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'From a New Zealand perspective, open ocean aquaculture has massive potential'

NZ King Salmon's Blue Endeavour may require a capital raise

Click on the flag for more information about New Zealand NEW ZEALAND
Tuesday, June 28, 2022, 07:00 (GMT + 9)

The following is an excerpt from an article published by the nzherald.co.nz

New Zealand King Salmon shareholders may face another capital raise in two or three years' time if its planned Blue Endeavour ocean farm goes ahead, acting chairman Paul Steere told the annual meeting in Picton.

In May, the company completed a heavily discounted $60.1 million underwritten rights offer - at 15c a share
- to shore up its balance sheet after a challenging 12 months.


The company reported an annual net loss after tax of $73m brought on by an increase in fish deaths caused by rising sea temperatures, continued freight costs and impairments to plant and equipment.

The company's Blue Endeavour project  - which has been four years in the planning - will involve rearing fish in colder waters 7km off the South Island coast in Cook Strait.

NZ King Salmon said it will know whether it has environmental consent for the project by the end of September.

Chief executive Grant Rosewarne said the first possible harvest for Blue Endeavour would be in 2027...(continues)

Author/Fuente: Jamie Gray/nzherald.co.nz
| Read the full article by clicking the link here


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