SHARES in Select Harvests (ASX code SHV) were badly stung last week by news that the dreaded varroa mite had been found in bee hives in NSW outside the exclusion zone around the original discovery at Newcastle.
The Punter's outstanding bid for 500 SHV at $4.90 was quickly filled as the shares dropped 16 per cent overnight.
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The mites are not only a serious threat to the honey industry, but the ban on the movement of bee hives throughout NSW could have a major impact on the pollination of fruit and nut crops.
Commercial almond crops are totally dependent on European honey bees for pollination, normally during the last three weeks of August.
"Clearly, this is an extremely serious issue for Select Harvests and Australia's food security," the company's managing director Paul Thomson said.
"We have every confidence that the national eradication program will contain the incursion and pollination services will be provided from NSW hives....in the event the incursion does not get contained, it will impact Select's 2023 crop pollination."
