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December 19, 2013
CO2 Acquires Sea Farm
On December 20, 2013, the CO2 Group Limited (CO2), which plans to develop a 10,000-hectare giant tiger shrimp (Penaeus monodon) farm (Project Sea Dragon) in northern Australia, announced its wholly owned subsidiary Western Australian Resources Limited (WARL) has executed agreements to acquire the business and business assets of iconic Queensland shrimp farm Seafarm, Pty. Ltd.
Established in 1984, Seafarm is the oldest and largest fully integrated shrimp farm in Australia, producing shrimp (Penaeus merguiensis) under the Crystal Bay® brand, sold widely throughout Australia in supermarkets and seafood outlets.
The acquisition of Seafarm establishes WARL in the marine protein production industry and the completion of the agreement facilitates WARL immediately becoming one of the largest shrimp farms in Australia. The acquisition is expected to be earnings positive this financial year and will grow in coming years as WARL introduces advanced production procedures and converts the operations to also produce giant tiger shrimp.
The acquisition is conditional on satisfaction of relevant regulatory consents and approvals. The consideration comprises $7 million payable on completion and two further payments of approximately $2.1 million each in 2015 and 2016.
The acquisition of Seafarm is another important milestone in WARL’s business plans to develop major shrimp farms in Australia. WARL’s recent purchase of Marine Farms in Exmouth formed part of this overall plan and will now complement the Seafarm business through providing an early start on the giant tiger breeding program.
This acquisition of Seafarm facilitates WARL’s plans to develop its Project Sea Dragon (PSD) business.
About CO2 Group: CO2 Group is a broad-based environmental services company with operations in Australia, New Zealand and Southeast Asia. It is Australia’s largest carbon offset project developer and manages a diverse trading portfolio across environmental and energy markets. The advisory arm provides services for ecosystem offsets and carbon project development. The company currently manages landmark commercial contracts for Qantas Airways, Greenstate Power, Macquarie Bank, Woodside Energy, INPEX Browse, ACTEW AGL, Newmont Mining and Wannon Water. Its client list represents a broad cross section of Australian businesses and organizations.
About WARL: Western Australian Resources Limited is a wholly-owned subsidiary of the CO2 Group Limited. WARL’s vision is to develop a new, transformational agri/food enterprise in Australia through sustainable development of large-scale aquatic protein production systems. Leveraging off CO2 Group’s track-record and expertise in sustainable project development, WARL is currently undertaking feasibility studies to site, design and develop the first development of its vision—Project Sea Dragon—a world class, shrimp farm in northern Australia to deliver reliable long-term supplies of sustainable, high quality giant tiger shrimp to international markets, primarily in Asia.
Information: Rob Bell, CO2 Group Limited, Level 11, 225 St Georges Terrace, Perth, Western Australia, Australia 6000 (phone 08-9321-4111, fax 08-9321-4411, email email@example.com, webpage www.co2australia.com.au).
Source: Noodls. CO2 Acquires Prawn Farm Business. Harley Whitcombe. December 20, 2013.
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