Following the explosion at its plant in Sherbrooke, Québec a week ago, Neptune Technologies & Bioressources has provided an update.
The company said that it is actively working on its action plan going forward to allow it to resume production and meet client demands. The development of such a plan is, said Neptune, by nature multi-faceted. Neptune is seeking to announce its plan as soon as possible, while also aiming to put forward a plan that is as comprehensive as it can be in the circumstances with respect to its future operations. Neptune’s plan will also need to be reviewed prior to its announcement by the NASDAQ Stock Market and the Toronto Stock Exchange.
As announced earlier this week at a press conference with the Québec media, Neptune is also setting up a special victims’ fund. The fund will provide assistance for the employees and families most affected by the incident.
As previously indicated, trading of Neptune’s common shares on the NASDAQ and the TSX has currently been halted indefinitely, pending further information. A trading halt is imposed at the discretion of the stock exchanges (or their regulatory arms), and lifting of a trading halt is equally subject to their discretion. Neptune currently anticipates that the trading halt on its common shares will not be lifted until such time as additional information is disclosed on Neptune’s future plans and NASDAQ and the TSX are satisfied that investors have sufficient information to make an informed investment decision.
