Clean Seas raises $36.8 million

The Fish Site
by The Fish Site
27 December 2007, at 12:00am

AUSTRALIA - South Australian aquaculture company, Clean Seas Tuna Limited, has raised $36.8 million through a share placement.

Hagen Stehr AO

The scheme involves institutional investors and US-based international food giant Simplot and shareholder take-up of a one for eight rights issue approved at the company’s AGM in November.

The equity raising scheme saw almost 100 per cent take-up of the available rights, resulting in a further 17,258,253 shares being issued to take the total ordinary shares on issue to 155,388,559.

The funds raised will be used to acquire Clean Seas Aquaculture Growout Pty Ltd (CSAG) – the private aquaculture business owned by the family of Clean Seas Chairman, Mr Hagen Stehr AO.

Stehr family interests subscribed for their full entitlement of $12.8 million under the rights issue, converting all their notes and subscribing a further $0.2 million from their entitlement.

“We are very confident of the success of the Clean Seas business, particularly given the faith shown by Simplot in seeking to take an equity position in our company,” Mr Stehr said. “These investors should add ballast to our share register and assist in ensuring a less volatile after market,” Mr Stehr said.