Welcome to FIS   Sponsored By
United States
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


SeaDragon omega 3 fish oil. (Photo: StockFile)

SeaDragon to be granted NZD 1m to meet cash-flow needs

Click on the flag for more information about New Zealand NEW ZEALAND
Thursday, May 17, 2018, 01:50 (GMT + 9)

The biggest shareholders of SeaDragon have agreed to provide a short-term bridging loan of NZD 1 million (USD 668,000) to allow the unprofitable fish oil refiner to continue to operate while it tries to negotiate longer-term funding.

Cornerstone shareholders – BioScience Managers, an Australian investment firm, and Pescado Holdings, which is associated with Christchurch's rich-lister Stewart family - agreed to the "short-term bridge facility" to ensure the company can meet its cash requirements through until June 30.

The loan, which is to be repaid on June 15, is at an annual interest rate of 12 percent, to be paid monthly, and is secured by a second-ranking security interest over SeaDragon's assets behind an existing security interest held by Comvita.

SeaDragon narrowed its first-half loss to NZD 2.7 million (USD 1.8 million) from a loss of NZD 3.5 million (USD 2.4 million) a year earlier, while sales halved to NZD 1.5 million (USD 1 million), which the company said reflected its transition to Omega-3 fish oils from its "legacy" Omega-2 products. It had NZD 2.29 million (USD 1.5 million) of cash on hand as at September 30, it said in November when it drew down the remaining NZD 1 million (USD 668,000) of a NZD 3 million (USD 2 million) convertible loan facility with Comvita.

But it has continued to sail close to the wind. In May, the company said it would have an estimated cash shortfall of about NZD 175,000 (USD 120,532) as of May 30. It forecast a normalised EBITDA loss of NZD 4.1 million (USD 2.8 million) to NZD 4.4 million (USD 3 million) for the year ended March 31, down from a loss of NZD 4.7 million (USD 3.2 million) a year earlier.

Today the company said it remains in talks with BioScience, Pescado and Comvita "with respect to medium- to longer-term funding" and continues to consider how other existing shareholders could participate in raising capital "including potentially through a follow-on renounceable pro-rata rights offer, which will further support the company’s longer-term capital requirements."

SeaDragon also said it will bring forward the timing of its annual meeting this year, probably to July, by which time it will have released its audited full-year results.

The shares last traded at 0.4 of a cent, valuing the 4.5 billion shares on issue at about NZD 18.1 million (USD 12.4 million), and have fallen 20 per cent this year.

Source: BusinessDesk
 


editorial@fis.com
www.fis.com


 Print


Click to know how to advertise in FIS
MORE NEWS
United States
Dec 13, 08:00 (GMT + 9):
SFP releases 2018 farmed shrimp strategy report
Spain
Dec 13, 03:20 (GMT + 9):
Report reveals Spanish fish market breach labelling law
New Zealand
Dec 13, 02:20 (GMT + 9):
King Salmon intends to farm salmon in open-ocean sites off Otago
Peru
Dec 13, 00:50 (GMT + 9):
Mollusk farming encouraged in Ilo
United Kingdom
Dec 13, 00:40 (GMT + 9):
Seafish deems post-Brexit potential trade agreements as crucial
Spain
Dec 12, 23:10 (GMT + 9):
Spain recognizes landing obligation will condition TAC negotiations in Brussels
European Union
Dec 12, 23:00 (GMT + 9):
Council of Ministers confirm Western Waters multiannual plan
Russian Federation
Dec 12, 22:20 (GMT + 9):
AquaMaof to build RAS plant with capacity to produce 2,500 tonnes of salmon
France
Dec 12, 22:10 (GMT + 9):
Insect-fed trout reaches French consumers
Norway
Dec 12, 21:20 (GMT + 9):
Salmon price status at week 49
Japan
Dec 12, 20:00 (GMT + 9):
IN BRIEF - BAP Seafood at Hitachi Cafeterias Marks Official Launch of BAP in Japan
India
Dec 12, 02:30 (GMT + 9):
Shrimp exporters voice concern over US import regulations
Chile
Dec 12, 02:20 (GMT + 9):
SONAPESCA files suit against SUBPESCA for fishery auctions
Canada
Dec 12, 00:30 (GMT + 9):
New measures to better manage aquaculture and protect wild salmon
Spain
Dec 12, 00:10 (GMT + 9):
Jealsa becomes a new IPNLF member



Lenguaje
FEATURED EVENTS
  
TOP STORIES
SNP and WWF sign cooperation framework agreement aimed at improving fisheries management.
Peru The National Fisheries Society and WWF Peru renewed their institutional cooperation framework agreement, in order to continue working to safeguard the biodiversity of the Peruvian sea and Manage fisheries better and better.
SFP releases 2018 shelf-stable tuna sector report
Worldwide Nearly half of the world’s shelf-stable tuna products are already being sourced in a sustainable or improving manner, with the potential for much more than that, according to the latest sector report from Sustainable Fisheries Partnership.
North Carolina to receive federal funds to relieve damage caused by Hurricane Florence
United States The US Department of Commerce has conferred North Carolina Government the fishery disaster declaration due to the damage that Hurricane Florence caused to its fisheries sector, a measure that will allow it to grant federal relief funds.
Giant squid exports forecast for USD 500 million for 2018
Peru Peruvian exports of products made from giant squid could reach USD 500 million this year, according to forecasts by the Committee for the Management of the Southern Pacific Jumbo Flying Squid.
 
Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation -Wartsila Group Headquarter-
ITOCHU Corporation -Headquarter-
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
Blue Continent Products (Pty) Ltd - (Oceana Group Limited)
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Omega Protein Corporation
Marona S.A.
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
Mitsubishi Corporation Marine Products Depts. D.Team
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart / Wal-Mart Stores, Inc. (Supermarket) -Headquarter-
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
INVE Group - Head Office
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
Morpol ASA - Group Headquarters
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2018 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER