IN BRIEF - Barramundi Group Ltd: Restructuring Efforts
SINGAPORE
Monday, September 09, 2024
Barramundi Group Ltd (“the Company”) (EURONEXT: BARRA) – Reference is made to the stock exchange notice dated 19 September?2023 regarding the Company’s former Australian operations, and the stock exchange notice dated 28 February 2024 regarding progress on financing of the Company’s operations in Brunei.
The resolution of the Australian operations and the meeting of immediate financing requirements in the Brunei operations marked key milestones in the critical restructuring of the Group’s subsidiaries.
Further to its restructuring efforts at the subsidiary level, the Company is now working with its financial advisors, KordaMentha Pte Ltd (“KordaMentha”), to implement a comprehensive restructuring scheme at the holding company. Their expertise will be instrumental in guiding the Company through the process of solidifying a restructuring plan that is aimed at securing the financial sustainability of the Company.
While the specifics of this restructuring is being fine-tuned, it is expected to materially affect the value of the Company’s shares.
The Company is committed to working closely with KordaMentha to finalize a strategy that will lead to a best possible outcome for all stakeholders.
Further updates will be provided as the restructuring process progresses.
At the 33rd annual meeting in Vancouver, Canada, Vladimir Belyaev, Advisor to the Director of the Russian Research Institute of Fisheries and Oceanography (VNIRO), was elected President of the North Pacific Anadromous Fish Commission (NPAFC). This appointment underscores the authority of Russian fisheries science and strengthens the country's role in managing transboundary marine resources.
The NPAFC, comprising five member countries, has established critical objectives for the upcoming term. Key priorities include tracking the migration, abundance, and survival of Pacific salmon. Following below-average catch volumes in 2025, the commission will focus on developing data-driven recommendations to protect vulnerable populations. Additionally, member states will coordinate strict measures to combat illegal fishing across the high seas.
"Conserving salmon stocks cannot tolerate disunity," stated Belyaev. "Sustainability depends on honest cooperation to forecast population dynamics and ensure protection in the convention area."
Salmon farmer Mowi Scotland is helping a remote Hebridean community to replace a statue of the saint that gave their island its name.
The island of Barra, in the Outer Hebrides, is named after the Irish saint, Barr (also known as Finbar). The statue of St Barr, installed in the 1970s, is now crumbling and needs extensive restoration.
Mowi provided both a vessel and crew to facilitate the removal of the existing statue from the island and supplied concrete to upgrade the plinth for the new statue, which is scheduled to arrive later this year.
Author: Robert Outram / Fish Farmer | Read the full article here
Salmon stolen from a processing facility in Norway has been found in a stolen articulated lorry trailer parked up at a petrol station.
Processor 1814 Salmon reported that 18 tonnes of salmon worth around NOK 1.4 million (£112,000) had been stolen from its facility in Dal, close to Oslo Airport, in a burglary at the weekend.
Late on Sunday, police received a report of the theft of two articulated lorry trailers that had been stolen from nearby Skarnes during the night. At least one of them was observed at a service station in Vestby, around 110 kilometres southwest of Skarnes, and a patrol was dispatched to the scene.
Source: fishfarmingexpert | Read the full article here
Atlantic Sapphire has entered into a restructuring agreement with a group of major shareholders and convertible loan holders aimed at securing long-term financing, reducing debt, and taking the land-based salmon farmer private.
The investor group includes Nordlaks Holding, Condire Management, Nokomis Capital, Strawberry Capital, and Joh. Johannsson Eiendom. Together, the group represents around 63% of Atlantic Sapphire’s shares and 93% of its outstanding convertible loan.
The transaction includes a voluntary offer of NOK 0.80 (€0.07) per share, followed by a planned squeeze-out of minority shareholders and a delisting from Euronext Oslo Børs.
Source: SalmonBusiness | Read the full article here
A new free trade deal in the Middle East is expected to provide a boost for Scottish exports amid global economic uncertainty, Scotland’s salmon farming trade body has said.
Salmon Scotland said the deal between the UK and the Gulf Cooperation Council (GCC) ensures permanent tariff-free access for UK goods to the United Arab Emirates (UAE), Oman, Qatar, Kuwait, Saudi Arabia and Bahrain, removing five per cent tariffs on some salmon exports.
Salmones Austral officially launched its direct operations in Asia with the opening of its new commercial office in Tokyo, under the name Japón Austral.
The launch event took place on May 19 at the Grand Hyatt Hotel in the Japanese capital. The event brought together approximately 50 attendees, including key clients from the region, trade attachés from ProChile, and senior company executives, marking a strategic milestone in the firm's internationalization plan.
The new Japón Austral office will primarily focus on coordinating and expanding the company's business in various Asian markets, excluding China.
The Chilean Undersecretariat of Fisheries and Aquaculture (Subpesca) is monitoring and evaluating a new situation affecting the jack mackerel fishery, this time in the Atacama and, to a lesser extent, Coquimbo regions, where artisanal and industrial vessels have detected a high presence of the resource, but with specimens that do not reach the minimum legal catch size.
This situation adds to the difficulties already faced by the Biobío Region, where to date only about 34% of the available quota has been caught due to the low presence of jack mackerel in the area, explains Subpesca, which is maintaining constant monitoring of the situation.
Source: Industrias Pesqueras | Read the full article here
The Nueva Pescanova group has launched a research project applying technological solutions based on sensors and artificial intelligence (AI) to optimize the detection of foreign bodies in fish products and advance automation, as announced this Thursday in a press release.
According to the statement, the project, called Sensomare, will be developed by a multidisciplinary consortium made up of technology and food sector companies, with the collaboration of the canning industry association Anfaco and the University of Vigo.
Source: La Voz de Galicia | Read the full article here