The investment will contribute to meet the growing demand for high-quality fish oil dietary supplements. (Photo: seadragon/Stock File/FIS)
Nelson Fish Oil to receive USD 2 mln-investment
Tuesday, July 24, 2012, 03:10 (GMT + 9)
Life sciences investor Jeremy Curnock Cook is visiting New Zealand after the IB Australian Bioscience Fund I has entered into a conditional Subscription Agreement to inject NZD 2.5 million (USD 2 million) into Claridge Capital through the subscription for 312,500,000 new ordinary fully paid shares at an issue price of 0.8 cents per share. The investment is in conjunction with Claridge’s acquisition of SeaDragon Marine Oils.
Octa Phillip Bioscience Managers (OPBM), the manager of IB Australian Bioscience Fund I, will also receive 25 per cent of any additional shares that the vendors of the SeaDragon business are entitled to receive if certain financial performance milestones are reached by the SeaDragon business.
|Mr. Jeremy Curnock Cook. (Photo: ibmanagers.com)
Curnock Cook is the Managing Director of OPBM and has more than 30 years of experience in life science investing; he leads a global team of multi-disciplinary industry experts out of Melbourne.
Nelson, New Zealand-based SeaDragon Marine Oils is an expanding innovative business focused on converting raw materials from marine resources sourced from New Zealand, the South Pacific and oceans farther away into high-quality ingredients for dietary supplements and therapeutic products.
“SeaDragon offers a rare opportunity to invest in a solid company with strong growth prospects in a rapidly growing and evolving sector,” Cook stated. “New Zealand’s unique strengths and global reputation in high quality natural products combined with SeaDragon’s expansion plans to address growing demand for high-quality omega-3 fish oil dietary supplements and therapeutic product ingredients, form a compelling proposition.”
OPBM looks forward to working alongside the combined enterprise of SeaDragon and Claridge, he added.
“Claridge and SeaDragon are delighted that OPBM have resolved to invest into the Claridge/SeaDragon initiative,” Sean Joyce, chairman of Claridge Capital, commented. “The entry into this arrangement with OPBM represents a significant milestone for both Claridge and SeaDragon.”
“Claridge and SeaDragon look forward to working with the OPBM team with a view to implementing the SeaDragon business plan to become a significant processor and exporter of high-quality omega-3 fish oils, and delivering on the great opportunity and promise that SeaDragon represents,” Joyce continued.
The SeaDragon investment is the twelfth from the IB Australian Bioscience Fund I -- an AUD 41 million (USD 42.5 million) -fund, which has currently delivered a 30+ per cent annual IRR. It is currently performing in the top quartile of Private Equity and Venture Capital funds globally (vintage 2008) and remains active.
The subscription arrangement is conditional upon the satisfaction of a number of commercial conditions:
- Claridge Capital completing the acquisition of the SeaDragon business; and
- The shareholders of Claridge Capital approving the allotment of the new shares to OPBM.
By Natalia Real