Murray Cod Australia Announces Capital Raising
Key points
- Appointment of new CEO and CCO to drive customer-led, large-scale FMCG strategy
- 3,700t biomass ready to be converted to cash, with potential $78M in saleable fish revenues
- Entitlement offer to raise ~$18.6M at $0.15 per share, representing 42.9% discount to last traded price
Full summary
Murray Cod Australia (MCA) has announced the appointment of Steven Chaur as CEO & Managing Director and Jerome Joseph as Chief Commercial Officer to realign the business as a customer-led, large-scale and predictable volume-based FMCG food business. The company has a biomass of 3,700t, with more than 90,000 premium-sized fish at 3.0kg+, which it estimates could generate $78M in saleable fish revenues. MCA is now fully stocked across 128 ponds, enabling an accelerated multi-channel domestic sales strategy while nurturing existing exports. The company is undertaking a pro-rata accelerated non-renounceable entitlement offer to raise approximately $18.6M at $0.15 per share, representing a 42.9% discount to the last traded price. The capital raising will support MCA's revised strategy to drive volume uplift, predictable sales, and higher service levels across its distribution channels.
Guidance
MCA estimates its 3,700t biomass could generate $78M in saleable fish revenues if fully realised.
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