Announcement
GENERAL: SAN: Sale of Crayfish Quota in areas CRA7 and CRA8
08:55am
SAN
29/04/2022 08:55
GENERAL
PRICE SENSITIVE
REL: 0855 HRS Sanford Limited (NS)
GENERAL: SAN: Sale of Crayfish Quota in areas CRA7 and CRA8
29th April 2022
NZX Continuous Disclosure
Sanford Announces Sale of Crayfish Quota in areas CRA 7 and CRA 8
New Zealand seafood company Sanford Limited (SAN) has agreed the
unconditional sale of its spiny (red) rock lobster quota in Fisheries
Management Areas CRA7 and CRA8.
Sanford has reached an agreement to sell these quota holdings to Deltop
Holdings Limited, a subsidiary of Fiordland Lobster Company Limited, for a
total consideration of $49.3 million, with a completion date of 29 April
2022.
Sanford's shareholding represented 0.3% of CRA7 and 2.3% of CRA8.
The company is also considering the sale of its CRA2 quota holding. This
transaction is not considered material and an update will be provided in the
interim report.
Sanford CEO Peter Reidie says "we concluded that our lobster quota did not
provide the best return on investment and the value realised from this quota
sale will be reinvested in the business. It will ultimately help improve
shareholder value by contributing to the significant investment required over
the next five years to meet our primary strategic outcomes. These include the
growth of our salmon and mussel businesses and sustainable investment in
wildcatch operations."
For more information please contact:
Fiona MacMillan
GM Corporate Communications, Sanford
fmacmillan@sanford.co.nz
+64 (0)21 513 522
Carly Sheehan
Communications Advisor, Sanford
csheehan@sanford.co.nz
+64 (0)22 656 4460
End CA:00391196 For:SAN Type:GENERAL Time:2022-04-29 08:55:21
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