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- Oyster farmer Angel Seafood (AS1) has entered a trading halt ahead of a proposed capital raise
- At this stage, it’s unclear how much will be raised or what it will use the money for
- However, Angel recently began a trial to start selling oysters during the peak summer demand period
- While sales won’t be able to commence until the start of 2022, this is part of Angel’s strategy to increase productivity and supplying high-quality oysters all year round
- Company shares last traded at 19.5 cents on Friday, December 11
Angel Seafood (AS1) has entered a trading halt ahead of a proposed capital raise.
The company will remain in the trading halt until no later than Wednesday, December 16, by which time the capital raise would have been announced.
At this stage, it’s unclear how much the oyster farmer is aiming to raise or what it will use the money for.
Earlier this month, Angel Seafood began a trial of summer oysters which, if successful, will be available for sale during what is typically
a spawning season.
The trial will take up to 15 months, so the summer oysters won’t actually be ready for sale until January or February of 2022. But, if all goes well, this will be the first time Angel will sell oysters throughout the peak summer demand period — leading to a potential sales increase by 10 to 15 per cent per year.
“The summer oysters trial means we can potentially supply one of the most celebrated products through the peak demand period,” CEO and Founder Zac Halman said.
“Being able to supply oysters to the retail market year-round will allow us to further cement our relationships in this channel, growing Angel’s reputation to guarantee supply of high-quality, organic oyster,” he added.
Trialling these oysters aligns with AS1’s vision of increasing productivity and being the Southern Hemisphere’s leading sustainable and innovative pacific oyster producer.
Company shares last traded at 19.5 cents on Friday, December 11.
