Share this article

The plan is to raise capital

New Zealand King Salmon reports a €46 million (NZD 73 million) full-year net loss. Due to fish mortalities, rising freight costs, and the pandemic consequences. The company was placed on a trading halt. It has now been lifted, after the knowledge of these results. The plan is to raise capital and so strengthen the balance.

Besides, palliating fish mortalities will cause a decline in the number of fish produced in 2022 and 2023. The increases will not get until 2024, according to New Zealand King Salmon. Rosewarne confirmed they will still develop a new salmon farm in Cook Strait.

- Advertisement -

The company is facing these challenging results through an underwritten €37.7 million rights offer. They give shareholders the chance to purchase 2.85 new shares for every share they hold for €0.09 per share. That offer is a roughly 83 % discount from the trading price before the trading halt of €0.5 per share.

In the same week, Michael Fabbro, vice president for North America in New Zealand King Salmon, has resigned from his role to lead Finger Lakes Fish.

- Advertisement -

Share this article

Similar articles


Hot stories

TalentView: Ana Cerviño

Seaweed plays an important role in converting CO2. Another important...

After seven years without its star product in Asia, India and Chile reopen salmon exports

After months of efforts of the ProChile Trade Office in New Delhi and Aquachile, it has announced that the salmon export is reopening.

Kangamiut Seafood and Oceanpick bring barramundi to Europe

Kangamiut Seafood and Oceanpick join forces to bring ocean-farmed barramundi from Sri Lanka to European consumers.

Steep learning curve ahead for RAS

With all the good and all the bad, land-based farms...