David Williams emerges as big fish in Clean Seas raise

Kidder Williams managing director David Williams. Picture: Nikki Davis-Jones

The equity raising by the $59m listed Clean Seas Seafood may have flown under the radar this week, but it is understood to have lured one of Australia’s most powerful deal makers in agriculture as an investor.

DataRoom understands that the founder of Melbourne-based advisory firm Kidder Williams has emerged with a cornerstone stake, leaving some questioning whether the move means the business eventually ends up in the hands of his client, Tassal.

Tassal was purchased by Canada’s Cooke Aquaculture in 2022 for $1.1bn equity and Mr Williams may have cleverly won himself a key strategic holding in one of its targets at a discount rather than a premium.

There was talk in the market, after the raise by way of a placement, that there was a cornerstone investor taking part, buying 5 million shares, and it was believed to be Mr Williams, who had subscribed for about 15 per cent of the raise.

Shares have been offered by Bell Potter at 27c each, a 23.9 per cent discount to their last closing price of 35.5c and a 28 per cent discount to their five-day volume weighted average price.

There were 29.6 million shares on offer to raise $8m.

It was a win for Mr Williams all around.

Not only did he secure a foothold in a company his client may want to buy in the future at a discount, he helped Bell Potter out with its client’s raise, of which he has a close relationship with, and will likely be able to double his money if the business gets sold.

It also enabled the company to upsize its raising amount.

Clean Seas Seafood is an Australian seafood production company specialising in the sea-cage aquaculture of Yellowtail kingfish.

It was established by The Stehr Group in 2000, and became the first Australian company fish farming in South Australia to be listed on the ASX in 2005.

Shares in the company last traded at 35.5c.