ORIONS Money Stocks

[SkipDawg]

Morning all!$PME DD and Chart! China play that is heating up. Company dredges as well as has many vessels in fishing fleet for providing fish to ditributors in PRC. Chart is looking very good and $3 break is coming. Accumulation going on now before $3 break and then $3.50 break sends it. One of the nicest I see out there righht now. Had recent spike and NOBODY is selling. People know what is coming here imo.

Chart:
http://stockcharts.com/h-sc/ui?s=PME

Recent vessel increase:
FUZHOU, China, Sept. 13, 2013 /PRNewswire via COMTEX/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company") an integrated marine services company in the People's Republic of China (PRC), today announced the recent delivery of 20 newly-built fishing vessels, which were initially ordered by the Company in September 2012. With the addition of these vessels and the recent acquisition of 46 vessels in June 2013, the Company's total current fleet has increased to 106. The Company expects these vessels will materially increase its fish harvest volume and revenue, while being immediately accretive to net income.
The vessels delivered to the Company (full list below), which were built in Shandong Province, were delivered to the Company in early September. These vessels have an expected run-in period of 3 - 6 months, in which each are placed into the sea for testing prior to full operation. At full operation, each vessel is capable of harvesting 900 to 1000 tons of approximately 30 types of species of fish from the Indian Ocean. At current prices and operating at full capacity, each vessel can generate annual revenue of approximate $3 million USD with annual net income of approximate $800,000 to $1 million

Buyout news from CEO taking over Dredging business and removing current promissary note: Expecting news this week:

FUZHOU, China, July 29, 2013 /PRNewswire via COMTEX/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan," or the "Company") an integrated marine services company providing territorial sea fishing and dredging services in the People's Republic of China (PRC), today announced that its Board of Directors has received an offer from its Chairman and CEO, Mr. Xinrong Zhuo, to acquire the assets of China Dredging Group, or CDGC, and its PRC operating subsidiaries, Fujian Xing Gang Port Service Co., Ltd.
The Company's Board of Directors (the "Board") recently met to review the proposed terms of the offer, and as part of the process the Board has retained an independent financial advisor and investment banking firm, Duff & Phelps LLC, to provide a fairness opinion in connection with a proposed transaction (the "Proposed Transaction," as described below). Mr. Zhuo and the Company's Senior Officer, Mr. Bin Lin, have recused themselves from all Board discussions regarding the Proposed Transaction due to their position as interested parties in the sale.

Proposed Terms and TimingMr. Zhuo has offered to purchase the CDGC business and assets in exchange for (i) writing off the Company's current $155.2 million promissory note (matures on June 19, 2015 and bears an interest rate of 4%); (ii) transfer certain fishing trawlers to the Company. As part of the Proposed Transaction, the Board has also retained, BMI Appraisals Limited ("www.bmi-appraisals.com") to provide an independent valuation report on the vessels that would constitute a portion of the consideration. BMI Appraisals is one of the leading valuation companies in Hong Kong and China and has been engaged by more than 1,000 companies, of which more than one-half are listed companies in Hong Kong, China and overseas.

GL Today all!

SKIPDAWG