Positive update for Site at Port Lincoln: Up 15.385% on June 27, 2018, Angel Seafood Holdings Ltd (ASX: AS1) has been among top movers in the penny stock domain as the group announced about its site in Port Lincoln being accredited under the Australian Quality Inspection Service (AQIS) by the Department of Agriculture, Fisheries and Forestry for the export of fish species. The acquisition of the site was announced early this year.

This has been good news for the group as it bestows a dual accreditation with the SA Government that has accredited the site as a Fish Processor allowing all fish species to be processed and exported from the site. These accreditations have come just after 3 months of acquiring the site and the same support the final step in the commissioning of the site. The site would now be transformed as Angel’s Head Office. With this move, the group will be able to execute its Export Strategy and would not rely on 3^rd Party Export Packers, and this would evade any limitations on supply to export customers and The expansion of export destination is another benefit to the company. will in fact, help in achieving on-time delivery to the export customers.

The group is also evaluating many diverse opportunities and can offer more than oysters in its sales mix as a significant risk mitigator. Further, group also highlighted that the buoyant domestic market eases the pressure on Angel with regards to switching supply of oysters to export markets as current domestic pricing is higher than prices that could be achieved into Asian Markets. AS1 will provide additional information under its quarterly updates due for July. 

The Company had earlier indicated for the acquisition of 0.5Ha of Coffin Bay water in April 2018, which would also be supporting sales revenue from Q1 FY19.

Overall, the stock that moved on a downtrend lately, seems to be getting some boost with support coming in relation to its streamlining of operations.

 
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