Murray Cod Australia Ltd (ASX:MCA) has unveiled a fully underwritten pro-rata accelerated non-renounceable entitlement offer. Murray Cod Australia Limited is a vertically integrated grower of Aquna Sustainable Murray Cod, a luxury fish farmed in the Riverina, NSW. Its award-winning product is renowned for its creamy white flesh, desired by chefs globally. The offer entails one new fully paid ordinary share for every one existing share held by eligible shareholders, with a record date of 7:00 pm (Sydney time) on Tuesday, 5 May 2026. This is conducted without disclosure under Part 6D.2 of the Corporations Act.
The Entitlement Offer includes institutional and retail components, and is fully underwritten by Stralis Capital Partners Pty Limited and Ord Minnett Limited, serving as Joint Lead Managers. Approximately 123.9 million new shares are anticipated, representing 50% of the company’s fully paid ordinary shares post-offer completion. Significant sub-underwriting commitments have been secured from Regal Funds Management Pty Limited and Murray Cod Australia’s Chairman, Mr. Brett Paton, each committing up to $4.0 million. A retail shortfall facility will allow eligible shareholders to subscribe for additional shares beyond their entitlements.
The announcement detailed potential shifts in company control. Regal Funds Management, currently holding approximately 16.27% voting power, could see its interest rise to a maximum of 27.03%. Chairman Mr. Brett Paton, presently at around 4.69%, could increase his holding to up to 15.45%. If the Joint Lead Managers absorb substantial shortfall, Stralis’ voting power could reach up to 17.09% and Ord Minnett’s up to 11.39%. Proportional interests of non-participating shareholders will be diluted. Murray Cod Australia noted that major stakeholders intend to support the current board and its strategies, with no intention to alter the business or change core policies. The Entitlement Offer is not expected to materially affect day-to-day operations or company control beyond these outlined proportional changes.
