yap is also a
non-executive director of AIM listed Camkids Group plc and JQW
plc.
DISCLAIMERS
The distribution of this announcement and other information in
connection with Admission may be restricted by law in certain
jurisdictions and persons into whose possession this announcement
or any document or other information referred to herein should
inform themselves about, and observe any such restrictions. Any
failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.
In particular, this announcement is not for distribution
directly or indirectly, in or into, Australia, Canada, Japan, the
Republic of South Africa or the United States of America or to any
national resident or citizen of Australia, Canada, Japan, the
Republic of South Africa or the United States of America. The
distribution of this announcement in other jurisdictions including
(without limitation) Australia, Canada, Japan, the Republic of
South Africa, or the United States of America (or to any resident
thereof) may be restricted by law and therefore persons into whose
possession this announcement comes should inform themselves of and
observe any such restrictions. Any failure to comply with these
restrictions may constitute a violation of the securities laws of
any such jurisdiction.
The Ordinary Shares have not been nor will be registered under
the United States Securities Act of 1933, as amended (the
"Securities Act"), or under the securities legislation of any state
of the United States of America, nor under the relevant securities
laws of Australia, Canada, Japan, or the Republic of South Africa,
and may not be offered or sold in the United States of America,
Canada, Australia, the Republic of South Africa or Japan or to, or
for the account or benefit of, US persons (as such term is defined
in Regulation S) under the Securities Act, or to any national,
resident or citizen of Canada, Australia, the Republic of South
Africa or Japan. This announcement (or any part of it) is not to be
reproduced, distributed, passed on, or the contents otherwise
divulged, directly or indirectly, in or Australia, Canada, Japan,
New Zealand, South Africa or the United States of America, or in
any country, territory or possession where to do so may contravene
local securities laws or regulations.
This announcement is directed only at persons having
professional experience in matters relating to investments who fall
within the definition of investment professionals in Article 19(5)
of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or who are high
net worth entities falling within Article 49 of the Order, and to
other persons to whom it may otherwise lawfully be communicated
(all such persons together being referred to as "relevant
persons"). The contents of this announcement must not be acted on
or relied upon by persons who are not relevant persons.
This announcement does not constitute or form part of, and
should not be construed as, an offer for sale or subscription or
solicitation of or invitation to make any offer to buy or subscribe
for any Ordinary Shares, and neither this announcement nor any part
of it shall form the basis of or be relied on in connection with or
act as an inducement to enter into any contract or commitment
whatsoever. No reliance may or should be placed by any person for
any purposes whatsoever on the information contained in this
announcement or on its completeness, accuracy or fairness. The
information in this announcement is subject to change.
SP Angel Corporate Finance LLP makes no representation or
warranty, express or implied, as to the truth, accuracy or
completeness of the information in this announcement (or whether
any information has been omitted from this announcement) or of any
other information relating to the Company, its subsidiaries or
associated companies, whether written, oral or in a visual or
electronic form, and howsoever transmitted or made available or for
any loss howsoever arising from any use of this announcement or its
contents, or otherwise arising in connection herewith.
Both the Company and SP Angel Corporate Finance LLP expressly
disclaim any obligation or undertaking to update, review or revise
any forward-looking statement contained in this announcement (other
than as required by the AIM Rules) whether as a result of new
information, future developments or otherwise.
SP Angel Corporate Finance LLP, which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting for the Company and no-one else in connection with this
announcement, the proposed fundraise and Admission and will not be
responsible to any person other than the Company.
FORWARD-LOOKING STATEMENTS
This announcement includes forward-looking statements relating
to the Group's future prospects, developments and strategies and
are based on the Directors' current expectations projections, and
assumptions and involve known and unknown risks and uncertainties
that could cause actual results, performance or events to differ
materially from those expressed or implied in such statements.
Forward-looking statements are sometimes identified by the use of
terms and phrases such as "believe", "expects", "envisage", "may",
"will", "could", "should", "shall", "risk", "intends", "estimates",
"aims", "plans", "predicts", "continues", "assumes", "positioned",
"targets" or "anticipates" or the negative thereof, variations or
comparable expressions, including reference to assumptions. These
forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout this
announcement and include statements regarding the intentions,
beliefs or current expectations of the Directors or the Group
relating to the Group's future prospects, developments and
strategies and are based on assumptions and estimates and involve
risks, uncertainties and other factors that may cause the actual
results, financial condition, performance or achievements of the
Group or industry results to be materially different
from any future results, performance or achievement expressed or
implied by such forward looking statements. No assurance can be
given that such future results will be achieved. New factors may
emerge from time to time that could cause the Group's business not
to develop as it expects and it is not possible for the Group to
predict all such factors. Each forward-looking statement contained
in this announcement speaks only as of the date of the particular
statement. The Company, the Directors and the Nominated Adviser
expressly disclaim any obligation to update these forward-looking
statements contained in this announcement to reflect any change in
their expectations or any change in future events or developments
on which such statements are based unless required to do so by
applicable law or regulation, the AIM Rules for Companies or the
AIM Rules for Nominated Advisers.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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