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HUO - HUON AQUACULTURE GROUP LIMITED


nipper
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Huon Aquaculture Group Limited (HUO) focuses on farming, processing, marketing, and distributing fresh and value added Atlantic salmon and trout products in Australia and Asia.

 

HUO came to listing in 2014. As its name reflects, a major location of its activities has been in the waters of southern Tasmania.

 

Market cap is now a bit over $240M ; there was a placement in Aug last year. HUO has been in a bit of of a pickle in the last year or so, with the SP halving from $5 late 2019 to around $2.40 .

 

Huon has delivered a statutory loss of $95.3 million for the six months ended 31 December 2020 ($22.0 million NPAT pcp). The result includes a non-cash impairment charge of $113.9 million ($79.9 million after tax). Despite a 24% increase in revenue to $220.1 million on the strength of a 45% increase in harvest tonnage, earnings continued to be significantly impacted by COVID-19. The reduction in global demand for salmon resulted in a 28% fall in the international salmon price relative to the previous six months. This impacted pricing across all Huon’s distribution channels but particularly the lower priced spot export market. The scheduled increase in production resulted in a shift in the channel mix towards the international market which, during the half, accounted for 51% of total volume and contributed to a 15% drop in the overall average price to $11.41/HOG kg.

 

In light of recent unsolicited approaches, the Board has initiated a strategic review to assess the potential for corporate level transactions for the benefit of shareholders. Shareholders should not assume that any transaction will eventuate from the strategic review.
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  • 5 months later...

RECOMMENDED ACQUISITION OF HUON BY JBS

 

 

Highlights

  • ... Huon has entered into a Scheme Implementation Deed with JBS to acquire 100% of Huon shares by way of a Scheme of Arrangement
  • ... Under the terms of the Scheme, Huon shareholders will receive A$3.85 cash per Huon share
  • ... The Huon Board intends to declare a fully franked Special Dividend of up to A$0.125 per Huon share prior to implementation of the Scheme, which would enable Huon shareholders to realise additional benefits from franking credits of up to A$0.05 per Huon share
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  • 3 months later...
On 19 November 2021, Huon Aquaculture Group Limited (HUO) was removed from the ASX Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between HUO and its shareholders in connection with the acquisition of all the issued capital in HUO by JBS Australia Pty Ltd.
 
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