Update on dissolution of JV with AquaChile

RNS Number : 2420R

Benchmark Holdings PLC

28 October 2019

 

28 October 2019

Benchmark Holdings plc

("Benchmark" or the "Company")

Update on dissolution of Joint Venture with Empresas AquaChile S.A. ("AquaChile") 

Second Payment and transfer of salmon breeding facilities

Further to the announcement made on 10 June 2019, Benchmark, the aquaculture health, nutrition and genetics business, announces that it will receive US$8.75m from AquaChile, representing the second and final payment under the joint venture dissolution agreement. Payment is due within 5 days of signing.

As part of this agreement the Company has completed the transfer of ownership of the Ensenada facility, which gives Benchmark control of the salmon breeding operation previously belonging to the joint venture. The Company has received the IP rights, genetics stock and biomass in the joint venture.

The Ensenada facility is a highly bio-secure hatchery situated in the "Los Lagos" region in Chile, with good access to spring water required for the production of high-quality eyed eggs suitable for the Chilean industry. The Ensenada facility is being adapted to be suitable for maturation of broodstock, spawning and fertilisation of eggs, and it is expected that the first eggs from the new facility will be available in H1 2021.

Chile is the world's second largest salmon producing country and is an important market in Benchmark's long term strategy. We remain focused on achieving full scale production at this bio-secure, land based facility.

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 For further information, please contact:

Benchmark Holdings plc                                                                               Tel: [phone]

Peter George, Executive Chairman

Mark Plampin, CFO

Ivonne Cantu, Investor Relations

Numis (Broker and NOMAD)                                                                      Tel: [phone]

James Black, Freddie Barnfield, Duncan Monteith

MHP Communications                                                                                  Tel: [phone] 

Katie Hunt, Reg Hoare, Alistair de Kare-Silver                                      [e-mail]

About Benchmark 
Benchmark's mission is to enable food producers to improve their sustainability and profitability.

We bring together biology and technology, to develop innovative products which improve yield, quality and animal health and welfare for our customers. We do this by improving the genetic make-up, health and nutrition of their stock - from broodstock and hatchery through to nursery and grow out.

Benchmark has a broad portfolio of products and solutions, including salmon eggs, live feed (artemia), sea lice treatments, training and data management tools. Find out more at www.benchmarkplc.com

 

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