SFG 0.00% 0.2¢ seafarms group limited

Ann: SFG Project Sea Dragon Update, page-9

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  1. 1,006 Posts.
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    Since SFG ceased the funding to PSD due to the administration period there appears to be nearly $20.5 million in cash and equivalents in the kitty.
    $8.7m was provided for settlement of the dispute and they ended up paying $3.5m, we can assume that the prawn sales since the last reporting period could have returned another $10m so it appears there is a bit of working capital sitting in the bank.
    We have been informed that studies of similar size prawn farms internationally have confirmed the profitability of such ventures and that a scaled back development plan is under review.
    I am guessing that with the work that has been undertaken on site it would not take a massive amount of cash to commission a couple of the ponds and produce a small cash flow that will demonstrate the viability of the project and permit a more gradual expansion.

 
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