Ocean Harvest still in funding talks with loan note holders

(Sharecast News) - Ocean Harvest Technology said on Friday that it remained in discussions with its secured loan note holders regarding a potential funding solution, following concerns that recent events could constitute a default under the terms of its existing loan notes. The AIM-traded seaweed-based animal feed additive specialist acknowledged that note holders could, under the terms of the agreement, demand immediate redemption and exercise their security rights, but said no such demand had been made to date.

It noted that funding had most recently been provided via secured loan notes issued to certain shareholders, as outlined in a circular last year and approved by shareholders in October.

Ocean Harvest said it would provide a further update once greater clarity was available regarding its financial position.

At 1055 BST, shares in Ocean Harvest Technology Group were flat at 1.25p.

Reporting by Josh White for Sharecast.com.