ASX-listed pearl farming and managed investments company, Arafura Pearls Holdings has been placed into voluntary administration by its directors after failing to secure a standstill agreement with its lenders.
AUSTRALIAN south sea pearl producer Arafura Pearls Holdings is preparing for its watershed 100,000 pearl harvest this year, having raised $20 million over the past four years through its managed investment scheme program.
Managed investment scheme player Arafura Pearls Holdings Ltd has reported a record net profit after tax of $10.05 million, despite a 50 per cent reduction in MIS sales for the 2008 financial year.
Arafura Pearls Ltd has raised $1.8 million through the issue of 10,500,000 fully paid ordinary shares in the company at $0.17 per share to a select group of new institutional and high net worth investors.
Bell Potter Securities' corporate finance director Mark Ceglinski has been appointed chairman of Subiaco-based Arafura Pearls Holdings Ltd, replacing Fortescue Metals Group chief executive Andrew Forrest, the company has announced.
Subiaco-based Arafura Pearls Holdings Ltd will manage the Beagle Bay pearling operations of North Fremantle-based Arrow Pearl Co Pty Ltd after signing a joint venture agreement with the company.
Subiaco-based Arafura Pearls Holdings Ltd has increased sales at its 2007 pearl farming project to $10.5 million, up 228 per cent on the previous year's managed investment scheme sales.
Subiaco-based Arafura Pearls has closed its $4 million IPO and gone ahead with the $3 million acquisition of pearl farm close to its exisiting Northern Territority operations.
After spending eight years and $33 million developing its pearl farming business in the Northern Territory, Perth company Arafura Pearls is hoping it is finally ready to deliver profitable returns.
Perth company Arafura Pearls' plans of becoming a profitable pearl producer have suffered a big setback, with the company forced to raise extra capital to help it recover from cyclone damage and to reduce its debts.
PEARL producer Arafura Pearls has launched a rights issue to raise $8.1 million so it can acquire an adjoining property and double its production quota
