Sunday, 7 September 2008 10:57 PM

Tri Marine interests in Solatai

Editor,

your posted information on the subject does not say the party who is willing to sell its shares out to Tri Marine. I have visited the posted website you quoted and want to express the following:

That Tri Marine is a globalised entity despite being a privately owned entity. Its interests to buy shares in an entity whose product is a back bone of the nation, must conduct itself more transparantly. It has to post in its website its lastest financial statetments and annual reports for atleast 5 previous years so that interested parties beside its target audience should have a balance view of its previous record.

Secondly, envirnomental reports if there is any or if they are in the annual reports then its should okay for stakeholders.

Thirdly, whoever of the shareholders willing to dispose its shares must be taken to take pro-profitable entities on takeovers of primary entities like tuna. Nomore access to tax benefits and they should be given marching orders for making loss within the first three years. No mercy for entities whose lives will tap in the tuna industry-a huge resource by our standard.

I have not seen the most famouse carried losses as alleged to the former Solomon Taiyo Ltd since its entire life in the Solomons in the 80's and 90's. If that is true, we should not let that to repeat beacuse such was an example of tax fraud by overview. The economy is needed to revive and that revival comes from genuine players. Tri Marine if interested, must start off with its website to show its true positions on matters as mentioned. I agreed on the disposal of shares if the parties are willing to, but not investors who might begin to start making money from our resources, or whose entry might attached to influencial players or whose enrty is attached to so-called grace periods of taxation or taxation opportunists.

The shareholder who is willing to dispose its shares must receive a future cash flow and future profit projections for certain stages up to period of 30 years correlating to tuna as tuna will be part of us for sometimes. Be carfeul of projections that look good without any further capital development and reinvestments. A key factor from this investor is not to come and export fish. It must increase the existing bottle neck of the processing and continue to tap the regional markey of the tuna tins and not export whole fish like the NFD.

I will stop here for now and keep observing.

Thanks.

Disclaimer: The views and opinions expressed in this letter/article are those of Walter Malau and do not necessarily reflect the official policy or position of Solomon Times Online.

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