SEAFARMS GROUP LIMITED (SFG)

The suspension of the company's securities is expected to be lifted from the commencement of trading on 27 March 2023 following the release by SFG of an announcement regarding the DOCA in respect of Project Sea Dragon.

The DOCA in respect of Project Sea Dragon was entered into on 24 March 2023. SFG has agreed to make a contribution of $3.5M which it will fund from cash reserves. The DOCA is expected to be effectuated on or about 28 April 2023. Control of the Project Sea Dragon has now returned to the directors.

Today at the second creditors meeting of Project Sea Dragon Pty Ltd, the creditors approved the entry into a Deed of Company Arrangement, a position which in the opinion of Administrators (Shaun McKinnon & Andrew Fielding, BDO) was in the best interest of creditors. A key objective of the DOCA is to facilitate and expedite a distribution of a deed fund contribution of $3.5 million to be made by the Company's parent, Seafarms Group Limited as follows: 100 cents in the dollar to employees 100 cents for Small Claim Creditors (being creditors with amounts owed less than $0.3m) Balance of funds to be distributed to non Small Claim Creditors, which has been estimated at between 10.11c/$ and 11.12c/$ Landlords and PPSR Creditors do not claim in the DOCA and the Company's obligations are met in the ordinary course of business post DOCA acceptance. The DOCA proposal results in all classes of creditors receiving more than is estimated to be returned in a liquidation scenario. The Company, SFG and the Administrators are now to enter into the Deed of Company Arrangement within 15 days. In terms of lifting the suspension of quotation, SFG is targeting a date of 5 April 2023. Control of roject Sea Dragon Pty Ltd has returned to the directors upon the entry into the Deed of Company Arrangement. No jobs were lost and the operations at Exmouth continued successfully throughout the Administration period.

The company lodges its 2022 Half Year Report.

The directors of Project Sea Dragon Pty Ltd (a wholly owned entity of SFG) placed Project Sea Dragon into voluntary administration after the withdrawal of funding by Seafarms. The Directors of Project Sea Dragon have appointed Shaun McKinnon and Andrew Fielding of BDO Business Restructuring Pty Ltd to act as voluntary administrators of the companies associated with Project Sea Dragon. The Directors of Seafarms intend to propose a Deed of Company Arrangement to the creditors of Project Sea Dragon.

The securities of Seafarms Group Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of SFG, in connection with the appointment of a voluntary administrator to Project Sea Dragon Pty Ltd.

The suspension of trading in the securities of Seafarms Group Limited will be lifted from the commencement of trading on Tuesday, 1 November 2022 following lodgement of its annual report for the period ended 30 June 2022

The company releases its Appendix 4G and Corporate Governance Statement.

The company lodges its Appendix 4E Final Annual Report 2022.

Seafarms has today been temporarily suspended from trading on the ASX due to unresolved matters, including a recently received claim relating to a cancelled construction contract. This claim was received subsequent to the release of the preliminary financial results. Seafarms is currently assessing the claims that have been raised. Seafarms initial assessment of the claim is that it will not impact its ability to pay its debts as and when they become due and payable. The company is not in a position to release its financial report to ASX on or before 30 September 2022. The inability to finalise the accounts is principally a matter of timing. The company is working to resolve the outstanding matters as quickly as practicable.

The securities of Yandal Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of YRL, pending the release of an announcement regarding an application with the Federal Court of Australia or Supreme Court of Western Australia seeking declaratory relief and ancillary orders relating to prior trading in shares, and an announcement pertaining to the capital raise.

The suspension of trading in the securities of Seafarms Group Limited will be lifted immediately following the release by SFG of an announcement regarding project costs.

A$95 million of construction works at Legune awarded to head contractor, Canstruct, and Construction is progressing. The Company's re-forecast capital cost estimate is A$370 million to A$410 million (including escalation and contingency). The Company's best estimate at the date of this announcement is toward the lower end of this range. Construction debt facility progressing with agreements targeted for Q4 2021. Work at Legune is making progress in line with schedule.

The securities of Seafarms Group Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of SFG, pending the release of an announcement regarding project costs.

The suspension of trading in the securities of Seafarms Group Limited will be lifted from the commencement of trading on Friday, 27 March 2020, following the release by SFG of an announcement regarding a capital raising

The company provides an update on the number of securities issued under the company's LR 7.1 capacity.

Seafarms Group has raised A$12.5 million under a placement to institutional and professional investors. The Placement is considered prudent given current market volatility and the company's desire to continue to progress with the development of Project Sea Dragon. Seafarms Group's major shareholder, Mr Ian Trahar will participate in the Placement, subject to shareholder approval.

The company releases a notice of Proposed issue of Securities - SFG.

The securities of Seafarms Group Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of SFG, pending the release of an announcement regarding a capital raising.

name changed from Commodities Group Limited