From April presentation
• NZ King Salmon has historically suffered from variable fish production – from a cost, size and volume perspective
• Sustained summer temperatures above 18°C have been the dominant stressor in a multi-factorial event, suppressing fish immunity and resulting in elevated mortality. Approximately half of the mortality biomass from warmer sites occurred between January and March when fish sizes are generally smaller
• The warm water sites over the summer months (January to March) account for $9.6 million of our total $20.8 million mortality value (46%)
In light of recent trading impacts, NZ King Salmon is raising equity to repay all outstanding debt to recapitalise and strengthen its balance sheet…
NZ$60.1 million equity raising (Equity Raising) in the form of a 2.85 for 1 rights offer. Priced at NZ$0.15 per new share representing:
– 55.1% discount to TERP of NZ$0.33
– 82.6% discount to last closing price of NZ$0.86 as at 12 April 2022
• The Australian dollar offer for eligible Australian shareholders will be set using the prevailing AUD/NZD exchange rate on 26 April 2022
Now back to 19c, after having a bit of a dead fish bounce since April
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