Seafresh reprieve

The Stock Exchange has given listed fishing company Seafresh New Zealand a reprieve over a requirement to appoint two independent directors to its board.

In December, Seafresh chairman Graham France and fellow independent director Richard Shallcrass resigned, leaving only three representatives of major shareholder Lim Family Holdings on the board.

Although that does not breach listing requirements, the Stock Exchange Market Surveillance Panel has required the company, as a condition of its continued listing, to appoint two independent directors.

Seafresh has not met deadlines set by the panel as it has been unable to find any suitable candidates. The surveillance panel has not set a further deadline but has required Seafresh to make appointments when suitable candidates can be found.
- Joe Helm