business news.. article

Ref:
Cell expands but
Freo's still home
Janelle Maori
FREMANTLE-BASED barramundi
producer Cell Aquaculture Ltd insists it
will remain a Western Australian company
despite the appointment of three
overseas-based directors.
The global expansion of the company
to incorporate production facilities in
Europe, the US and Malaysia has resulted
in the appointment of on-the-ground
directors on each continent, following the
departures of chairman Robert Sewell,
non-executive director Rocky De Nys
and chief executive Geoff Leding Wilton
in the past month.
Malaysian-based shareholder-turneddirector,
Suresh E Abishegam, played a
pivotal role in the development of the
company's 3,000 square metre Malaysian
production facility, successfully
negotiating a joint venture deal with the
Malaysian government.
The construction of the Malaysian
facility has been fast-tracked, with
stage one of the large-scale production
facility coming online in October 2007,
upscaling to full production - about 700
tonnes a year - 18 months later.
The company is also examining the
possibility of expanding on its original
plans for the facility, located adjacent
to the Federal Marine Institute, to
incorporate multi-species hatcheries.
London-based director, investment
banker Glyn Tonge, will lead its
expansion into Europe and pursue a
possible AIM listing currently being
considered by the board.
Newly appointed US-based
director Paul Hopper will oversee the
development of a proposed production
facility in Mississippi.
Mr Hopper will also usher in the
company's ADR program in the US,
sponsored by the Bank of New York,
allowing shares in the company to be
Peter Burns
bought over-the-counter in that country.
WA-based director Peter Burns,
who has been with the company since
its inception and a director since its
listing on the ASX two years ago,
admitted that expanding the business
internationally was a challenge while
based in Fremantle.
However, the appointment of directors
at each regional hub would facilitate
rapid growth in each strategic region.
"Our aim was to have a footprint in
each key market, and we wanted to
expand on that, and it's hard when you're
based in WA when the opportunities are
overseas," he told WA Business News.
Mr Burns said the transition following
the board restructure was a smooth one,
and the company was now assessing
its options for raising capital for the
expansions of its facilities, either
through its overseas-based subsidiaries,
or through the parent company.
"We have secured the right people to
grow with us," he said.
28336711
Brief: LINCTL1(P)
Copyright Agency Limited (CAL) licensed copy
Business News
Thursday 7/6/2007
Page: 12
Section: General News
Region: Perth Circulation: 13,467
Type: Suburban
Size: 189.62 sq.cms.
Published: ---T---