NaturalShrimp Inc (SHMP)

[uber darthium]

Not only has Gamba/Noray disavowed Natural Shrimp, they have tons of problems of their own, and Natural Shrimp owns part of Gamba/Noray

https://finansavisen.no/nyheter/sjomat/2020/07/06/7543457/gamba-natural-skifter-navn-til-noray-seafood-henter-penger-og-konverterer-lan-til-aksjer

”Dumped the price in the issue. A Norwegian-owned shrimp farm in Spain has cost NOK 130 million, but in a recent issue the company was valued at a fraction.

The sale has for all practical purposes stopped completely, and it is pr. today it is uncertain when the market will normalize », it says in the annual report for Noray Seafood, which until March was called Gamba Natural.
The company owns its own production facility and larval hatchery 150 kilometers north of Madrid, and produces shrimp for the European market, with Spain as the main market.

The Norwegian company is a holding company without its own business. The production and hatchery takes place in its entirety in Spain, with the Norwegian Bjørn Aspheim and chief operating officer.
From 130 to 15 mill.
Since the start, more than 12 million euros have been invested, chairman of the board Truls Persen informs Finansavisen.
This corresponds to 130 million kroner at today's exchange rate.
- The company now controls the entire value chain from eggs to finished product. It has been very extensive and capital-intensive to build a new value chain for a completely new product for a single player, and the company is very satisfied with the results so far, says Persen.

However, only a fraction of the investments have been deposited in value for the shareholders.

In May, a general meeting was held where loans of around NOK 30 million were converted into shares. The conversion took place at a price that valued the company at around NOK 45 million after the conversion.
This indicates that the company was only valued at around NOK 15 million before conversion.
Persen will not comment on the valuation, but in a reply to Finansavisen he points out that the shareholder loans have been converted in accordance with previously entered into agreements for several years, and that the capital has only been obtained from the company's shareholders.

Due to uncertainty about the capital inflow, Noray Seafood incurred a comment from the auditor in the 2019 accounts.

There, the auditor stated that "there is a significant uncertainty that may create significant doubts about the company's ability to continue operating".

SHMP OWNS A PERCENTAGE OF THIS

SHMP SHAREHOLDERS TAKE ANOTHER BATH

Here is the math. At today’s rates, this represents a devaluation of about $15.3 million USD TO A MERE $1.75 MILLION USD. IT ALSO REQUIRED AN IMMEDIATE INFUSION OF ABOUT $5.9 MILLION USD to keep the lights on.