Vestpa Share Discussion Threads

[tuckswood8] 11/12/2007 23:13

J21 - have started new thread, have emailed advfn regarding incorrect fundies and news feed and will add these when they are corrected.
Will also clean up the header and add more info as it becomes available

tucks

[junior21] 11/12/2007 19:13

Tuckswood,

Are you interested in starting a thread over on CFC?

J21

[junior21] 13/11/2007 12:30

Cheers Tuckswood,

Think I'll wait til the 6th.

Market cap of £35m and possible pre tax profits of £9m for year end Dec07 (pure guestimate on another year of good growth)would make the company cheap

[tuckswood8] 13/11/2007 08:03

The EGM to approve proposals is on 5th December and dealings in the new shares (with new name) are expected to start on 6th December.

There were a few trades in Vestpa yesterday so presumably it is still possible to buy shares.

[junior21] 12/11/2007 19:09

Tuckswood

Thanks for starting the thread, Sunday Times article brought my attention to this.

When is the company changing name and is it possible to buy shares at present?

Cheers

[tuckswood8] 12/11/2007 16:13

Extracts from Albany RNS:
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"The consideration payable in respect of the Acquisition is to be satisfied through the issue of 40,333,333 New Ordinary Shares at the Issue Price and a cash payment of £5 million. The consideration values all of the issued Full Fortune share capital at approximately £25.17 million based on the Issue Price and approximately £35.25 million based on the closing middle market price of 75 pence (as adjusted for the Share Consolidation) per New Ordinary Share as derived from the AIM Appendix to the Daily Official List on the business day immediately prior to the date of this announcement."

"Subscriptions to raise £5 million gross (approximately £4.1 million after expenses)
through the issue of 16,666,667 Subscription Shares at 30 pence per share. The
Subscription Shares will be issued fully paid and will, in aggregate, represent
approximately 25.33 per cent. of the Enlarged Share Capital."

"Existing shareholders in Vestpa are being offered the opportunity to subscribe for in aggregate 4,954,965 new ordinary shares in the Subscriptions in proportion to their respective shareholdings in the company."
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Could be a nice little bonus if this one takes off.

[tuckswood8] 12/11/2007 16:12

12th Nov 2007 09:14

LONDON (Thomson Financial) - Vestpa PLC, the AIM-listed cash shell, said it has agreed to acquire Full Fortune Holdings Pte Ltd, in a 25.2 mln stg reverse takeover deal.

Full Fortune is a Singapore incorporated investment holding company whose trading subsidiaries manufacture and sell branded consumer condiments and animal feeds in Weifang City and Shou Guang City, in the Shandong province of China. Vestpa, which plans to change its name to China Food Company PLC, said Full Fortune is the holding company for Fu-Rich, Fuss Feed and Fuss Biotech. Fu-Rich produces a range of different types of soya sauce, vinegar and bean paste under its own brand names.

Full Fortune made a profit before tax of 6.0 mln stg in 2006. The 25.2 mln stg consideration Vestpa is paying will be satisfied through the issue of 40.3 mln ordinary shares and a cash payment of 5 mln stg. The 5 mln stg will be raised through the issue of 16.7 mln subscription shares at 30 pence a share.

Vestpa also plans a share consolidation comprising one new ordinary share of 4 pence each for every 40 existing ordinary shares of 0.1 pence each. The enlarged group is expected to have a market capitalisation of 35 mln stg.

John McLean will become non-executive chairman of China Food Company, moving from his current role as executive director of Vestpa and his AIM-quoted investment group Albany Capital PLC will have 20 pct of the enlarged company. Joining the board of China Food Company from the acquisition will be chief executive Raphael Tham, chief operating officer Feng Boand, chief financial officer Frank Chau and Derek Marsh as a new non-executive director. "Our strategy will include the expansion of Full Fortune's existing product range in order to capitalise on Fu-Richs existing distribution network into the multiples in China," said McLean.

"Full Fortune is currently increasing its production capacity on a new site in Shou Guang City to meet anticipated future demand and will have a low level of gearing on admission."

[tuckswood8] 12/11/2007 16:11

From The Sunday Times November 11, 2007

Chinese group adds a little sauce to AIM
Inside the City with Jenny Davey

Word of one of the more exotic London listings of the year has reached "The Sunday Times" this weekend.

Based in the northern Chinese city of Weifang, a company that manufactures and sells branded soy sauce, vinegar, bean paste and animal feeds is preparing for a £30m flotation on the junior Alternative Investment Market.

The group, which will be renamed the China Food Company, is in talks to reverse into Vestpa, an AIM-listed cash shell. Vestpa executive director John McLean will become nonexecutive chairman of the enlarged group.

But behind the scenes there is real intrigue. It has emerged that the company's original founder and main shareholder, Chinese millionaire Fu Guoping, was arrested in China in 1991 and charged with receiving bribes, corruption, misappropriation of public property, jeopardising official documents and falsifying an official seal.

He was sentenced to nine years and six months' imprisonment but on appeal a court reduced his sentence to two-and-a-half years.

That history will inevitably create a sense of unease around the stock. The company will attempt to allay fears by pointing out that the charges were in China 17 years ago – a world away from the politics of the country today – that Fu Guoping has taken no money out of the company and that he will have no active management role.

The understandable first reaction in London would be to head for the hills – but despite the colourful history of the company's founder, the business is doing well. In the year to December 31, 2006, it generated pretax profits of £6.08m on revenues of £19.28m and that is tipped to advance strongly this year.

Not a bad achievement for a company built from scratch with virtually no debt in a regional Chinese market, but the only way that the group will prove its credentials and shake off the ghost of its past is by delivering stellar performance in the year ahead.

[tuckswood8] 12/11/2007 16:10

Chinese group adds a little sauce to AIM



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