Acquisition Closes Lid on Coffin Bay Oyster Company

Coffin Bay oyster company Angel Seafood has delisted from the Australian Stock Exchange after its takeover by Queensland agribusiness fund managers Laguna Bay was formally approved.

Angel Seafood filed the injunction with the Australian Securities and Investments Commission and asked ASX to delist its shares from the market close yesterday.

Shareholders will be paid $0.20 per Angel share, the company’s highest share price since January 2020, just before the coronavirus pandemic.

The $32 million acquisition was supported by more than 98 per cent of shareholders at the June 10 scheme meeting before its approval by the Federal Court on Monday.

The Port Lincoln-based company has oyster leases on the Eyre Peninsula at Coffin Bay, Cowell and Haslam and sold a record 1.6 million oysters worth $1.3 million in April thanks to a strong Easter period.

Brisbane-based Laguna Bay launched its takeover bid in December, following the launch of Angel’s three-pillar growth strategy in 2020, which aims to increase production to 20 million oysters a year.

Angel’s founder and CEO, Zac Halman, retains a significant proportion of his shareholding and remains involved in the business.

Listed on the Australian Stock Exchange in 2018, Angel Seafood has grown from a South Australian family business to become the state’s largest certified organic and sustainable producer of Pacific oysters.

Angel reported record sales of $8.4 million in 2021 despite a four-week shutdown due to an illness outbreak in the run-up to Christmas that cost him more than $1.7 million in lost sales and refunds.

Image: Robert Lang

The company mainly sells oysters to the domestic market through wholesale, commercial, retail and restaurant channels, with some exports to Asia.

Angel Seafoods Chairman Tim Goldsmith told the company’s AGM on May 25 that shareholders should support the plan according to Laguna Bay.

“While the result is not what we expected when we first listed, both the independent board committee and the independent expert concluded that the scheme is in the best interest of Angel shareholders,” he told the AGM.

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