I know nothing about this company or it’s prospects for the future (I am skeptical of any pulp mill plans at the moment we have a global glut of pulp) but there are pulp mill workers in our community who are out of work so I publish this link for them. I wish them good fortune in the New Year.
Cosmo Specialty Fibers (Cosmopolis Pulp Mill, Gray’s Harbor Washington)
http://www.cosmospecialtyfibers.com/
http://www.cosmospecialtyfibers.com/positions
have a peaceful day,
Bill
“However, BOD in the Pacific Ocean is not an issue or concern due to the size of the receiving water (Pacific Ocean), and because the ocean constantly produces oxygen through wave action and tidal influence.”
Bob Simpson
CEO, Freshwater Tissue
Apr. 4, 2010
http://humboldtherald.wordpress.com/2010/04/04/pollution-not-an-issue-for-samoa-pulp-mill/
“the Gulf of Mexico is a very big ocean. The amount of volume of oil and dispersant we are putting into it is tiny in relation to the total water volume.”
Tony Hayward
CEO, British Petroleum
May 14, 2010
By Gordon Hamilton, Vancouver Sun January 29, 2010
VANCOUVER — China’s largest producer of rayon fibre has bought an ownership position in a northern Vancouver Island pulp mill, providing it with needed capital and assured access to the Chinese market.
Port Alice’s Neucel Specialty Cellulose announced Friday that it has entered into a deal with Zhejian Fulida Ltd. that will inject new capital and ownership into the northern Vancouver Island pulp mill. Part of the deal includes a long-term supply agreement.
http://cep1123.wordpress.com/2010/01/29/chinese-buy-a-stake-in-vancouver-island-pulp-mill/
From Samoa Softball (Richard Marks)
http://samoasoftball.blogspot.com/2009/12/water-district-gives-pulp-mill-10-year.html
UPDATE (Times-Standard):
The owners of the shuttered Samoa pulp mill have brought a last-minute proposal to buy water to the Humboldt Bay Municipal Water District, which lodged a counter offer Thursday for a contract it believes would protect its ratepayers and shield it from the most risk.
Elk Falls Workers
Campbell River B.C.
Kitimat pulp mill to close shop
By Gordon Hamilton, Vancouver Sun October 28, 2009
West Fraser Timber says it is shutting down its Eurocan pulp mill at Kitimat, throwing 535 people out of work. The mill will close Jan. 31, the company said in a news release late Wednesday. Company president Hank Ketcham blamed “a steep decline” in the mill’s financial results for the closure. Prices for its products — linerboard and kraft paper — are falling, the high Canadian dollar has knocked down revenues, and sawmills in the region have shut down, reducing the supply of low-cost chips for the mill. Ketcham made the announcement in person at the Kitimat mill. “We deeply regret the impact the mill closure will have on our 535 employees, their families and the community, and we will ensure those who are affected are treated with fairness and respect,” Ketcham said in the release. The 40-year-old Kitimat mill is one of the town’s largest employers.
http://cep1123.wordpress.com/2009/10/29/kitimat-pulp-mill-to-close-shop/
http://news.google.com/news/more?pz=1&cf=all&cf=all&ncl=dNCS3ddK3pgL3ZMqMEwmQFkzKNVHM
http://samoasoftball.blogspot.com/2008/12/evergreen-pulp-busted.html
“If Evergeen does not pay its water bill in a timely fashion, the water is cut off in mid December. That means no water for DG Fairhaven, the pulp mill and the town of Samoa’s Fire Suppression System. That will likely mean the closure of Peninsula Union School District, The Historic Samoa Cookhouse and most likely, Inside Sports. Unless someone pays off a Fire Marshall.”
http://samoasoftball.blogspot.com/2008/11/evergreen-stuff-story-lawyers-water-and.html
– 1 –
The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes
no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any
loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
DISCLOSEABLE TRANSACTION
On 15 October 2008, the Vendor and the Purchaser entered into the Agreement whereby the
Vendor agreed, inter alia, to transfer the Sale Shares to the Purchaser for an aggregate
consideration of HK$200 million.
