Sheffield, England-headquartered aquaculture genetics, health, and nutrition business Benchmark Holdings is issuing new shares to raise capital for its shrimp breeding program.
Further to its acquisition of aquaculture breeding programs centered on shrimp from Centro de Investigación de la Acuicultura de Colombia Ceniacua for a total consideration of USD 2.2 million (EUR 1.8 million) on 11 August, 2016, a contingent consideration of USD 450,000 (EUR 369,790) is now payable following the satisfaction of specified operational milestones.
With the contingent consideration payable in ordinary shares in the company using an agreed formula, Benchmark has issued 536,272 ordinary shares of GBP 0.001 (USD .0013, EUR .0011) each.
"The payment of the contingent consideration is a reflection of the success of our shrimp genetics operations since the acquisition was made. Through a team of leading geneticists, we successfully expanded our genetics business into shrimp and developed a Specified Pathogen Resistant SPR shrimp which will be rolled out in Asia in the coming year,” Benchmark CEO Trond Williksen said. "Specialist genetics are a significant driver of sustainable production. The introduction of SPR shrimp will help improve sustainability in shrimp production and is an important growth vector for Benchmark, as we remain focused on becoming a profitable, cash generative group."
Benchmark said that application has been made for the new ordinary shares to be admitted to trading on the London Stock Exchange's growth market AIM (formerly the Alternative Investment Market). It is expected that admission will become effective and trading will commence on 18 January, 2021.
Following admission, the total number of ordinary shares in the company with voting rights in issue will be 668,927,771.
Benchmark offers a broad portfolio of products, including salmon eggs, live feed (Artemia), diets and probiotics and sea lice treatments.
Headquartered in Punta Canoa, near Cartagena, Colombia, Ceniacua operates breeding programs for whiteleg shrimp (Litopenaeus vannamei), as well as for the marine finfish species cobia and grouper.
