Yellowtail kingfish producer Clean Seas Seafood Limitedannounced that the company’s major shareholder, Bonafide and its related entities have agreed to take up a placement of shares which will see its combined shareholding increase from 9.53% to 17.66%.
Under the placement, Clean Seas will issue 8,241,506 shares at AUD 0.8008 per share to raise AUD 6.6 million (USD 4.5 million), with all shares to be issued under the Company’s existing placement capacity pursuant to ASX Listing Rule 7.
Bonafide, based in Liechtenstein,was established in 2008 to focus exclusively in the Fish & Seafood Sector and is today considered one of the pre-eminent global investorsin aquaculture. Associated with this placement, Gilbert Vergères(one of Bonafide’s three Managing Directors) will take up a Board seat in early 2020.
Clean Seas also announced a planned issue of Convertible Notes on a pro-rata entitlement basis to existing shareholders to raise up to a further AUD 15.3million (USD 10.4 million).
With the completion of the Convertible Note issue, the company expects to have sufficient funding to fully implement its “Vision 2025” Strategic Plan. Details of the strategic plan,which is in the final stages of completion, will be announced as part of an Investor Roadshow in September, following the release of the company’s FY19 results later this month.