Clean Seas Tuna is fighting for survival after failing to find a desperately needed partner for its troubled yellowtail kingfish business.
It also warned it would have to write down the value of its southern bluefin tuna (SBT) breeding program as it would be suspending its tuna propagation program, which would have a AUD 30 million (USD 31.3 million, EUR 23.7 million) negative impact on its first half results.
The company's shares were punished, losing AUD 1.3 cents, or 37.14 per cent, to AUD 2.2 cents by 1430 AEDT, having traded as high as AUD 2 (USD 2.09, EUR 1.58) in March 2008.
However it says it has tackled the issues that were scaring investors away: including the health problems of 2012 that caused high numbers of fish deaths and a dramatic reduction in stocks.
The South Australian aquaculture company said on Friday that it had a choice to either continue with a stripped down kingfish business or to find a joint venture partner.
It would speak to a shortlist of potential partners in early 2013, it said.
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