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Ref:549/03 |
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AUSTRALIA
- Feb 18, 2003 |
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Australian Investors Lured
By Open Ocean Fish Farm Shares |
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SEAFOOD.COM NEWS February 18,
2003 - Newcastle Herald
More than $2 million in shares in the only open-ocean
fish farm on the east coast of Australia are expected to be
sold by April.
The Securities Commission last week approved the prospectus
put together by Port Stephens-based Pisces Marine
Aquaculture.
Ten million shares at 25 cents each are on offer.
Managing director Andrew Bald said the company had produced
a number of crops of snapper and was now farming mulloway.
'Pisces is the first company to tackle open-ocean
aquaculture and it hasn't been easy,' Mr Bald said.
'We've experienced a number of setbacks but we have learned
from our mistakes.
'We've achieved a lot and we now need to recapitalise and
push ahead.
'The capital we raise under this offer will be used to
re-start our hatchery operations and to modernise our
operations.
'We need to purchase new cages and nets and update our boats
in order to make the farm more efficient.'
Mr Bald said he was confident the $2.5 million target would
be reached, enabling Pisces to expand to meet a goal of 500
tonnes of fish a year by December, 2006.
'We'll boost production with the money raised,' he said.
'However, the future may well see us farming other species
as we anticipate the market demands.'
Pisces is due to list on the Newcastle Stock Exchange in
either late March or early April.
Copyright of John Fairfax Group
Pty Ltd |
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