Sanford Limited (NZX: SAN) Further Update on San Waitaki Ruling

Sanford Limited wishes to advise that it has received today the judgement of Judge S J O’Driscoll in the Christchurch District Court in the case of Ministry for Primary Industries v Walker, Lash and Sanford Limited.

Sanford accepts the decision of the court and has expressed its deep regret for the incident, which was entirely unintentional.

The judge has handed down a $36,000 fine for Sanford and has confirmed the forfeiture of the San Waitaki. Sanford will be making an application for relief from forfeiture and, based on legal advice, it is optimistic it will be granted without reaching materiality thresholds. We will work constructively to expeditiously address the matter of forfeiture. In the meantime, Sanford will work with MPI to ensure the vessel remains operational until the matter is resolved.

Benthic protection areas (BPA) are areas of seabed in New Zealand where some fishing activity is illegal. Sanford supported the introduction of these areas in New Zealand and, despite the mistakes which led to this case, we respect these areas and are advocates for marine protection.

Please see the link below for details:

San Waitaki ruling, judgement

Source: Sanford Limited

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