Animal feed company Ridley Corporation (ASX:RIC) has appointed Investec to explore options to accelerate the growth of NovacqTM.
NovacqTM is a feed ingredient which in trials has demonstrated a significant uplift in prawn biomass when added to prawn feed.
The increase in biomass is derived from a combination of higher survival rates, accelerated prawn growth and general well-being of the prawn.
Significant progress at Ridley’s current production sites, namely Yamba in New South Wales, Australia and in Thailand.
Investec will assist the company to explore its options to accelerate the growth and maximise the value of NovacqTM for the benefit of Ridley shareholders.
Shares in Ridley Corporation (ASX:RIC) are trading 0.72 per cent higher at $1.40.