Majority Seafresh stake goes to Bermuda buyer

By ELLEN READ

Listed Wellington fishing company Seafresh has a new majority shareholder following the sale by the Lim family of their 56.46 per cent stake.

Bermuda-based James Slade bought the shares for $100,000 in an off-market trade which is conditional on statutory approvals and the approval of shareholders required by the Takeovers Code.

Slade and Seafresh managing director Heng Lim were unavailable to comment yesterday.

Seafresh, founded by the Lim family in 1982, had a $6.8 million loss for the year to September last year, after a $2.8 million loss the previous year. Its share price is around 2c, compared with 30c when it listed in 1996.

Seafresh is negotiating with Harts Contributory Mortgages over a defaulted $1.35 million loan which it had planned to repay by selling its Lower Hutt processing factory.

The factory is valued at about $2 million.

Seafresh is considering selling one of its three $2 million trawlers to replace it with another vessel which would allow on-board fish processing.