Seafresh snapped up in a hurry

One of the new owners of Seafresh yesterday conceded that the surprise cut-price purchase of most of the troubled Lower Hutt fishing company was a "seat-of-the-pants deal".

Michael Kooiman, director of family-owned Kooiman Investments of Lower Hutt, said he was satisfied Seafresh was worth buying despite its troubled finances.

"In this industry you have to take the good with the bad and while this is a seat-of-the-pants deal with only six hours' due diligence, I'm happy to take large risks," Kooiman said.

"Basically, I saw an opportunity and I took it."

Kooiman Investments is one of four buyers of the 55.98 per cent stake in Seafresh.

The others, according to a disclosure note supplied to the Stock Exchange by the Lim family of Lower Hutt, the Seafresh sellers, are Pisces Holdings (19.79 per cent), Balmoral Investment Trust (14.5 per cent) and Kate Foot (1.9 per cent). Kooiman has 19.79 per cent.

Colliers will auction Seafresh's factory on July 3 after the company defaulted on its loan with Harts Contributory Mortgages.

Seafresh yesterday posted a loss of $390,000 on revenue of $1.8 million for the six months to March 31.

In the same period last year the company lost $391,000 on revenue of $2.9 million.

In April, Hong Kong entrepreneur James Slade pulled out of a bid for the Lims' stake after completing due diligence.

But Kooiman said his engineering background and eight years as a ship owner meant he understood the industry and recognised the potential in Seafresh.

"As far as I'm concerned, it is a good deal and the key is to utilise the company properly to make it work."

Kooiman said the buyers would meet next week to discuss the company's future. [the buying quartet] get together early next week for our first meeting since the sale was announced," Kooiman said.

The four are not saying whether they will act in concert within Seafresh, and insist they are individual parties.

Kooiman: "But . . . it's not as bad as it's been made out to be. In the meantime, it will also be interesting to see what comes out of the Seafresh half-yearly result but obviously it's not going to be a profit."

As for the board and company management, Kooiman confirmed there would be changes.

"It's just par for the course after a majority stake has been sold that there will be changes in the boardroom."nte

Since the sale, both Peng Lee and Tim Saik Lim have resigned from the Seafresh board.



At the Seaview factory, Lim Peng Heng said it was business as usual.

"We have about 50 staff out here and everyone is doing their jobs as normal, and while there could be changes in the future, no one has raised any concerns with me."

- NZPA