The Transaction constitutes a discloseable transaction for the Company under Rule 14.06 of the
Listing Rules. A circular containing details of the Transaction will be despatched to the
Shareholders as soon as practicable.
Terms of the Agreement
Date: 15 October 2008
Parties: (i) the Vendor, an indirect wholly-owned subsidiary of the
Company.
(ii) the Purchaser – to the best of the Directors’ knowledge,
information and belief having made all reasonable enquiries,
the Purchaser and its ultimate beneficial owners are third
parties independent of the Company and Connected Persons of
the Company.
Terms: The consideration for the Sale Shares shall be satisfied by the
Purchaser by way of a cash payment of HK$200 million and to be
satisfied as follows:-
(a) HK$20 million on Completion;
(b) HK$30 million by 31 December 2008;
(c) HK$30 million by 31 March 2009;
(d) HK$30 million by 30 June 2009;
(e) HK$30 million by 30 September 2009;
(f) HK$30 million by 31 December 2009; and
(g) HK$30 million by 31 March 2010.
– 2 –
Completion: Completion took place immediately after signing of the Agreement
on 15 October 2008. Title in and ownership of the Sale Shares
transferred on Completion. USLM and HKLM are no longer
subsidiaries of the Company immediately after Completion.
INFORMATION ON USLM AND HKLM
USLM and HKLM are companies established in Colorado, the United States of America and
were both indirect wholly-owned subsidiaries of the Company immediately prior to
Completion. Both companies were mainly engaged in the manufacture of paper pulp outside
China and the Asian region.
REASONS OF AND BENEFITS FOR THE TRANSACTION
The Transaction provides a good opportunity to enable the Group to dispose of its interests in
USLM and HKLM for cash so as to allow the Group to pursue its principal business in China
with better return. Upon completion of the disposal of interests in USLM and HKLM, the
Group will continue to focus on its principal businesses in China. The sale proceeds to be
received create additional financial resources for the Group and will be used as working
capital to support further development of the Group’s principal businesses in China. There are
no restrictions which apply to the subsequent sale of the Sale Shares.
Details of the net loss (before and after taxation and extraordinary items) attributable to the
Sale Shares for the two financial years ending 31 March 2008 immediately preceding the
transaction are approximately:
2008 2007
Before taxation and extraordinary items
HK$1 million HK$53 million
After taxation and extraordinary items HK$3 million HK$42 million
The unaudited net assets of the Sale Group as at 30 September 2008 was HK$199 million, the
estimated gain arising from the disposal of the Sale Shares is approximately HK$1million,
being the difference between the net asset value of the Sale Group and the consideration for
the Sale Shares of HK$200 million.
The consideration of the Transaction is based on the net book value of the assets of the Sale
Group and in view of the above, the Directors are of the view that the terms of the
Transaction are fair and reasonable and in the interests of the Shareholders as a whole.
GENERAL INFORMATION
The Group is a large-scale paper manufacturer and specializes in the production of
containerboard.
– 3 –
To the best of the knowledge, information and belief of the Vendor, after having made all
reasonable enquiries, the Purchaser is engaged in the business of paper manufacturing.
The Transaction constitutes a discloseable transaction for the Company under Rule 14.06 of
the Listing Rules. A circular containing details of the Transaction will be despatched to the
Shareholders as soon as practicable.
