Affirming their commitment to the National Development Agenda, Namsov Fishing Enterprises announced this week it has chartered the “Atlantic Challenge as a critical part of our local feasibility study.” This is in response to the call to industry by the Minister of Fisheries and Marine Resources, Hon. Bernard Esau for fishing companies to meaningfully explore large-scale horse mackerel processing on land.
In a statement released earlier this week, Namsov said the vessel was built in 1999, has an overall length of 59 metres, is 14 metres wide and has a gross registered tonnage of 1783 tonnes.
Namsov Fishing Enterprises is the largest operator in the mid-water trawl industry targetting horse mackerel. The company has made consistent and substantial investments in infrastructure and catch effort over many years. Incorporated in 1990 as a joint venture between Manica and Russian operators, Namsov quickly realised the key to profitable operations from a low-value commodity, was to control their own fleet.
On 31 August 2010, Namsov received its new mid-water behemoth, the MFV Jupiter. At that time it was considered the single largest investment in the fishing industry. The then Managing Director, Jan Arnold told the Namibian, the MFV Jupiter constituted an investment exceeding N$200 million. The motive for acquiring such a large vessel was to enable the company to catch and process 180 tonnes of horse mackerel every day during season.
This major capital investment was preceded, in 2009, by the acquisition of a vessel, the MFV Otaman Kalnyshevsky from Industrial Fishery and Shipping “Captain” Company Limited. At that stage, Namsove said the vessel has been acquired as part of a planned fleet renewal programme designed to upgrade the Namsov fleet profile to more modern vessels, with larger processing and storage capacities, which are expected to enhance efficiencies and productivity.
The MFV Otaman Kalnyshevsky was built in Germany in 1990.
The MFV Otaman Kalnyshevsky was acquired for a total sum of N$208.8 million. The consideration has been settled through N$130 million financing arranged by Namsov, through banking institutions in Namibia, with the balance settled from Namsov’s own cash resources. Namson Fishing Enterprises said it is committed to persue the shore-based processing of horse mackerel in line with the ministry’s aspirations, advising that board approval has been obtained to invest significant amounts of capital expenditure to create such a facility.
Shareholders of Bidvest Namibia are referred to the circular to Bidvest Namibia Shareholders containing details of a conditional take-over by the Bidvest Group to Bidvest Namibia Shareholders, to acquire all remaining Bidvest shares not owned by the Bidvest Group by way of a take-over scheme (‘offer’). Subsequent to the acceptance of the Delisting Resolution by the requisite majority, the offer has been declared unconditional by the Bidvest Group and has become effective, irrevocable an open for acceptance during the Acceptance Period.
Further to the cautionary announcement released on the Stock Exchange News Service (“NENS”) of the Namibian Stock Exchange (“NSX”) on 12 December 2018, the subsequent renewal of the Cautionary Announcement released on NENS on 23 January 2019 and 1 March 2019 and the announcements released on NENS on 11 April 2019 and 25 April 2019. Shareholders are hereby advised that the requisite majority of Bidvest Namibia shareholders eligible to vote, have approved the delisting. In terms of this passed resolution, the listing of all the Bidvest Namibia Shares of
Bidvest Namibia on the Main Board of the NSX be suspended and terminated with effect from 11 June 2019 or at such times and such dates as will be approved in accordance with the Bank of Namibia and by the NSX
Further to the cautionary announcement released on the Stock Exchange News Service of the Namibian Stock Exchange on 25 April 2019 relating to the circular to shareholders, supplementary information relating to the sum of the parts valuation, culminating in the fair and reasonable valuation range of N$8.95 to N$9.45 as per the E&Y Fair and Reasonable opinion included in the circular, is available on the this website.
Further to the cautionary announcement released on the Stock Exchange News Service of the Namibian Stock Exchange on 12 December 2018, the subsequent renewal of the Cautionary Announcement released on NENS on 23 January 2019 and 1 March 2019 and the announcement released on NENS on 11 April 2019. A combined circular has been issued today by Bidvest Namibia Limited and the Bidvest Group to a conditional Take-over offer in terms of sections 320 – 327 of the Companies Act….