New Zealand Coastal Seafoods to recapitalise, change name to Eco Fisheries Group

New Zealand Coastal Seafoods Limited (NZS) is seeking shareholder approval for a significant recapitalisation strategy at its annual general meeting on 18 December 2025. This strategy includes converting AU$230,000 in director fees and AU$866,000 in convertible notes into shares, alongside a capital raising of up to AU$1,000,000 through a placement. The company aims to issue an aggregate of 11,500,000 shares to Peter Chai and Melinda Orrock in lieu of cash fees, and up to 47,466,667 shares upon conversion of existing convertible notes.

Additionally, NZS proposes to issue up to 100,000,000 shares to placement participants at an issue price of AU$0.015 each to raise up to AU$1,500,000. These funds are intended for employee salaries, fuel and shipping parts, and corporate expenses. The company also seeks approval to change its name to "Eco Fisheries Group Limited" to better reflect its future operations.

The company's shares have been voluntarily suspended from trading since 18 December 2023 and are due for removal from the official list of ASX on 19 December 2025 unless reinstatement conditions are met. The recapitalisation and name change are critical steps in addressing its financial position and strategic direction.