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BB77

127 Posts.

19

08/06/17

17:39

Post #: 25180620
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Originally posted by DalyWaters ↑

This announcement from Cleanseas (CSS) today is very worrying:

"In July 2016, Clean Seas announced that it had entered an 18 month arrangement with Beston Global Food Company Limited (ASX: BFC) for the distribution of Kingfish in China, Hong Kong and South Korea. An initial shipment of 176 tonnes (whole weight equivalent) occurred in June 2016. This arrangement has not progressed as expected. No material sales to Beston have eventuated in FY17, including completion of the balance of the initial contractual obligation. Resolution of the dispute arising from this situation remains in progress and Clean Seas is exploring new options for distribution in the Asian region."

Is Beston managing to sell anything at all in Asia?

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That can't be a good sign. Beston were pumping up that they supplied the biggest ever amount of kingfish into China in the 2016 results - the Cleanseas announcement makes it sound like it was a one-off deal. If Cleanseas are exploring new options for distribution in Asia then Beston has lost one of their biggest selling products from last year.

BFC Price at posting: 20.0¢ Sentiment: Sell Disclosure: Held
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