Source: Seafarms Group
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Seafarms (SFG) appoints Rod Dyer as CEO, effectively immediately
  • His appointment is among numerous executive changes the company has made after previous CEO Mick Mahon had stepped down following a major setback in the Project Sea Dragon (PSD) prawn farm venture in northern Australia
  • His remuneration package includes a salary of $750,000 per annum and he is eligible to receive an annual bonus payment from time to time, at the Board’s discretion
  • Among the executive changes include the appointment of Harley Whitcombe as company secretary, replacing Ian Brannan who will step down effective immediately
  • SFG shares are up 6.25 per cent, trading at 1.7 cents as of 1:26 pm AEST

Seafarms (SFG) has appointed Rod Dyer as CEO, effectively immediately.

His appointment is among numerous executive changes the company has made after the company’s previous CEO Mick Mahon had stepped down following a major setback in the company’s Project Sea Dragon (PSD) prawn farm venture in northern Australia.

His remuneration package includes a salary of $750,000 per annum and he is eligible to receive an annual bonus payment from time to time, at the Board’s discretion.

Among the executive changes include the appointment of Harley Whitcombe who will be the company’s new secretary, replacing Ian Brannan who will step down as CFO, Director, and company secretary effective immediately.

Further, Terutaka Kuraishi replaces Naoto Sato as Alternate Director for Mr Hisami Sakai, Nissui’s representative on the Board.

Ian Leijer has been appointed CFO of Seafarms, effective from today.

Both Mr Dyer and Mr Leijer have extensive experience with the development of Project Sea Dragon, both in design and the financial aspects of the Project.

The project was set back three years after a review found the project should not proceed in its current form because of “unacceptable risk”.

A project review found that PSD cannot proceed in its current form because of a funding shortage due to the failure of debt financing process.

Last year the company raised over $92 million for PSD, with construction progressing through the second half of the year.

In October, it said PSD was going to cost more than expected due to steel and copper prices, with the project now expecting to cost as much as $410 million.

It is still unclear what the company’s next steps are.

SFG shares were up 6.25 per cent, trading at 1.7 cents as of 1:26 pm AEST.

SFG by the numbers
More From The Market Herald
Ballymore Resources (ASX:BMR) - Non Executive Chairman, Nick Jorss

" Ballymore Resources (ASX:BMR) intersects significant assays at Seventy Mile Mount

Ballymore Resources (ASX:BMR) has intersected significant assays in its initial drilling program at the Seventy Mile…

" Ballymore Resources (ASX:BMR) begins stage one drilling at Ruddygore

Ballymore Resources (ASX:BMR) has begun stage one drilling at the Ruddygore Prospect in North Queensland.

" Ballymore Resources (ASX:BMR) confirms displacement of Duffer lode at Dittmer mine, QLD

Ballymore Resources (ASX:BMR) has confirmed through diamond drilling that the historic Duffer lode at its Dittmer…

" Bannerman Energy (ASX:BMN) completes $40.7m institutional placement

Bannerman Energy (ASX:BMN) has raised $40.7 million via institutional placement, with the funds to be used…