Clean Seas Seafood delays opening of Queensland farm

Company News

by Ortenzia Borre

Clean Seas Seafood (ASX:CSS) has to delay the opening of its new farm at Fitzgerald Bay, near Whyalla in Queensland.

The company missed the operating window to start farming this year after a number of outstanding arrangements had to be resolved in order to resume use of the Point Lowly Marina.

The Company had already completed its initial recruitment of Marine Operations employees and secured the necessary aquaculture leases and licences.

Point Lowly Marina is the closest suitable infrastructure to the Company’s Fitzgerald Bay aquaculture leases, and use of this facility is key to the successful operation of the farm.

The Company is currently engaging with the State Government, who is the owner of the facility, and the local Council, who is a licensee of the facility, to progress options for the use of the marina.

Shares in Clean Seas Seafood (ASX:CSS) are trading 2.9 per cent lower at 85 cents.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.