CSS - Clean Seas Seafood

[Basilica]

Re: CSS - Clean Seas Tuna

CSSR currently 1 buyer for 500,000 units bid price 0.001; 1 seller 96000 offer 0.01

Thanks nizora, i found it eventually with your help "cssr"

I'm not sure Teigen would be all that interested in participating anyway.

I agree but they would be happy to sell their RIGHTS to the highest bidder. As a just offset to the dilution.

 

[Sdajii]

Re: CSS - Clean Seas Tuna

I agree but they would be happy to sell their RIGHTS to the highest bidder. As a just offset to the dilution.

Good point.

 

[nizora]

Re: CSS - ENCOURAGING NEWS ?

"Strong Yellowtail Kingfish Performance
Clean Seas is pleased to update shareholders on the Company’s strong ongoing Yellowtail
Kingfish performance. The new season fingerlings introduced in November 2012 continue to
perform above expectations, and now exceed 1.0kg after 5 months of their 15‐18 month
growth cycle. We have updated the graph included in our prospectus to include the recent
growth performance.
The fish performance is amongst the best we have ever achieved, and we are excited with T
the quality of the yellowtail fish, including their heath and general appearance."


http://asx.com.au/asxpdf/20130419/pdf/42fbzcp6h72fxq.pdf

 

[Sdajii]

Re: CSS - ENCOURAGING NEWS ?

The fish performance is amongst the best we have ever achieved,

I found that statement peculiar when it was right next to a figure showing that other than last year it was the worst performance for a few years, and only trivially different from the several years before that. It's good that they have returned almost to normal/about normal, but that wasn't news so I'm surprised by the market's reaction today.

 

[tge oracle]

Re: CSS - ENCOURAGING NEWS ?

I found that statement peculiar when it was right next to a figure showing that other than last year it was the worst performance for a few years, and only trivially different from the several years before that. It's good that they have returned almost to normal/about normal, but that wasn't news so I'm surprised by the market's reaction today.

Yes, that's very true Sdajii but I think this announcement has been timed to encourage more retail investors to participate in the rights issue. I suspect, too date, there has been a very poor uptake and they need to do something to increase participation. I bet the CEO and Chairman are hoping they won't have to pick up their shortfall rights!

Disc - as before

 

[Sdajii]

Re: CSS - ENCOURAGING NEWS ?

Yes, that's very true Sdajii but I think this announcement has been timed to encourage more retail investors to participate in the rights issue. I suspect, too date, there has been a very poor uptake and they need to do something to increase participation. I bet the CEO and Chairman are hoping they won't have to pick up their shortfall rights!

Disc - as before

Naturally. The only surprise is how readily the market is gobbling it up.

 

[nizora]

Re: CSS - Clean Seas Tuna

"The Company received applications to subscribe for 250,471,153 Shares from eligible
shareholders and investors under the Rights Issue to raise approximately
$3,005,653.85. This represents approximately 83.3% of all Shares offered under the
Rights Issue. "


http://asx.com.au/asxpdf/20130429/pdf/42fjk64zmk9szr.pdf

 

[Sdajii]

Re: CSS - Clean Seas Tuna

I have to say, that amazed me! I didn't think they'd get much more than half that. I suppose with the share price holding where it is, the temptation to buy and sell for a quick profit is there. I'd probably have done the same thing.

 

[tge oracle]

Re: CSS - Clean Seas Tuna

Now that the cap raising is out of the way the latest 4c reveals the true state of affairs.
They are burning through cash supporting the SBT project. Although it has been put on hold the main cost of the SBT project has been the husbandry, feed and upkeep of the SBT broodstock which is still ongoing.
This will be a significant drain on cash reserves in my view.
I would be interested to know who was paid $ 36K in consultancy fee's over the past 3 months and would be asking CSS if I were invested.

Disc - Not invested, opinion only DYOR.

