Shares in Clean Seas Tuna Limited
(ASX:CSS) plunged 40 per cent of Friday after the aquaculture operation announced a $30 million writedown on its southern bluefin tuna breeding program.
The South Australian based company has warned it will probably suspend its tuna propagation program and consider capital raising options in the New Year.
After failing to find an international strategic partner to invest in the company Clean Seas Tuna is now on the hunt for potential domestic aquaculture partners for its kingfish business.
Clean Seas Tuna says it is to this background it will direct its attention to the survival of the company with the constraints of existing cash reserves supplemented with the sale of surplus assets.
Clean Seas Tuna booked a net loss of $30.8 million in the 2012 financial year.
