Ocean Harvest Technology Group PLC on Monday said it was considering the sale of its trading subsidiary or other business divisions ‘as appropriate’.
The Theale, Reading-based supplier of seaweed products for animal feed noted that ‘a few interested parties’ were interested in an acquisition.
Ocean Harvest in January posted revenue expectations for 2024, estimating that revenue had almost halved to €2.1 million from €3.4 million the year prior. The firm is yet to publish final 2024 results.
Also on Monday, the firm’s Chief Financial Officer Chris Scott resigned with immediate effect. Ocean Harvest said it was in talks with its security agent to release funds required to enter an insolvency process in the coming days. Consequently, Cavendish Capital Markets Ltd has resigned as its nominated advisor.
Ocean Harvest’s board is not expecting to appoint a replacement ‘at this time’. The company’s shares will be cancelled from London’s AIM if a replacement is not found within a month.
It was suspended from trading back in May, after defaulting on loan payments.
Ocean Harvest shares were last quoted at 1.20 pence each.
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