New Zealand Coastal Seafoods Quarterly Activities Report Update

New Zealand Coastal Seafoods Limited (ASX: $NZS) has released its quarterly activities report for the period ending 31 December 2023. The report includes the retraction of a statement made in the original Quarterly Activities Report regarding the divestment of a subsidiary and highlights the relocation to new premises at 56A Comport Street, Portsmith QLD 4870. The Company also reported receipts from customers of A$328,000.

Executive Commentary on Quarterly Activities

The Company retracts the statement included in the original Quarterly Activities Report about considering divesting or disposing of the subsidiary, as it is now in liquidation and the Company no longer has any control over it. Additionally, the prolonged importation ban of Australian lobster by the Chinese government has led to operational changes. The Company has surrendered its previous premises and is now operating from a state-of-the-art facility at 56A Comport Street, Portsmith in collaboration with Australian Northern Seafood.

Summary of Quarterly Activities Report

New Zealand Coastal Seafoods (ASX: $NZS) has retracted statements regarding the divestment of a subsidiary and the expected cost savings from its restructure. The Company's subsidiary, NZCS Operations Ltd, has been placed into liquidation, leading to the retraction of these statements. The Company has also relocated to new premises at 56A Comport Street, Portsmith QLD 4870 due to operational changes caused by the importation ban of Australian lobster by the Chinese government. The Company aims to continue its operations from the new facility and maintain its focus on responsible sourcing of seafood products and nutraceutical marine ingredients.