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
Norway
May 22, 00:00 (GMT + 9):
A special forum for research and innovation
India
May 21, 23:00 (GMT + 9):
Pakistan fishing boat with 200 kg of heroin seized off Gujarat
Viet Nam
May 21, 23:00 (GMT + 9):
US market no longer comfortable for Vietnamese enterprises
United Kingdom
May 21, 23:00 (GMT + 9):
Morrisons becomes first UK supermarket to sell vegan ‘tuna’
United Kingdom
May 21, 21:00 (GMT + 9):
BBC reveal that salmon farming giant Mowi is under investigation over chemical use
Spain
May 21, 21:00 (GMT + 9):
Scientists raise 140% mackerel quota proposal
New Zealand
May 21, 19:00 (GMT + 9):
New Kiwi Fishing Technology Gets Approval For Snapper, Tarakihi, Trevally, Red Gurnard and John Dory
Japan
May 21, 05:10 (GMT + 9):
Bluefin tuna prices 9% higher than on same period last year
United States
May 21, 00:00 (GMT + 9):
The first quarter shows an increase in exports of Alaska pollock surimi from the US
Viet Nam
May 20, 23:40 (GMT + 9):
Ninh Thuận a boom town for quality shrimp fry production
Norway
May 20, 23:30 (GMT + 9):
Strong increase in the volume of exports of frozen salmon
European Union
May 20, 23:00 (GMT + 9):
Approved the new protocol of the fishing agreement between the EU and Cape Verde
Chile
May 20, 23:00 (GMT + 9):
Exports of coho (Pacific) salmon frozen to Japan grew 6% year-on-yea
Iceland
May 20, 22:50 (GMT + 9):
Biolorrusia is the main destination of the Capelin exported by Iceland during the first quarter of 2019
Viet Nam
May 20, 22:30 (GMT + 9):
Fisheries exports forecast to pick up after listless first quarter



Lenguaje
FEATURED EVENTS
  
TOP STORIES
Shrimp season will begin in mid-June
Argentina The entire shrimp fleet will be able to operate in argentinean waters, within the Permanent Hake Closure Zone, between June 14 and 15. That is the date that a priori authorities handle, as Pescare.com...
A European project aims to develop a sustainable food from bons and fish skin
European Union A European project coordinated by the Higher Council for Scientific Research (CSIC) aims to develop a food of sustainable marine origin ready for consumption, from the use of discards from fishing, al...
European Justice confirms that the red crayfish is an invasive alien species
Belgium BRUSSELS (EUROPA PRESS) - The Court of Justice of the European Union (TEU) has endorsed Thursday the inclusion of red crayfish in the European list of invasive alien species, a decision that had been ...
Weekly movements of fishmeal and fish oil (Norway, China, Peru)
Worldwide Through week 18, they destined 331,571 tonnes of fish for reduction at an average price of NOK 2.49 /kg, down 37% on those destined for such purpose during the same period in the previous year. Table...
 
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 - 2019 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER