NZS Raises $50K, Completes Vessel Upgrade, and Plans ASX Trading Return
New Zealand Coastal Seafoods Limited has completed a major vessel upgrade, attracted international investment, and is preparing to resume ASX trading after strategic corporate changes.
- MV Bluefin refurbishment completed with advanced maritime technology
- Raised $50,000 via Convertible Note subscriptions including UK fund manager RiverFort
- Company name changing to Eco Fisheries Group Limited
- Share consolidation executed, reducing shares tenfold
- Plans to withdraw prior transaction and resume ASX trading soon
Operational Upgrade with MV Bluefin
New Zealand Coastal Seafoods Limited (ASX – NZS) has successfully completed the refurbishment of its flagship vessel, the MV Bluefin. The upgrade equips the vessel with cutting-edge maritime technology, including Simrad Argus Radar, advanced sonar fish finders, autopilot systems, and glass bridge monitors. This modernization is designed to unlock the full potential of the Coral Sea Fishery, where the company holds over 66% of fishing permits. The company is now seeking to upgrade the vessel’s classification with the Australian Maritime Safety Authority, which could significantly enhance its operational value.
Capital Raising and Strategic Endorsement
During the quarter, NZS raised an additional $50,000 through Convertible Note subscriptions. Notably, this included an initial investment from RiverFort Global Capital Ltd, a UK-based fund manager with a strong track record in funding high-growth companies across multiple markets. RiverFort’s endorsement signals confidence in NZS’s business strategy and opens the door for potential larger investments in the future.
Corporate Restructuring and Market Positioning
Shareholders approved a significant corporate restructuring at the recent AGM, including a company name change to Eco Fisheries Group Limited and a share consolidation reducing the total shares on issue from approximately 1.67 billion to 167 million. These moves aim to streamline the company’s capital structure and better reflect its evolving business focus. Post-quarter, the MV Bluefin embarked on its maiden fishing voyage to the Coral Sea, marking a key operational milestone.
Financial Position and Outlook
The company reported capital expenditure of $1.229 million primarily related to the vessel refurbishment. Operating cash flows remain negative, but management expects a turnaround with revenue projected to exceed $250,000 per month starting September 2025, driven by the Bluefin’s enhanced capabilities. NZS holds $2 million in secured financing facilities and plans further Convertible Note issues to support ongoing operations. Importantly, the company intends to withdraw a previously proposed transaction and seeks to have its shares unsuspended, aiming for a return to normal ASX trading subject to regulatory approval.
Sustainability and Market Reach
Eco Fisheries Group Limited continues to emphasize responsible sourcing and sustainability, operating under unique fishing licenses in the Torres Strait and Coral Sea. Its products, including tropical rock lobster and sea cucumber, are wild-caught and traceable, meeting high standards for minimal environmental impact. The company serves both domestic and international markets, positioning itself as a premium supplier in the seafood sector.
Bottom Line?
With operational upgrades and fresh capital, NZS is poised for a pivotal phase; market watchers will be keen to see if the Bluefin’s maiden voyage translates into sustained revenue growth and a smooth ASX trading resumption.
Questions in the middle?
- Will RiverFort increase its investment beyond the initial Convertible Note subscription?
- How quickly will the Bluefin’s upgraded capabilities impact revenue and profitability?
- What regulatory hurdles remain before NZS’s shares can resume normal trading on the ASX?