Ex-Brierley manager goes fishing

A former Brierley Investments manager is one of the four new stakeholders in ailing Wellington fishing company Seafresh.

Paddy Marra is director and sole shareholder of Pisces Holdings, which has taken a 19.79 per cent stake.

He was formerly corporate general manager of Brierley, now BIL International, and was a key witness in the winebox inquiry which looked at companies' tax avoidance schemes in the Cook Islands.

On Tuesday, the Lim family, 56 per cent stakeholders in Seafresh, announced it had sold almost all its shares to four unnamed investors.

Yesterday, the Stock Exchange was given the names after the Securities Commission said it was concerned they had not been revealed. In addition to Pisces, they are Kooiman Investments (19.79 per cent), Balmoral Investment Trust (14.48 per cent), and Kate Foot (1.89 per cent).

The buyers have gained their stakes cheaply - the market values the company at $1.65 million.

The Lim family sold its 37 million shares for 0.27c a share, retaining just 900 shares.

Seafresh shares were trading for nine times as much yesterday, at 2.5c.

Kooiman Investments is a family-owned Lower Hutt company whose director is Michael Kooiman.

Seafresh was established by the Lim family in 1982, but the company has since hit troubled waters, including a $6.8 million loss last year.

Seafresh fishes outside New Zealand's 200km exclusive zone, meaning it is not subject to quotas. In March 2000 the company lost a boat, sunk near the Chatham Islands, following a fire.

- NZPA