REG - Ocean Harvest Tech. - Strategic and funding update

Ocean Harvest TechnologyAnnouncement

07/05/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250507:nRSG5874Ha&default-theme=true

RNS Number : 5874H  Ocean Harvest Technology Group PLC  07 May 2025

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM THE UNITED
STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH
AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
(EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY
VIRTUE OF THE EU (WITHDRAWAL) ACT 2018 ("MAR"). THIS INSIDE INFORMATION IS
NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

Ocean Harvest Technology Group plc

 

("OHT", the "Company", or the "Group")

Strategic and funding update

 

Ocean Harvest Technology Group Plc (AIM: OHT), a leading researcher, developer
and supplier of proprietary blended seaweed products as functional additives
for the global animal feed industry, gives an update on its funding which has
been most recently provided through the issue of secured loan notes to
certain shareholders on 30 September 2024 ("the Fundraising").

 

The Fundraising of £1.5m provided much needed capital but against a loss of
€2.1m in the six months to 30 June 2024, was only sufficient to allow the
business to execute on its growth plans into 2025.   Whilst this growth has
begun to feed though with revenues 65% higher in Q1 year-on-on year, the
Company remains loss making.

 

Accordingly, the Company has been considering its funding needs since late Q1
and has been discussing funding plans with investors since late April and,
against a challenging market backdrop, has yet to secure commitments. Ocean
Harvest remains in discussions with a number of investors with regards
potential funding.

 

As at 30 April 2025, the Company, held stock of £1.2m and a cash balance of
£0.4m. While the Company has sufficient cash resources to fund its operations
until mid-June and the Board will seek to preserve its cash resources as far
as practicable, it urgently requires a commitment for alternative sources of
funding to be able to continue as a going concern.  Accordingly, thehe
Board is continuing to explore  a number of options.

 

 

The Company will provide an update once it has further clarity on its funding
position.

 

 

 

For more information please contact:

 Ocean Harvest Technology Group plc                                   Tel: +44 (0) 1737 735018

 Ashley Head, Executive Chairman

 Chris Scott, CFO

 Cavendish Capital Markets Ltd (Nominated Adviser and Sole Broker)    Tel: +44 020 7220 0500
 Geoff Nash / Seamus Fricker / Trisyia Jamaludin (Corporate Finance)

 Tim Redfern / Harriet Ward (ECM)

 

Notes to Editors

 

Ocean Harvest Technology Group plc is a global leader in the development and
commercialisation of value adding proprietary products from blending multiple
species of seaweed. The Company provides a range of natural additives focused
on improving animal performance and the sustainability of the feed chain,
through its unique and proven proprietary seaweed blends. The Company sources
its seaweed globally, utilising sustainable and socially responsible
harvesting of largely wild blooming seaweed species.  Its products are
produced in its facility in Vietnam and sold into the $40bn animal feed
additive sector in multiple markets across the world.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDMZGGKZVVGKZZ