News blog
Aquabella
- BY: Andrew Hore |
- POSTED: 22/10/2007 |
- COMMENTS: Add yours
Better news from fish farmer Aquabella which is raising cash to enable it to continue to trade.
Aquabella is raising £785,000 via a share placing at 40p each, which is only just below the suspension price of 40.5p. It is raising a further £900,000 from an issue of convertible loan notes - £360,000 of those loan notes are secured on the company’s assets. They are redeemable by the end of January 2010 and pay 8% interest. The conversion price is 40p a share or the lowest price at which shares are issued during the life of the loan notes. Aquabella won’t be drawing on the £1.26m of 8% convertible loan notes that it arranged earlier this year.
The barramundi fish farmer will use the £1.69m in cash to pay for the costs of the fund raising and for working capital. It hopes to reach full production next spring. It then plans to treble output to 1,200 tonnes of fish a year. That will require more cash.
In the year to March 2007, Aquabella lost £2.64m on turnover of £456,000. Barramundi sales were running at 3.4 tonnes a week in September. The plan is to reach 8 tonnes a week.
The share suspension has been lifted and they fell 5p to 35.5p.
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