Subiaco-based Arafura Pearls Holdings Ltd aims to raise $4 million through its initial public offer to fund the purchase of a greater oyster cultivation licence quota and fleet upgrade.
Issuing 16 million shares at 25 cents each, the company was forced to undertake a $5.7 million rights issue and $1 million public issue earlier this year to fund a recovery both from cyclone damage and its debts.
The Company will seek to continued expansion through further acquisitions, joint ventures and MIS activity for future years. Increased access to capital markets via an ASX listing is expected to assist the implementation of these strategies.
Fortescue Metals Group chief executive Andrew Forrest serves as non-executive chairman of the company, with Barrington Partners and Arafura co-founder Andrew Hewitt acting as the company's chief executive. They are joined on the board by Jeffrey Mews, Christopher Cleveland and David Ledger.
The company appointed Moore Stephens Chartered Accountants as Auditor and Independent Accountant, with Capital Investment Partners acting as corporate advisers.
The offer opened today, to close on December 8.
