Mareterram up on ASX debut

A local seafoods business led by Peter Hutchinson and David Lock has had a positive debut on the ASX, after raising over $18 million from investors and completing a major corporate restructure.

Mareterram opened at 26 cents per share, up 6 cents on the price of the capital raising which was done through Euroz Securities, and peaked at 28.5 cents.

At the close of trade, its share price rested on 26.5 cents each.

The company is led by Mr Hutchinson as chairman, while Mr Lock, who previously ran family-owned Craig Mostyn Group, serves as managing director.

Mareterram was born out of the acquisition of Nor-West Seafoods for $20 million and Craig Mostyn Group’s food services division for $8.75 million by Style, a shell company which was led by Mr Hutchinson and former AFL footballer James Clement.

Mr Clement is now a director and chief operating officer of Mareterram.

Mr Lock welcomed new shareholders to the company.

“We are pleased with the response so far, as demonstrated by strong demand for the placement and the subsequent share price gain (today),” Mr Lock said.

“We are excited by the value proposition presented by the entry into the protein and agribusiness sector.

“With the relisting completed, we look forward to a successful year as we develop and grow the business.”

The company also announced yesterday the appointment of Richard Duncan as chief financial officer and company secretary.

Mr Duncan, who is currently CFO of AllightSykes (a subsidiary of Seven Group Holdings), will begin in the role in March.

Mareterram’s capital raising was supported by South African fishing company Sea Harvest Group, which now holds a 19.9 per cent interest in the company as its largest shareholder.