Yumbah to Pay $0.14 Per Share or Offer Stock in Clean Seas Takeover
Clean Seas Seafood’s takeover by Yumbah Aquaculture has been formally approved and registered, marking a key milestone in the seafood sector consolidation. Share trading is suspended as shareholders prepare for compensation.
- Federal Court approves Clean Seas scheme of arrangement
- ASIC registers court orders, making acquisition legally effective
- Clean Seas shares suspended on ASX and Oslo Stock Exchange
- Shareholders to receive cash or Yumbah shares based on election
- Implementation date for payment set for 24 July 2025
Legal Approval Finalises Clean Seas Takeover
Clean Seas Seafood Limited’s long-anticipated acquisition by Yumbah Aquaculture Limited has reached a pivotal moment. Following the Federal Court of Australia’s approval and subsequent registration of the court orders with the Australian Securities and Investment Commission (ASIC), the scheme of arrangement is now legally effective. This formal endorsement clears the final regulatory hurdle, allowing Yumbah to proceed with full ownership of Clean Seas.
Share Trading Suspended Amid Transition
In line with the scheme’s terms, Clean Seas shares have been suspended from trading on both the Australian Securities Exchange (ASX) and the Oslo Stock Exchange (OSE). This suspension, effective from the close of trading on 16 July 2025, signals the transition phase where Clean Seas will cease to operate as an independent listed entity. Investors holding Clean Seas shares are now positioned to receive compensation as outlined in the scheme.
Shareholder Compensation Options
Shareholders of Clean Seas will receive a default cash consideration of 14 cents per share. However, those eligible shareholders who opted before the election deadline may instead receive Yumbah shares, with the exchange ratio set at one new Yumbah share for every 2.8571 Clean Seas shares held. This scrip alternative offers shareholders a stake in the combined entity, potentially benefiting from Yumbah’s future growth prospects.
Next Steps and Market Implications
The implementation date for the scheme consideration payment is expected on 24 July 2025, with the record date for determining eligible shareholders set at 7, 00pm Adelaide time on 18 July 2025. Market participants will be watching closely to assess the integration impact on Yumbah’s operations and the broader seafood farming sector. The consolidation could enhance operational efficiencies and market reach, but details on strategic plans remain forthcoming.
Clean Seas CEO Rob Gratton authorised the announcement, underscoring the company’s commitment to a smooth transition. As the seafood industry evolves, this acquisition marks a significant reshaping of the competitive landscape in Australian aquaculture.
Bottom Line?
With the scheme now effective and shares suspended, all eyes turn to the upcoming implementation date and Yumbah’s integration strategy.
Questions in the middle?
- What proportion of Clean Seas shareholders elected the scrip alternative versus cash?
- How will Yumbah integrate Clean Seas’ operations and assets post-acquisition?
- What are the anticipated financial impacts on Yumbah following this acquisition?