Singapore, 24 May 2023. Reference is made to stock exchange notices dated 27 December 2022, 10 January 2023 and 28 February 2023 regarding Barramundi Group Ltd’s (“Barramundi Group” or the “Company”) sale of the Australian operations organised in Marine Produce Australia Pty Ltd (“MPA”).
The transaction has not been finalised, as the buyer has not been able to attract the necessary funding. The business will now undergo reconstruction.
Notice is hereby given that Rob Kirman and Rob Brauer of McGrathNicol were appointed as Voluntary Administrators of MPA and its two subsidiaries, MPA Fish Farms Pty Ltd and MPA Marketing Pty Ltd (“MPA Group”) on 24 May 2023, by its directors pursuant to Section 436A of the Corporations Act 2001 (‘Act’).
The Administrators are currently making an assessment of the MPA Group’s position with a view to undertaking a restructure or recapitalisation of the MPA Group in line with the objectives of the Voluntary Administration provisions of the Act. The Administrators, with the support from the MPA Group’s management, intend to continue to operate the MPA Group on a ‘business as usual’ basis while exploring options for a sale and/or recapitalisation of the MPA Group.
A further update in respect of operations and the recapitalisation process will be released to the market in due course.
Barramundi Group’s Singapore and Brunei operations are unaffected.
For media and investor inquiries, please contact:
Company investor centre