Singapore, 25 June 2025, Barramundi Group Ltd. (“the Company”) (EURONEXT: BARRA) – Reference is made to the stock exchange notice dated 28 May 2025 in relation to the “pre-packaged” scheme of arrangement that the Company has proposed to enter into with the Scheme Creditors (“Previous Announcement”).
Unless otherwise defined, all capitalised terms in this announcement have the same meaning ascribed to them in the Previous Announcement.
Outcome of Vote Solicitation
On 28 May 2025, the Company formally solicited approval for the proposed Scheme (“Vote Solicitation”) from certain creditors of the Company subjected to the Scheme (the “Scheme Creditors”). The Scheme Creditors were required to cast their votes and submit their Proof of Debt Forms for the purpose of voting on and participating in the proposed Scheme by 11 June 2025 (“POD Cut-Off Date”).
The Scheme Manager had, on 12 June 2025, completed the adjudication of the Proof of Debt Forms that were submitted by 11 June 2025.
Pursuant to Clause 9.16 of the Scheme of Arrangement, the Scheme Creditors were given 7 business days from 12 June 2025 to dispute the decision or determination of the Scheme Manager regarding its Claim or the amount of its Approved Claim for Distribution.
In this regard:
- Of the 10 unsecured Scheme Creditors, 1 unsecured Scheme Creditor did not submit their Proof of Debt Form and Voting Form to the Scheme Manager by the POD Cut-Off Date. Accordingly, pursuant to Clause 9.2 / 9.3 of the Scheme of Arrangement, the Scheme Creditor shall be deemed to have waived their right to vote on the Scheme and any entitlement to any benefits under the Scheme.
- 7 unsecured Scheme Creditors submitted their Proof of Debt Forms by the POD Cut-Off Date. Of the 7 unsecured Scheme Creditors, 5 unsecured Scheme Creditors submitted their voting forms and 2 unsecured Scheme Creditors did not submit any voting form. Accordingly, pursuant to Clause 10.4 of the Scheme of Arrangement, these Scheme Creditors shall be deemed to have waived their rights to vote on the Scheme.
- The remaining 2 unsecured Scheme Creditors submitted their Proof of Debt Forms after the POD Cut-Off Date. Pursuant to Clause 12.2 of the Scheme of Arrangement, these Proof of Debt Forms will only be considered for the purposes of receiving distributions under the Scheme, and not for the purposes of voting on the Scheme.
- No dispute was received.
The results of the Vote Solicitation are summarised as follows:
| Secured Creditor | Unsecured Creditors | |||
| FOR | AGAINST | FOR | AGAINST | |
| Total amount in value | SGD 10,206,500.17 | – | SGD 5,028,301.15 | USD 27,207.00 |
| Total number of votes | 1 | – | 4 | 1 |
| % in value | 100% | – | 99.28% | 0.72% |
| % in number | 100% | – | 80% | 20% |
For the avoidance of doubt, the Related Party Creditors’ votes are wholly discounted.
Scheme Approval Application
In light of the outcome of the Vote Solicitation, the Company wishes to announce that the Company has, on 25 June 2025, applied to the Court, pursuant to Section 71(1) of the Insolvency, Restructuring and Dissolution Act 2018, for the Court to make orders approving the Proposed Scheme, and an interim extension of the Moratorium Order until the hearing of the application. (“Scheme Approval Application”)
The Scheme Approval Application has been sealed by the Court and given the case number of HC/OA 647/2025. A hearing date for the Scheme Approval Application has not been fixed.
For investor inquiries, please contact:
James Kwan Chief Executive Officer Barramundi Group Telephone: +65 6261 0010 Email: investors@barramundi.com
Vanessa Tan
Chief Financial Officer
Barramundi Group
Telephone: +65 6261 0010
Email: investors@barramundi.com