STRATEGIC PARTNERSHIP FOR AUSTRALIA BUSINESS

27 Dec 2022 08:48 CET

BARRAMUNDI GROUP LTD
STRATEGIC PARTNERSHIP FOR AUSTRALIA BUSINESS

Singapore, 27 December 2022

Barramundi Group Ltd (“Barramundi Group” or the “Company”) (EURONEXT: BARRA),
today is pleased to announce that it has entered into a strategic partnership
with Wild Ocean Australia Pty Ltd (“Wild Ocean” or “WOA”).

Barramundi Group has entered into a Letter of Agreement for the sale of 75% of
the Company’s stake in its Australia business under Marine Produce Australia Pty
Ltd (“MPA”) for a consideration of AUD1.6m cash with a further earn out payment
of AUD3.4m to be disbursed upon the approval of at least 4 of the 13 additional
seawater site leases in the Kimberley of Western Australia. The agreement also
includes Barramundi Group obtaining ownership of 34% of WOA’s shares, which
allows the Company to retain effective equity majority interest in MPA and gain
access to a wide variety of Australian seafood products for its other markets.

This partnership secures Barramundi Group’s continued involvement in the
development of the earlier announced, “Kimberley Ocean Barramundi Project”*;
which will allow for significant expansion of MPA’s capacity in the region
across 13 seawater sites that will ultimately allow the sustainable production
of up to 30,000 tonnes annually.

Wild Ocean operates a processing, value-adding, and distribution business in
Darwin, with high value relationships across large scale wild caught and
aquaculture operators. It distributes wild caught fish to markets across
Australia – Cairns, Brisbane, Sydney, Melbourne, and Perth; as well as to retail
operators across Northern Territories, including Woolworths and Coles. WOA also
has a chandelling business with international cruise lines and the Royal
Australian Navy.

Wild Ocean also owns and operates the Darwin Fish Market retail outlet which
supplies the full range of Australian only seafood products to the Greater
Darwin region.

“At Wild Ocean, we are excited that through the acquisition into MPA, we can
fully unlock the potential of Australia’s only ocean-grown barramundi. The new
seawater site leases applied, and currently undergoing approvals, will allow us
to showcase the premium quality of Cone Bay Ocean Grown Barramundi to more
customers here and abroad. With Barramundi Group’s existing international
customers and channels, our access to the finest Australian produce, processing
expertise and bandwidth, topped off with Darwin’s strategic location for
cost-effective distribution into Asia markets, the strategic nature of this
partnership is compelling and formidable.” says Frank Norton, Director of WOA.

“Having had a protracted search for investors and a strategic Australian partner
for MPA, we are happy to now enter into this arrangement with Wild Ocean. The
structure of our relationship allows us to retain a meaningful presence and
interest in Australia while at the same time, benefit from having a strong local
Australian partner who will provide expertise, network and funding for the next
phase of MPA’s growth. With our lease applications well underway, the future of
sustainable, ocean-grown barramundi in Australia just got much brighter.” adds
CEO Andreas von Scholten.

The transaction is subject to final due diligence and shareholders’ approval at
the EGM set to be held on 10th January 2023 at 4.00pm (SGT) / 9.00am (CET).


*19th May 2022
https://barramundi.com/barramundi-group-australia-lodges-plan-for-responsible-gr
owth/

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