Sea Harvest enters into Bid Implementation Agreement with Mareterram
WA-based seafood business Mareterram Ltd has entered into a Bid Implementation Agreement (BIA) with its major shareholder, Sea Harvest Holdings for Sea Harvest to offer to acquire 50 per cent of shares held by other shareholders. The largest shareholder, Sea Harvest holds voting power of 19.9 per cent.
The South African company’s offer is conditional upon achieving 50.1 per cent. If all shareholders accept, it will increase to approximately 59.6 per cent, for a total cash consideration of approximately $19.7million.
Mareterram’s independent directors have recommended shareholders accept. The next two largest shareholders – Craig Mostyn & Co Pty Ltd (14.83 per cent) and Orange Sun Development Corporation (7.42 per cent) – have indicated they intend to accept the offer, as have Wolf Capital and Oresusa Pty Ltd which each hold 3.71 per cent. All directors have also indicated they intend to accept the offer.
The proposed acquisition is intended to benefit Mareterram through improved access to Sea Harvest’s existing resources.
Established in 1964 and employing over 2400 people, Sea Harvest processes approximately 40,000 tonnes of fish annually and sells into the US, Europe and Asia including customers not currently serviced by Mareterram.
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