 

[smart]

Re: CSS - Clean Seas Tuna

Now that the cap raising is out of the way the latest 4c reveals the true state of affairs.
They are burning through cash supporting the SBT project. Although it has been put on hold the main cost of the SBT project has been the husbandry, feed and upkeep of the SBT broodstock which is still ongoing.
This will be a significant drain on cash reserves in my view.
I would be interested to know who was paid $ 36K in consultancy fee's over the past 3 months and would be asking CSS if I were invested.

Disc - Not invested, opinion only DYOR.

Have you seen the latest update? Improved hatchery would you like to give us more info please cleanseas these guys are clutching at straws for sure.

 

[tge oracle]

Re: CSS - Clean Seas Tuna

Have you seen the latest update? Improved hatchery would you like to give us more info please cleanseas these guys are clutching at straws for sure.

As is always the case with CSS, Smart, it is what they don't say that is most relevant. The YTK update, although welcome, is over a very short time frame....the fish won't be harvested for another 12-18mths.... a lot can happen between now and then.
If I were invested, I would be asking what the cost of maintaining the SBT project in caretaker mode is ( refer previous post ). Additionally, I would be asking why they need to pay a consultant $12,000 per month when they supposedly have an experienced management to perform this duty.
I will keep watching from the sidelines.


Disc - Not invested. Opinion only. DYOR.

 

[Basilica]

Re: CSS - Clean Seas Tuna

Have you seen the latest update? Improved hatchery would you like to give us more info please cleanseas these guys are clutching at straws for sure.

The hatchery probably is improving but i don't think the hatchery is a weak link for YTK as they can produce all the fingerlings they need now in the vacated tuna tanks.
The market loves words like "Improvement".

As is always the case with CSS, Smart, it is what they don't say that is most relevant. The YTK update, although welcome, is over a very short time frame....the fish won't be harvested for another 12-18mths.... a lot can happen between now and then.
If I were invested, I would be asking what the cost of maintaining the SBT project in caretaker mode is ( refer previous post ). Additionally, I would be asking why they need to pay a consultant $12,000 per month when they supposedly have an experienced management to perform this duty.
I will keep watching from the sidelines.
Disc - Not invested. Opinion only. DYOR.

I would like to know the cost of the SBT too but its mixed in with other amounts in the accounts.
the 12K a month may be external veterinary costs.
The market hates words like "Vet Bills"
it was hinted at in recent CSS announcement.

 

[nizora]

Re: CSS - Clean Seas Tuna

"ANTICIPATED FY2013 RESULTS

The Directors of Clean Seas Tuna Ltd (ASX “CSS”) are pleased to provide shareholders with updated
guidance on the Company’s expected FY2013 results based on recent operational performance.

Key performance measures are ahead of the Company’s targets that aim at profitable production by
2015. Overall performance is consistent with the Company’s strategy to re‐focus and re‐build a profitable
business based on sustainable Kingfish production.

Results Guidance

Strong Kingfish performance year to date has continued during April 2013 with strong growth rates and
low mortality. The positive operational results were coupled with a 12% increase in farmgate pricing,
which is anticipated to return an improved result for the six months to 30 June 2013.

Assuming the anticipated growth rates continue up to the more dormant winter period, the result from
operations for the six months to 30 June 2013 is expected to be a loss in the range of $1 million to $3
million. This result will be in line with our strategy and compares with an operational loss of $8.2 million
for the corresponding half year period to 30 June 2012.

The Board anticipates the underlying operational loss for the financial year ending 30 June 2013 to be in
the range of $4 million to $6 million. This compares with an underlying operational loss of $15.3 million
for the same period to 30 June 2012, and reflects around 60% improvement year on year.

