Fact Not Fiction

Seafarms is embarking on building the single largest Black Tiger Prawn production facility in the world – Project Sea Dragon (“PSD”).

This facility, comprising an extensive array of grow out prawn ponds and associated ponds and infrastructure located at Legune Station in the Northern Territory, is supported by separate installations located elsewhere in NT and WA.

The remoteness of Legune Station, and its isolation from any other prawning operation maximises biosecurity.

That biosecurity is enhanced by the utilization of domesticated prawn larvae with specific pathogen free genomics. The domesticated prawns result in less exposure to timing and population uncertainties arising from total dependence on wild caught broodstock. This provides greater production control and reduces pressure on the natural resource.

Very recently SFG advised the market it was continuing to advance Construction Debt Funding for the development of Stage 1a PSD.

The Stage 1a farm involves constructing 36 nursery ponds and 36 grow out ponds totalling 396 hectares, designed to support approximately 6,000 tonnes per annum of premium large Black Tiger prawns in the first 12 months of production. Total construction cost for Stage 1a is estimated to be $281 million.

On 25th June SFG announced that it received binding commitments for c.A$92.5 million under its placement announced on 23 June 2021, to be issued in two tranches subject to shareholder approval. Two of the fundees – Chairman Ian Trahar and Janet Cameron – are already substantial shareholders and have previously lent $22.2 million in loan funds to continue the development of PSD, and have subscribed additional funds to this capital raising.

We await further news on the Construction Debt Funding facility.

Those are FACTS!

Certain posters have been rubbishing Seafarms for a number of years, including its board and management, and inferred amongst other things of fraudulent and corrupt practices, and of the company trading whilst insolvent, etc etc.

Whilst many posts have been reported to the HC Moderator, not all posts have been moderated. In fact many of the vengeful posts have been allowed, repeated on and on, and appear to be increasing in frequency. Clearly the posters have an agenda to destabilise shareholders and their resolve to remain invested in SFG. What that vengeful agenda is remains known only to the posters.

It is important to highlight HC instruction to posters:
HotCopper Instruction
When discussing stocks: If your post contains any potentially defamatory material you will be immediately suspended for 7 days. A second transgression will result in a 14 day suspension and anything more will lead to a permanent suspension from HotCopper.