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SeaDragon sells Snakk Media stake

SeaDragon sells Snakk Media stake

Australasia’s largest refiner and blender of high-quality, internationally-certified concentrated fish derived health supplements, including omega-3 fish oils, SeaDragon (NZX: SEA) moved a step closer to the development of its new Nelson based refinery with the sale of 10 million shares in Snakk Media.

The shares, which represented 40% of the 25 million shares SeaDragon held, released $900,000 to be invested in the new refinery. SeaDragon inherited the shares when it joined the NZX by means of reverse takeover of Claridge Capital in late 2012.

SeaDragon Chief Executive, Ross Keeley, said: “We are pleased with the sale of the shares. We will look to sell the remainder once an offer is made that adequately reflects Snakk Media’s value.     

“Our investment in Snakk Media has never been core to our business and we believe the capital is better deployed leveraging our internationally-recognised expertise in manufacturing high-quality ingredients for health supplement markets.

“As we set out at our annual meeting in Auckland on Tuesday, SeaDragon faces burgeoning demand for its fish-derived squalene and Omega-3 oils.

“New Zealand sourced fish oils occupy a hiqh-value niche. Health supplement manufacturers place a premium on our products, recognising not only the quality of New Zealand sourced raw materials but also the rigour of SeaDragon’s quality controls.

“In the year to March 31 2013 sales grew to $9 million. While this included two one off krill sales, the company is confident of solid growth over the next years driven by exports and the major contribution of the new plant.

SeaDragon, in conjunction with a major Belgium company is completing detailed design for the Nelson factory, which will allow SeaDragon to refine greater quantities of high quality Omega-3 oil. It is also arranging financing for the factory and is targeting completion in the second half of 2014. The new plant will be complementary to the existing plant, also in Nelson.

ENDS

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