DEFINITIONS
The following terms are used in this announcement with the meanings set opposite them:-
“Agreement” the agreement dated 15 October 2008 entered into between
the Vendor and the Purchaser relating to the Transaction;
“Board” the board of directors of the Company;
“Company” Lee & Man Paper Manufacturing Limited, a company
incorporated the Cayman Islands, the shares of which are
listed on the Stock Exchange;
“Completion” completion of the Transaction under the Agreement;
“Connected Person(s)” the meaning ascribed thereto in the Listing Rules;
“Directors” the directors of the Company;
“Group” the Company and its subsidiaries (other than the Sale
Group);
“HKLM” HKLM Acquisition, Inc., a company established in
Colorado, the United States of America, and an indirect
wholly-owned subsidiary of the Company immediately
prior to Completion;
“Listing Rules” the Rules Governing the Listing of Securities on the Stock
Exchange;
“Purchaser”
“Sale Group”
Worthy Pick Group Limited, a company incorporated in
the British Virgin Islands;
USLM, HKLM and their subsidiaries;
“Sale Shares” 1,000 shares of par value of US$1.00 each in the capital of
USLM and 1,000 shares of par value US$1.00 each in the
capital of HKLM, representing the entire issued share
capital of USLM and HKLM respectively;
“Shareholders” shareholders of the Company;
14.60(2)
– 4 –
“Stock Exchange” The Stock Exchange of Hong Kong Limited;
“Transaction” the transfer of the Sale Shares as contemplated thereunder
in the Agreement;
“USLM” USLM Acquisition, Inc., a company established in
Colorado, the United States of America, and an indirect
wholly-owned subsidiary of the Company immediately
prior to Completion;
“Vendor” Deepfaith International Limited, an indirect wholly-owned
subsidiary of the Company;
“HK$” Hong Kong dollars; and
“US$” United States dollars.
By Order of the Board
Lee & Man Paper Manufacturing Limited
Lee Wan Keung Patrick
Chairman
Hong Kong, 16 October 2008
As at the date of this announcement, the board of directors of the Company comprises four executive directors,
namely Mr Lee Wan Keung Patrick, Mr Lee Man Chun Raymond, Mr Lee Man Bun, Mr Li King Wai, one nonexecutive
director, namely Professor Poon Chung Kwong and four independent non-executive directors, namely
Mr Wong Kai Tung Tony, Ms Law Kar Shui Elizabeth, Mr Peter A Davies and Mr Chau Shing Yim David.
* for identification purposes only
http://www.quamir.com/quamir/openfiledetail.action?articleId=987441
PUD pulls out of Cosi mill dealBy Leif Nesheim – The Daily World
Thursday, October 23, 2008 11:02 AM PDT
The Evergreen Pulp Mill deal is dead.
This morning the Grays Harbor PUD announced it has discontinued exclusive negotiations with Evergreen Pulp to purchase the Weyerhaeuser-owned mill’s powerhouse in Cosmopolis. The public utility district also won’t pursue the project as a stand-alone power generation facility.
The PUD entered into negotiations with Evergreen early this year to purchase the generation assets as part of a joint offer to buy the mill from the Weyerhaeuser Co. Evergreen would have bought and operated the mill, while the PUD would have purchased the powerhouse in a simultaneous deal with Evergreen.
“It is clear to the PUD that the deal with Evergreen is not moving forward and the likelihood that we would be able to successfully finalize a deal that would benefit rate payers has diminished,” PUD general manager Rick Lovely said.
Last week, Evergreen’s parent company, Hong Kong-based Lee & Man Paper Manufacturing, announced the sale of its U.S. assets, including Evergreen, which is based in northern California. The announcement came less than a week after Evergreen CEO David Tsang announced the closure of the company’s mill in Samoa, Calif.
Weyerhaeuser officials said this week that they are considering other options for the Cosmopolis Pulp Mill after Evergreen Pulp representatives missed a scheduled meeting Friday without explanation. Weyerhaeuser officials did not reply to messages left this morning by presstime.
Evergreen CEOs Tsang and Sam Wong also did not return calls this morning.
New cost estimates determined that it would be too expensive for the PUD to generate electricity at the mill without a partner using the mill, Lovely said.
more: http://www.thedailyworld.com/articles/2008/10/23/local_news/02news.txt
HighBoldtage 