The operational performances noted above are before restructuring related asset impairment charges of
$29.7 million for the current financial year and $15.5 million the previous year. The asset impairment
charges were isolated to the first half of the current financial year. There were no asset writedowns
taken in the second half year period to 30 June 2013 and the Directors do not anticipate any material
writedowns will be required in FY2014. "

 

[nizora]

Re: CSS - Clean Seas Tuna

FY2014 Kingfish Operations

Given the strong Kingfish performance, the Board has confirmed the next step in the Company’s
growth strategy which includes the planned 167% increase in production from 225,000
fingerlings in YC2013 to 600,000 fingerlings in YC2014.
The increase in fingerling production commenced in June and is a key step towards our interim
target of 1,100 to 1,500 tonnes per annum in FY2015, at which point the Company expects to be
profitable. Clean Seas’ five year production target continues to be 3,000 tonnes per annum.
Other significant changes for the FY2014 Kingfish operations include:
● Fingerlings will be transferred to sea cages at a higher average weight, which should result in
more robust juveniles leading to a further reduction in early mortality rates and a shorter atsea grow out cycle;
● New protocols trialled in FY2013 that significantly reduced injuries to fingerlings will be
applied throughout the hatchery and are expected to materially increase hatchery
productivity;
● Consolidation of all at-sea grow out operations at Port Lincoln, with attendant efficiency
improvements from a one site operation; and
● Further benefits from the improved dietary regime should result as we progressively sell
down of YC2012 dietary impacted fish and from the introduction of YC2014 fingerlings.
The Company will continue R&D trials to assess the viability of onshore production of juvenile
Kingfish utilising the extensive onshore recirculation facilities at Arno Bay. Whereas the at-sea
production cycle is 18-30 months with an average of 24 months, a shorter onshore production
cycle of 12 months is being assessed and may well be achievable.
In connection with these trials, the Company this year has made three successful shipments of one
gram fingerlings to Europe, where they have been purchased and are being grown out in an
onshore recirculation system. Clean Seas is the only producer of Hiaramasa Kingfish fingerlings
globally with the ability to produce fingerlings reliably at any time of the year. This technology
has the potential to enhance productivity and profitability in the future.
SBT Propagation Program Update
As advised to the market on 21 December 2012, Clean Seas suspended its Tuna Propagation
Program, at least for the FY2013/14 summer. The Southern Bluefin Tuna (SBT) broodstock held
in onshore facilities and in sea cages at Arno Bay remain in good health. Further, the Company
has recently secured funding from Seafood CRC and Fisheries Research Development Corporation
to assist with the holding costs associated with maintaining this valuable broodstock.
Summary
The Company’s primary focus and commercial objective for FY2014 remains the increased
production of Yellowtail Kingfish towards levels that will underpin Clean Seas’ future profitability.
The survival and growth rates continue to improve with this season’s Yellowtail Kingfish. The
results have met or exceeded all of the Company’s internal targets, underpinning the Board’s
confidence in the Company’s growth plans

 

[pixel]

Re: CSS - Clean Seas Tuna

Thanks for the update, nizora
The weekly chart looks very promising.



as does the daily - good enough for to dip a toe back in.
Pity I didn't follow up on my earlier signals - at the time, the low volume kept me out.



DYOR - after all, it's still a speccie.

 

[nizora]

