Bidder for Seafresh tight-lipped on deal

Seafresh bidder James Hamilton Slade says he has been told "absolutely nothing" about the troubled Seaview fishing company despite due diligence nearing completion.

Slade, a 44-year-old English merchant banker, has offered $100,000 for 37 million shares or 56.46 per cent of Seafresh at 0.27c a share.

The offer made on April 11 through a substantial security notice lodged with the Stock Exchange has been accepted by Seafresh's founders and controlling stakeholders, the Lim family of Lower Hutt.

Slade is based in Hong Kong. He has co-owned Blenheim's Hotel d'Urville for six years and is also involved in a Marlborough aviation museum which features a Supermarine Spitfire he owns.

Seafresh posted a $6.8 million loss in the year to September 30 last year.

Slade said this week he had not spoken to the Deloitte Touche Tohmatsu team conducting due diligence checks on Seafresh.



Slade said that he could not make any "supposition" as that would risk misleading shareholders.

His offer of 0.27c a share was well below Seafresh's closing share price of 2.5c yesterday. The offer has caused confusion among analysts, one describing it as "extremely odd".

Seafresh's 2001 annual report listed total assets of $9.57 million, funded by $4.78 million of shareholders equity.

Current liabilities amounted to $4.78 million and current assets were $1.17 million.

- NZPA