Western Kingfish appoints administrators

Unsuccessful capital raising activities along with a high fish death toll at its Jurien Bay fish farm have forced Nedlands-based aquaculture company Western Kingfish into administration.

In a brief announcement today, the company said it had appointed Garry Trevor, Andrew Saker and Martin Jones of Ferrier Hodgson as joint and several voluntary administrators.

"The decision to appoint administrators to the company follows from the recent stock mortality event at the Jurien Bay Fish Farm and unsuccessful capital-raising activities, a situation compounded by the current difficult economic environment," Western Kingfish said.

Last month the company revealed that around 30 per cent of its Yellowtail Kingfish stock at Jurien Bay had died due to a bacterial infection.

The news was followed up by the cancellation of a share purchase plan.

"The administrators are working with the board of directors and management to look at options for the restructure of the company and are currently assessing its financial position," Western Kingfish said today.