ShapeShapeauthorShapechevroncrossShapeShapeShapeGrouphamburgerhomeGroupmagnifyShapeShapeShaperssShape

Australian Abalone Investors Stuck in Limbo

by 5m Editor
17 August 2009, at 1:00am

AUSTRALIA - Investors in an aquaculture company, whose abalone breeding programmes were hit by mortality rates of up to 100 per cent, have launched a bid to keep the venture going.

A group of the growers has made a $250,000 deposit so they can assess the state of Australian Bight Abalone's finances and its failed crops, says online newspaper TheAustralian.

John Alford, one of the original investors in ABA, told The Australian: "The growers, as far as we're concerned, have put $45million into this company, and it's their company. If we can take over the company... then we will."

The company went into voluntary administration last month, leaving 1200 people who invested $43.8m in the company in limbo.

5m Editor