The planned initial public offering of a company that proposed to apply e-commerce to the international trade in exotic sea food has been postponed – after the discovery of something fishy in the background of the chief executive.
Lloyd Lecuna had ambitions to turn International SeaFood Products Plc into the Amazon.com of the sea (CI No 3,692), but he omitted to reveal in the prospectus that he had been fined 2,500 pounds ($4,000) and disciplined by regulatory authorities while working for a French investment bank in 1990.
Now the plans to raise 2.75m pounds ($4.4m) have been sunk and the company is looking for other sources of finance. I’m gutted, to coin a phrase, finance director Toby Hayward told the Daily Telegraph.
