Arafura MIS applications jump 30%

Shares in Arafura Pearls Holdings have jumped on a 30 per cent increase in managed investment scheme ( MIS) applications for the 2009 financial year.

The company said it had received applications for around $5.6 million for its 2009 MIS program, compared to $4.3 million recorded for the previous year.

Chief executive Andrew Hewitt said it was a "reasonable" outcome given the current circumstances of the industry following the collapses of Great Southern and Timbercorp.

"Arafura Pearls is first and foremost a vertically integrated pearl farming
Company," Mr Hewitt said.

"MIS has been used as one way of assisting the Company's expansion towards becoming Australia's second largest producer of South Sea pearls.

"This vision is now becoming reality with a harvest this year of approx 100,000 shell.

"The harvest has commenced and we have been very pleased with the results so far, in particular average sizes and shapes have exceeded expectations.

"We will be in a position to report fully on this later on in the year after the harvest is completed, graded and valued ready for sale."

Shares in Arafura climbed 0.8 cents, or 19 per cent, to five cents at 13:10 AEST.