Singapore ,24 May 2023 . Reference is made to stock exchange notices dated27 December 2022 ,10 January 2023 and28 February 2023 regardingBarramundi Group Ltd's ("Barramundi Group " or the "Company") sale of the Australian operations organised inMarine Produce Australia Pty Ltd ("MPA"). The transaction has not been finalised, as the buyer has not been able to attract the necessary funding. The business will now undergo reconstruction. Notice is hereby given thatRob Kirman andRob Brauer of McGrathNicol were appointed as Voluntary Administrators of MPA and its two subsidiaries,MPA Fish Farms Pty Ltd andMPA Marketing Pty Ltd ("MPA Group ") on24 May 2023 , by its directors pursuant to Section 436A of the Corporations Act 2001 ('Act'). The Administrators are currently making an assessment of theMPA Group's position with a view to undertaking a restructure or recapitalisation of theMPA Group in line with the objectives of theVoluntary Administration provisions of the Act. The Administrators, with the support from theMPA Group's management, intend to continue to operate theMPA Group on a 'business as usual' basis while exploring options for a sale and/or recapitalisation of theMPA Group . A further update in respect of operations and the recapitalisation process will be released to the market in due course.Barramundi Group's Singapore andBrunei operations are unaffected.
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