Commission And Sanford In Talks

The chairman of the Treaty of Waitangi Fisheries Commission, Shane Jones, confirmed today that the Commission has been in discussions with publicly listed seafood company Sanford Limited.

Sanford today also issued a continuous disclosure notice to the New Zealand Stock Exchange (NZSE) advising that it is in preliminary stages of discussions with the Commission on possible industry rationalization opportunities.

One of the options being explored is a possible merger of Sealord Group Limited and Pacific Marine Farms Limited with Sanford Limited, with Sanford shares being issued in exchange for ownership of the businesses based on relative valuations of the various enterprises.

“We are positive about industry rationalisation opportunities. We have been actively scoping our options for some time and will continue to do so into the future to get the best returns for our Maori shareholders,” Mr Jones said.

There is nothing to announce at this stage beyond the fact that we are talking with each other, while looking at various options for the future benefit of the Commission’s companies and our shareholders, he said.

Sealord Group is 50% owned by Te Ohu Kai Moana (Treaty of Waitangi Fisheries Commission), and 50% by Japanese seafood company Nippon Suisan Kaisha, Limited (Nissui); Pacific Marine Farms Limited is 100% owned by Te Ohu Kai Moana; Sanford is New Zealand’s only publicly listed fishing company and has a history stretching back almost 120 years.

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