Forum Archive Index - February 2000

["ritchie marr" <ritchie_marr@hotmail.com>]

I couldn't resist having a stab at the possible out come of Aql and it's 
future direction.

Let's see....what do we know.

1. Oceanis was originally going to be bought by AQL using a rights issue to 
fund it.
2. They scrapped that idea in favour of a merger between the two companies 
that would require no capital being raised.......but who would be in 
control?
3.They wanted to list the Aquarium on another Sharemarket and proposed 
shanghai and Australia as likely candidates.
4. It took them two months to change their mind from aquiring Oceanis, to 
merging instead, and only two weeks more to announce the Bliss corp 
strategy, which therefore must have been a part of the whole pocture.
5. So we have effectively three companies invoved now.

Oceanis gets AQL's 75% interest in it's South Korean Assets, which I believe 
is currently exceptionally good (location ) land,bought at below par value. 
Oceanis aquires this land for $1million Australian.

Anyone know what they paid for that land?

Oceanis has also been given the option of buying AQL's 15% interest in the 
Seoul Ocean Aquarium project. No mention of price intented to be paid for 
this asset. WHY??????????????????????

Note also that in The business section of the Sunday times july 25th 1999 
the article says that Aql had a 20% interest in the Seoul Aquarium project, 
with an option to increase this to 25%. Whereas in the company announcements 
to the stock exchange on the 24/1/2000 it only mentions 15%???????????????? 
Who pocketed the over 5% and why wasn't the option identified as valuable 
enough to involve a premium.?

Is Oceanis a private or unlisted company on the Australian 
exchange.......does anyone know?

Who owns the rest of Bliss corp, if Aql only owns 19.9%. Will AQL 
shareholders get the chance to own shares in Oceanis? Because in previous 
reports if I remember correctly the money was in "turn key operations" and 
management rather than direct ownership, as many could be built in one year, 
without having to wait for cashflows from previous aquariums to get high 
enough to finance the next one so as to not encumber enormous amounts of 
debt.
This idea was the driving force behind the original idea of aquiring 
Oceanis's assets.

I would still like to see AQL aquire Oceanis.

With Aql still holding indirect aquarium assets the exposure is still there 
however I believe the best exposure would have been through that Seoul 
Aquarium.


Bliss Corp gets the Shanghai Aquarium assets from AQL in exchange for 350 
million shares in Bliss at a price of 14c, which totals $49 million 
(Australian I expect).
Are these a straight swap? Are these shares a new / addition issue to 
existing shares.....if so what is the current price and dilution 
rate.....meaning what are the shares actually worth.

In addition to this.......AQl already owns 19.9% if Bliss. Or do 
they??????????????


Here is a news clipping note that the first line uses the words "AQUIRED"


Then it goes on to say that Oceanis has a call option on that same 19.9%.

Further on it talks about the proposal to have bliss purchase the assets of 
BOTH companies.

My question here is .......Is this 350 million that 19.9% , or does AQl 
actually already own 19.9% in which case that 350 million is going to dilute 
the  value of that holding tremendously.

Aquaria 21 advised that the company has acquired a 19.9% interest in Bliss
Corporation, an Australian public company.      Bliss Corporation is not 
trade
and its shares are currently suspended from the ASX.  Oceanis Australia Pty,
the company with whom Aquaria 21 has a conditional agreement to merge, has a
call option over the 19.9% interest in Bliss Corporation.  Aquaria 21 and
Oceanis Australia intend to propose to Bliss Corporation that their 
companies!
aquarium assets - principally the Shanghai Aquarium, the Haeundae Beach 
(Soutb
Korea) Aquarium project, the Melbourne Aquarium and the Sunshine Coast
Underwater World Aquarium - be acquired by Bliss Corporation.
End
End CA:00050845 For:AQL    Type:ASSET      Time:1999-11-01:16:14:58 
Encrypt:Y



But wait there's more.........

If Bliss issued shares to Aql did they also issue to Oceanis?

One idea......

Bliss ends up with AQl's Shanghai aquarium and Oceanis's aquarium assets.
Oceanis becomes an aquarium management company and a builder of turn key 
aquarium operations, some of which will be sold off to Bliss, and others to 
private interests. The first of which will be the Soeul project.

This would make sense if Bliss issues shares to Oceanis as well.

Aql has the money from Oceanis ( A$1m ), plus the as yet undisclosed sum 
from the options over the Seoul Project.

Aql also has the money raised from recent issues....which actually now 
stands at only $3,675,000 not a huge amount of cash........certainly not in 
the area of money required to even consider backing in Bluestar office 
products. Maybe Wang;  a part of the Bluestar business solutions which is 
involved in  software development, but certainly not the group.

Well I have probably talked your ears off .......anyone care to tag me and 
continue?


Ritchie


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