The Select Harvests Limited (ASX: SHV) share price is in the red this morning amid news of a Boxing Day fire in the almond grower’s handling area at its Carina West site.
After heading north in early trading, the Select Harvests share price changed direction and has dropped 1% to $5.86 at the time of writing.
Fire in handling area
Select Harvests is Australia’s largest almond grower and processor, and the third-largest in the world.
While the grower reported no injuries to personnel, it said the fire engulfed “co-waste” — a low-value bi-product that comes from the hulling and shelling process of almonds.
The full extent of infrastructure damage is still under investigation, with smoke and water damage in other site buildings and materials identified.
However, the company expects to recommence its receiving and processing activities of product following the start of harvest early next year.
In the meantime, Select Harvests advised it would submit a claim for compensation for losses relating to the production halt.
What about the dividends?
The company also released a series of announcements this month relating to its distribution of dividends and its cease in securities.
Shareholders in Select Harvest were informed to expect a dividend payment of 8 cents per security to be paid on 4 February 2022.
In the meantime, the security coded SHVAA ceased due to expiry on 8 December.
Select Harvests share price update
Over the last 12 months, the Select Harvests share price has risen by almost 11%.
The almond grower saw a rise in its share price back in late July, following a positive crop update and continued into early September, before seeing a steady decline.
The grower has a market capitalisation of around $712 million, and a price-to-earnings ratio (P/E) of 65.
The post The Select Harvests (ASX:SHV) share price is slipping today appeared first on The Motley Fool Australia.
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