 After an initial deal to sell the unit to Norskott Havbruk, owners of rival company Scottish Sea Farms, was called off in July 2007, Pan Fish Scotland was spun off into a separate publicly traded entity, Lighthouse Caledonia, that November.Geveran Trading held a 28% stake in the company upon completion of the merger, a shareholding which has since increased to almost 30% as of March 2009.With the creation of a much enlarged company complete, the Pan Fish management announced a complete change in its identity in December 2006.