?? Total financial losses arising from the recent mortalities (since 31 July 2013) in the Relevant Period are estimated to be in the range of RMB 1.0 million to RMB 1.5 million, which is not financially significant to the Company. ??
As Typhoon Usagi hit Guangdong, coastal Zhejiang and Fujian provinces in China where the majority of abalone production is sited, the Board was informed by the China production team that industry-wide damages were caused to abalone farmers and manufactures in these affected
areas. Some of the facilities in the Group’s abalone farms that are located in Guangdong and Fujian provinces were damaged. The Hui Lai Farm, the Gu Lei Farm, the Fo Tan Farm and some abalone farming and production facilities (and to a lesser extent biological assets) were affected
to some extent.
The information available to the Board at this juncture is very preliminary. The typhoon has cut off the access to some of the farms due to road damage, blockages and adverse weather, and electricity and phone availability has been disrupted. The management team will be visiting all the farms to assess the damages caused and update shareholders on the details of the disruptions
caused to the Group.
Sunk to the bottom of the Pacific Ocean liao, now at 1.6 cents only. My friend's friend was at the aGM and comprehended that Dr Ng is a private equity guy with deal-making prowess. He may have some cards up his sleeves to get investors to salvage Oceanus or to inject new businesses into Oceanus. Don't write Oceanus off yet.
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