Clean Seas Tuna Founder and Chairman Hagen Stehr will soon step aside to make way for an independent non-executive chairperson with international credentials, the Australian aquaculture company announced on Friday.
The company is embarking on a capital-raising program to realize the potential of southern bluefin tuna (SBT) production, for which it made a breeding breakthrough earlier this year.
Clean Seas' goal is to produce 10,000 metric tons of SBT annually by 2015.
"The appointment of an independent, non-executive chairperson is a key plank in strengthening Clean Seas board and management team following a review of the company's corporate governance structure and with a view to commercialization," Stehr said.
"I have played a key role in driving the realization of our vision to close the lifecycle of southern bluefin tuna, both in terms of scientific endeavor and the practical application of our breakthrough technologies and, as a major shareholder in the business I certainly won't be stepping away from that and will be applying my knowledge in whatever manner the board wants me to.
"However, it has always been planned to alter the make-up of the board and to strengthen the management team in line with the delivery of key phases in the company's development — including commercialization of the fantastic results of our research and development phase — and I have been a strong advocate of that strategy."
Stehr said the company's successful spawning of SBT over 35 days from 12 March this year and its subsequent production of SBT fingerlings had opened the door for commercial aquaculture production from the company's scheduled spawning over the next few months. Sea cage grow out of commercial quantities of SBT is expected to start this summer.
Stehr said the company hoped to finalize the terms of its equity raising soon. Lazard Pty Limited and Helmsec Global Capital Limited are advising Clean Seas on the proposed equity raising.
October 4, 2009