Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

SeaDragon signs new working capital facility; new factory

27 August 2014

SeaDragon signs new working capital facilities; new factory progresses

New Zealand’s largest refiner and blender of high-quality fish oils, SeaDragon, has agreed on a new $3 million working capital facility.

The facility is to be used to fund raw materials secured under the supply agreement for its existing plant announced in March. Under that agreement, SeaDragon has contracted to buy raw material more than sufficient to cover squalene production budgeted for the 2015 financial year and beyond.

SeaDragon Chief Executive Ross Keeley said: “This facility highlights SeaDragon’s strong position. It recognises the strong demand for our products. It also recognises the security provided by the two squalene sales contracts announced in May and June.

Mr Keeley said SeaDragon had meanwhile received notification that the Resource Consent for the manufacture and processing of fish oil at the new refining facility in Nelson had been approved. Clearing of the site had now commenced and construction would begin after the receipt of the building consent.

“SeaDragon is in good shape. Our new processing facility, which will allow the company to expand its production of Omega-3 fish oils, will open a new frontier of growth for the company," Mr Keeley said.

"We remain on track to commission the plant next year. Meanwhile, the new working capital facility combined with a secure supply of raw material provides a solid underpinning for the existing business. We are looking to the remainder of the financial year with considerable optimism.”

About SeaDragon
http://www.seadragon.co.nz/

SeaDragon (NZX:SEA) is Australasia’s largest refiner and blender of high-quality, internationally certified concentrated fish oils and fractions, including Omega-3 oils. Our oils are sourced from fish caught in the clean and pure waters around New Zealand, in the Southern Ocean, and elsewhere. We have more than 20 years’ experience processing fish oils and we are recognised for the quality and purity of our products. We supply health supplement manufacturers around the world to meet the burgeoning demand for pure, high-quality fish oils, which are scientifically proven to deliver significant human health benefits such as lowering the risk of heart disease, improving brain function and joint health. The majority of our supply is exported.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Stats: Auckland’s Population Falls For The First Time
In the wake of the COVID-19 pandemic, New Zealand’s population growth slowed down with Auckland recording a population decline for the first time ever, Stats NZ said today. “New Zealand saw slowing population growth in all regions... More>>



BusinessNZ: Third Snapshot Report Reveals $9.5 Billion Business Investment In Climate Action

Signatories to the Climate Leaders Coalition have committed to invest $9.5 billion over the next five years to reduce emissions from their businesses, as revealed in their third anniversary snapshot report released today... More>>

Digitl: The home printer market is broken
Printers are more of a security blanket that a serious aid to productivity. Yet for many people they are not optional.
Even if you don’t feel the urge to squirt ink onto dead trees in order to express yourself, others will insist on printed documents... More>>


Retail NZ: Some Good News In COVID Announcements, But Firm Dates Needed

Retail NZ is welcoming news that the Government is increasing financial support for businesses in light of the ongoing COVID-19 lockdown, and that retail will be able to open at all stages of the new “Covid Protection Framework... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>



Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>