Mick McMahon, Recently appointed CEO of Australian aquaculture company Seafarms GroupWill resign soon after being in charge of just 7 months.
Ian Trahar will replace the Board of Directors as non-executive chairman, and announcements about the new CEO will be made later.
Seafarms is the company behind Project Sea Dragon, a shrimp farm backed by the large Nippon Suisan Kaisha (Nissan) planned in the Northern Territory of Australia, and a review led by McMahon has recently been “unexecutable.” I thought it was possible.
Under the new management team, the company began a review last November after the latest information on the project’s debt lending was found to be “infeasible” and “not in the interests of shareholders”. ..
McMahon and CFO Ian Branon The company “promises to fulfill the promise of Project Sea Dragon,” but said the review “cannot proceed in its current form.”
“It does not generate acceptable economic benefits, it is not possible to complete an existing range at a target cost or reach a target completion date, and the project currently carries unacceptable risks,” the review said. Found.
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McMahon said the review had no funds for shareholders to advance the Project Sea Dragon. [it was viable]” ABC News report.
“It’s no exaggeration to say that we were shocked by what we found when we entered the business,” McMahon said.
“I feel a great responsibility to the shareholders who have invested money in this company, especially those who have invested since I started the business. I apologize for what we had to present today. “He said at the time. A review has been published.
Nippon Suisan Kaisha (Nissan) in Japan is a 15% shareholder of the project and In 2018, we invested A $ 25 million ($ 16.8 million / € 15.3 million) in parent Seafarms, and in 2019 we invested another A $ 3 million (€ 1.8 million / € 2 million).
https://www.intrafish.com/people/seafarms-ceo-quits-after-deeming-massive-nissui-backed-shrimp-farm-project-unviable/2-1-1214526 Seafarms CEO resigned after considering a large Nissui-sponsored shrimp farming project to be “infeasible.”