Kingfish Continue to Generate Income for Clean Seas Tuna02 August 2012
AUSTRALIA - Consistent with the announcement on the 25 May 2012, Clean Seas Tuna continues to generate cash from a continued clearance in our Kingfish inventory, coupled with ivestment of surplus asset infrastructure.
Implementation of strategies to improve both the health and profitability of the Kingfish business remain ongoing. These initiatives are underpinning the Company’s mid-term cash profile and the Board
expects these cash flow initiatives to support activities into CY 2013.
The Board and BBY Limited, the Company’s corporate advisor appointed in July, are progressing the review, assessment and implementation of a range of alternative strategies ocused on restructuring and repositioning the Company.
Clean Seas will keep shareholders informed of material developments arising from the rogress of these strategic initiatives.
Cash flow movement overview
Cash held at the end of the 30 June 2012 quarter was A$3.855 million, which represents a A$0.574 million reduction on cash held at the end of the third quarter of the current 2011/12 financial year.
A total of A$3.88 million has been invested in YTD non-current assets, of which A$2.195 million represents ongoing capitalisation of our Southern Bluefin Tuna esearch and development costs. Cash from FY2012 financing activities included net roceeds from a capital raising of A$1.517 million finalised in the December quarter.
TheFishSite News Desk