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Aquabella
- BY: Andrew Hore |
- POSTED: 22/08/2007 |
- COMMENTS: Add yours
Aquabella is looking to raise additional finance for its fish farming business.
The shares have been trading for nearly one year and in that time they have fallen from 100p to 58.5p. The company raised £1.78m at flotation and a further £2m in July at 40p a share. At that time Aquabella arranged for a £1.26m subscription of 8% convertible loan notes. The terms of the loan notes have been modified so that they can be drawn down by 26 October 2007 if Aquabella still wants to.
Aquabella still hasn’t released its results for the year to March 2007. It is trying to gain planning permission to extend its Barramundi farm in Lymington.
Barramundi sales volumes have built up to nearly 4 tonnes a month. At the end of August, hand cut fillets of Barramundi will be on sale in a top supermarket chain. A filleting machine will be in operation by the end of September. Fillets should be more attractive to consumers than whole fish.
This should help to generate some cash but the business appears to need a lot more to keep going and expand the business.
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