omega did it again this year

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if this was you or me, we would be facing a jail term and psychological help for doing it the second time in 365 days

omega

and this is sweet also....guess the big boys have a deal to get paid before the going gets tough for omega...convenient HUH !! READ BELOW


Omega Protein Announces Agreement to Purchase 36.8% of Its Outstanding Common Stock From Zapata Corporation
Friday September 8, 7:26 pm ET
HOUSTON, Sept. 8 /PRNewswire-FirstCall/ -- Omega Protein Corporation (NYSE: OME - News), the nation's leading producer of Omega-3 fish oil and specialty fish meal products, today announced that it has signed a definitive agreement with its 58% stockholder, Zapata Corporation (NYSE: ZAP - News), to purchase from Zapata 9,268,292 shares of Omega's common stock at a purchase price of $5.125 per share. The aggregate purchase price for the shares, which represent 36.8% of Omega's outstanding common stock, will be $47.5 million. At the closing of the transaction, Zapata's two representatives, Avram A. Glazer and Leonard DiSalvo, will resign from Omega's Board of Directors.
If Zapata still owns any shares of Omega's common stock nine months after the closing of the transaction, Omega has the option for a four-month period thereafter to purchase any remaining Omega shares held by Zapata at a purchase price of $4.50 per share.
Omega has received a commitment letter from Cerberus Capital Management, L.P. for the purpose of financing the purchase of the 9,268,292 shares. The commitment provides for a five-year, $35 million term loan and a five-year, $30 million revolving credit facility which will replace Omega's existing $20 million credit facility with a commercial bank. The closings of the Cerberus financing and the purchase of the shares from Zapata are expected to take place in the fourth quarter of 2006, subject to the completion of the Cerberus financing and the receipt of regulatory approvals, as well as the satisfaction of customary closing conditions.
The transaction has been unanimously approved by a Special Committee of Omega directors who are independent of Zapata. TM Capital Corp. has acted as financial advisor to the Special Committee, and has delivered requested opinions with respect to the transaction to the Special Committee.
Joe von Rosenberg, President and Chief Executive Officer of Omega, commented: "This transaction will allow Zapata to exit its ownership position in an orderly fashion. We believe that the terms of the transaction are highly favorable to our stockholders and we anticipate that the transaction should be accretive to earnings per share in the future."
About Omega Protein
Omega Protein Corporation is the nation's largest manufacturer of heart- healthy fish oils containing Omega-3 fatty acids for human consumption, as well as specialty fish meals and fish oil used as value-added ingredients in aquaculture, swine and other livestock feeds. Omega Protein makes its products from menhaden, an Omega-3 rich fish that is not utilized as seafood, but which is abundantly available along the U.S. Gulf of Mexico and Atlantic Coasts. More information on Omega Protein can be found at http://www.omegaproteininc.com .
About Cerberus
Established in 1992, Cerberus Capital Management, L.P. is one of the world's leading private investment firms with $18 billion in assets under management for individual and institutional investors, including state and corporate pension funds, insurance companies, foundations and endowments. Cerberus is headquartered in New York City, with offices in Chicago, Los Angeles, Atlanta, Amsterdam, Frankfurt, Tokyo, Osaka and Taipei.
About TM Capital TM Capital is a merchant banking and financial advisory firm based in New York and Atlanta which has completed over 130 mergers, acquisitions and financings for clients totaling over $7 billion in value.

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NOW DOES THIS TIE IT ALL TOGETHER



ARLINGTON, Va. A regional fisheries commission agreed Wednesday to cap the commercial catch of menhaden in the Chesapeake Bay to give scientists time to assess the health of the tiny but important bait fish.


The Atlantic States Marine Fisheries Commission voted unanimously to set the limit through 2010, commission spokeswoman Tina Berger said.

With few changes, the commission adopted a cap announced this summer by Gov. Timothy M. Kaine, an agreement he worked out with the industry. The annual catch will be limited to 109,020 metric tons, with flexibility for years when the catch is up or down, Berger said.


The 109,020 cap represents the average annual harvest over the most recent five-year period.


"Once they land or harvest that amount, the fishery is closed for the season," Berger said.


In a statement, Kaine said, "Our initiative, which was the result of intensive discussions with industry and leaders in the environmental community, will protect the health of the menhaden fishery, foster additional scientific research, and protect fishery-related jobs."


The commission will take public comment on the proposal and schedule a final vote for mid-October, she said.


The menhaden harvest is big business in Virginia's Northern Neck. Omega Protein Co.'s catches have made Reedville into the No. 2 U.S. port in terms of fish landings. The Houston, Texas, company built a refinery there to distill a high-grade fish oil rich in Omega-3 fatty acids, which may help reduce coronary heart disease.


Omega Protein, which employes more than 250 workers at its Reedville plant, also processes menhaden into meals and oils for animal feeds and industrial purposes.


But a strong menhaden population is key to the bay's health, helping filter its waters, feed game fish such as striped bass and bluefish, and serving as bait for blue crabs.


Environmentalists have been pushing for a menhaden cap. Maryland fishery managers also think Virginia's harvesting hurts species up the bay, and they have argued for limits on the catch.


Virginia is one of the last states that allows such industrialized fishing on the East Coast.



SOMETHIN IS A FISHY HERE