On that point just another company that the brothers are...

On that point just another company that the brothers are involved in. Interesting the Triumph West name (e.g Victory West), and exploring in Indonesia.


Turning fish into coal (SSS)

So what does a fish-food company choose to do in its second life? Buy some coal prospects in southern Borneo, it seems, if the announcement by the now inappropriately named Sam’s Seafood Holdings is any guide.

Sam’s Seafoods was poised to become the largest seafood company in Australia just a few years ago with a takeover bid for the rival de Costi Seafoods. But the ANZ Bank put it into administration in 2005 after a poor performance from its restaurant and fast food businesses which left it unable to meet its debt obligations.

Now a corporate shell, with a few seafood assets, is being used to buy rights over two underground coal prospects from a group called TRIUMPH WEST, which will emerge with $US300,000 in cash and up to 36 per cent of Sam’s Seafoods as consideration.

Triumph, it seems, has recently acquired "the right to buy" an 80 per cent interest in two Indonesia companies that, in turn, have the rights to the coal project in South Kalimantan.

The deal has been negotiated by Sam’s Seafoods consultants, Indian West and Indian Ocean Advisory, which are run by the Martino brothers, Domenic and Luke, both former senior Deloitte executives.

Domenic Martino was a former CEO of Deloittes, and a former chairman of Sydney Gas and New Tel before resigning from his position. The consultancy agreement allows for Indian West to be paid 50 million shares in Sam’s Seafoods, subject to delivering certain results.

That might sound a lot, but for the fact that Sam’s Seafoods are now trading barely above 1c.

Intriguingly, the company says it continues to evaluate its existing seafood assets and the “viability of developing these assets into an economic business." So a name change may not be happening any time soon.