Re: CSS - Clean Seas Tuna

4 SEPT 2013

Overview :
On behalf of the Board and Management, we are pleased to present the eighth Annual Report of
Clean Seas Tuna Limited (Clean Seas).
Twelve months ago we reported on a challenging year for Clean Seas the response to which has seen
the recruitment of experienced aquaculture leadership and the adoption of clear, focused strategies.
We are now pleased to report encouraging progress in the past financial year underlining the merit
of our strategies. We have been pleased by the significantly positive shareholder and market
response in support of our business direction.
We have kept shareholders informed of our progress, particularly the strong biological growth in our
Yellowtail Kingfish marine production, which has recorded its best performance for many years, if
not ever.
The recent progress of the Company has increased our certainty that the fundamentals are present
in the company to build a significant farming and fresh fish sales business based on Yellowtail
Kingfish production for Australian and international markets.
Despite encouraging positive progress, there were still challenges for the Board and shareholders as
we made hard decisions to defer the Tuna propagation research, revalue the assets of the company
and refocus the business as a premium producer of Yellowtail Kingfish for world markets.
Strategic change
The original vision of producing Tuna juveniles has proven to be slower and more difficult than
anticipated. The Yellowtail Kingfish business was introduced to prepare the company for the
production of Tuna juveniles, and it has achieved an excellent market for high quality Yellowtail
Kingfish in the seafood industry – both domestically and globally.
Importantly, Clean Seas has positioned this product at the top end of desirable fish in sashimi
restaurants and quality seafood restaurants with strong demand worldwide, particularly in Australia,
Europe and Asia. Prices and demand have strengthened as the product is recognised for its quality
and reliability.
The company has now resolved an imbalance in the Yellowtail Kingfish feed composition which
impacted negatively on fish health, mortality and growth rates. The consequent supplementation of
our fish feed with the small taurine protein from mid-2012 has spectacularly turned around the
health and performance of the Yellowtail Kingfish. This return to good health and performance has
highlighted the potential of this species and supports our strategic change to focus on Yellowtail
Kingfish in the medium term.

 

[pixel]

Re: CSS - Clean Seas Tuna



Nice rally. Nice profit. But 3.3 looks like solid resistance for now. Support at 2.8?
MACD must break through the Bearish Divergence; then I'm back in.

 

[pixel]

Re: CSS - Clean Seas Tuna

Turned my attention Sea-ward just in time, it seems (Thanks again, nizora )
I picked them up in the Open and have added since.



If the current zone (3.9-4c) becomes the new holding support, I see Fibonacci targets at 5.5 and 6.4c.

 

[nizora]

Re: CSS - Clean Seas Tuna

Progress ‐ FY 2012/13
 Clean Seas' strategy to focus on Yellowtail Kingfish and improvements in fish husbandry is
delivering outstanding results
 Kingfish survival, health and growth rates are the best in many years, if not ever
 There has been no return of any feed or disease issues in the Autumn, Winter or Spring of 2013
 We have begun transferring 600,000 new season fingerlings to sea (200,000 in 2012)
 The first batch of 200,000 is one month earlier and twice the weight at transfer to sea
 Nursery upgrade to produce larger fingerlings is underway to further improve quality and size of
Fingerlings in 2014
 Current season fingerlings going to sea will be ready for harvest in February 2015
 Financial performance of Clean Seas is on track to deliver profitability in FY2015

Strategy on track to deliver growth
6
 Clean Seas’ strategy is to drive profitability by expanding its successful Yellowtail
Kingfish production
– Production to be increased from500 tonnes p.a.to 3,000 tonnes per annum
over 5 years
– Clean Seas expects to be profitable fromFY2015
– 2013 Yellowtail Kingfish health and growth is strong, and production growth is
on track
 Major restructure almost complete
– Significant costs eliminated and surplus as sets realised
– Feed related fish health issues resolved with Taurine supplements
 The Yellowtail Kingfish market is strong with positive price trends
– Clean Seas’ Yellowtail Kingfish is internationally recognised as a premium
sashimi and table fish
– Clean Seas is the only reliable producer of Kingfish fingerlings globally
 Existing infrastructure supports growth in Yellowtail Kingfish production
 Tuna program is on hold with brood stock and IP retained to be leveraged when
Clean Seas regains sufficient financial strength

Existing Infrastructure Supports Growth
 Clean Seas has significant infrastructure capacity from prior years capex investment
 Existing infrastructure supports planned growth in Yellowtail Kingfish production
– Excellent on land hatchery facilities at our Arno Bay site in the Spencer Gulf
– Hatchery has expansion capacity, and with potential for further productivity improvements
– Sea water lease areas sufficient for production of up to 6,000 tonnes p.a.
 All grow out fish are now secured in tensioned nets minimising any losses to seal predation.

 

[pixel]

Re: CSS - Clean Seas Tuna

Looking good on paper, but so far, 4.5c seems to be a powerful resistance.



I'm off for now, but shall watch for the next support level.