SeaDragon has the good oil on Preston
Former ASB Securities managing director Tim Preston has landed a seat on the board of listed fish-oil producer SeaDragon.
The company, which recently said it hoped to lift production to enter the 7500-tonne-a-year market for omega-3 products, announced the appointment of Preston yesterday.
Preston was a sharebroker for 26 years and was ASB Securities' managing director from its inception in 1999 to his retirement in 2006.
SeaDragon chairman Doug Wilson said Preston's reputation and experience would help the firm in its next stage of growth.
"Strengthening our relationship with our investors is a key objective. Tim's financial experience will be invaluable."
Earlier this year, an Edison Investment Research report on the Nelson-based company suggested a new fish-oils plant, scheduled to be completed this year, would allow SeaDragon to diversify into omega-3 oils.
The report said "the corner has been turned" for SeaDragon, with a $2.5 million boost from an Australian bioscience investor enabling it to treble capacity and expand into global markets.
At the time, SeaDragon chief executive Ross Keeley said the omega-3 fish-oil market represented a big opportunity.
"We're one of the few, if not the only company, in this part of the world that realises that opportunity... If you look at the Australasian market, that's not just Australasian consumption but production within this market, it is in excess of 7500 tonnes."
- © Fairfax NZ News