• Yumbah proposes to acquire 100% of Clean Seas shares for $0.14 cash per share
• Scrip alternative also offered to eligible Clean Seas shareholders
• Clean Seas independent committee intends to recommend the proposal, subject to conditions

Clean Seas Seafood Limited ('Clean Seas', ASX: CSS) has received a non-binding, indicative and incomplete proposal from Yumbah Aquaculture Ltd ('Yumbah') to merge with CSS through the acquisition of 100% of CSS shares by way of a scheme of arrangement. Under the terms of the proposal, CSS shareholders will, as the default consideration, receive total cash consideration of $0.14 per share. As an alternative, eligible CSS shareholders may elect to receive Yumbah scrip. The proposal's cash consideration of $0.14 per share represents a premium of 52.2% to the closing price on 18 February 2025. The Clean Seas independent committee has determined that it is in the best interests of CSS shareholders to progress the proposal and allow Yumbah to undertake further due diligence. Subject to certain conditions, the independent committee unanimously intends to recommend that CSS shareholders vote in favour of the proposed scheme. Clean Seas and Yumbah have entered into a Process Deed under which Yumbah has been granted until 24 March 2025 to undertake exclusive due diligence and negotiations on a binding implementation agreement.