I'm undecided on their long term prospects apart from a bounce...

I'm undecided on their long term prospects apart from a bounce trade but I had a chat with Clifford Ashby CEO this evening (he doesn't know me from Adam and was just returning a shareholder query/tirade). Most interesting, apart from the strong cash position evident from the report, is that the company is undertaking forensic testing on the fingerlings which I now understand died quite suddenly and recently.

As it was explained to me, the current tanks are flushed with fresh sea water every day (opposed to the new tanks which circulate conditioned sea water), so the likely cause of death was disease or contaminant which entered with daily sea water (the company's breeding facilities have since been sterilised). This is a double edged sword. On one hand it could be easy to fix a contamination problem in the breeding stage but ultimately the little buggers need to man up for the sea cages or there's little point for mine.

CEO said forensic testing will confirm the cause and this may or may not be announced to the market depending on it's "material affect on the business".

There was lots more discussion about cash burn (well controlled now that business model has/is being refined), future capital raising (none foreseen, hmmm), the lack of clarity in the announcement (ie. we were promised sea cages but these weren't even mentioned - yes they're sorry about that), the excellent state of brood stock both offshore and inland tanks, progress of farmed offshore fish (excellent) and lots about the scope and speed of the tuna market opening up - but too much to put down now in any detail. Actually, much of what was discussed appears in the above article posted by fluffynymph, which makes a good start in deciphering today's debacle.