Documents submitted to the Australian Stock Exchange (ASX) by Tasmania, Australia-based aquaculture firm Tassal indicate that Cooke Aquaculture President and CEO Glenn Cooke and Cooke Aquaculture have purchased a nearly 5.4 percent stake in the company.
The filing, submitted to the ASX on 27 June, indicates that Cooke, Cooke Family Inc., Cooke Inc., and the controlled entities of Cooke Inc. have netted 11,596,555 shares in Tassal – giving Cooke 5.398 percent voting power in the company. All told, the value of the shares is over AUD 41.1 million (USD 28.5 million, EUR 26.9 million).
The filing also reveals that Cooke has established new companies in Australia: Aquaculture Australia Company Pty Ltd, Aquaculture Australia Midco 2 Pty Ltd, Aquaculture Australia Midco 1 Pty Ltd, and Aquaculture Australia Holdco Pty Ltd.
An official with Cooke Aquaculture confirmed the purchase, but declined to comment any further.
“I can confirm that Cooke Inc., parent company of Cooke Aquaculture Inc. of New Brunswick, Canada, has purchased 5.398 per cent of the shares of ASX-listed Tasmanian salmon farmer, Tassal Group Limited ('Tassal'), based in Hobart (Australia),” Cooke Aquaculture Vice President of Public Relations Joel Richardson told SeafoodSource. “Australian investment banking firm Kidder Williams is acting for Cooke in Australia.”
Kidder Williams has a prior history with Tassal, and with Cooke Aquaculture. The firm’s head, David Williams, helped rescue Tassal from receivership in the early 2000s. Williams bought Tassal Group Limited as managing director and chair of Mariner Corporate Finance.
Kidder Williams was also the advisor for Cooke Aquaculture when it attempted to purchase Tasmania, Australia-based Huon Aquaculture. At the time, Cooke told The Mercury that Tasmania was “an attractive state to invest in.” At the time, Williams said Tasmania needed a “safe pair of hands, an experienced operator who can take the industry to the next level,” referring to Cooke’s attempted purchase.
JBS Australia, a subsidiary of Brazilian meatpacking giant JBS, ultimately purchased Huon for around AUD 425 million (USD 294 million, EUR 277 million).
Tassal’s stock price hit a two-year high after news about Cooke's purchase broke in the Financial Review.
Photo courtesy of Cooke Aquaculture
