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Polar Seafish Ltd
Seaview and Seafish are pleased to announce the formation of a new joint venture fishing company with their Spanish partners last month. The new company, Polar Seafish Limited, is a merger of Polar Limited and Nova Seafish Limited. Polar Seafish shall continue to operate in the fisheries in which both companies have been engaged for the last three decades and, for this reason has purchased the fishing vessels New Polar, Robin M Lee and Sil. The new company has also endorsed the construction of a new longliner.
Our fisheries currently face significant economic, biological and management challenges, not least EU tariffs which will undermine the economics of the Loligo fishery. However, the shareholders remain committed to the ongoing development of the fisheries in the South Atlantic and have worked together to enable this dynamic restructure to proceed.
The new structure enables many synergies and efficiencies to be gained, as well as setting out a new and stronger relationship with our Spanish partners. The new relationship includes a restructuring of our marketing arm which shall sell much of the catch, and in which Seaview and Seafish shall hold a significant equity stake.
Nova Seafish and Polar ceased trading on 31st December 2020.
Speaking of the restructuring, Alex Reid and Hamish Wylie thanked everyone involved for their support in bringing the project to fruition. They highlighted that fishing quota holders are at a crossroads, where significant investment is required in order to continue fishing beyond 2031. Both companies are pleased to have succeeded in securing agreement and funding to invest in the longer term and will now be focused on making a success of the venture.
Seaview is a private limited company owned by Alex Reid. Seafish (Falklands) Ltd is a public limited company in which around 260 Falkland Island shareholders have a shareholding. FIG have resolved to issue a new 25-year ITQ period, that will expire in 2046, to those companies wishing to continue in business after 2031, which is the case for Seaview and Seafish (Falkland). Long term fishing access is important for companies needing to replace ageing vessels. Renewal is conditional on ITQ holders owning a minimum of 51% shares in the company fishing the quota.
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