(MENAFN- ProactiveInvestors - Australia) The acquisition of two farming properties (combined size of 173 hectares) with caged and stocked ponds will create a vertically integrated Murray Cod producer covering the complete production lifecycle of the fish.
In addition, the company has raised $10 million under a public offer of shares at $0.05.
Timpetra will relist on the ASX under its new name Murray Cod Australia (ASX:MCA) with an implied market capitalisation of $17.3 million, based on the $0.05 per share offer price.
The acquisition also includes a customised fish nursery, where fish are received as fingerlings and grown into 'advanced stockers' that are transferred to custom-built cages within the ponds.
Pond grown Murray Cod are in growing demand from top-end restaurants and from Asian export markets, occupying the premium end of the fin fish market.
Murray Cod's appearance and premium taste have reflected in average price of around $20/kg being paid for the fish at the farm gate.
As part of the acquisition. Matthew Ryan has been appointed as managing director of the company.
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