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MURRAY RIVER ORGANICS GROUP LIMITED (ASX.MRG)

ASX Announcements (courtesy of ASX)

20162017201820192020202120222023

ASX, Legal & CGT Status

SHARE PRICES

(updated at weekends)
Former (or subsequent) names

 

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Our website ranking of MRG: rating 2
(2 out of 5)
COMPANY WEBSITE:

 

REGISTRY:
Computershare Melbourne
Yarra Falls, 452 Johnston Street, Abbotsford VIC 3067
Tel : +61 (0)3 9415 4000 or 1300 850 505 (within Australia)
Fax : +61 3 9473 2500
RegistryWebsite RegistryEmail

Company details
ISIN: AU000000MRG9
Address: 32 Crompton Way Dandenong South Victoria 3175 Australia
Tel:  +61 3 8792 8500

Date first listed: 16/12/2016

Sector: Food, Beverage & Tobacco
Activities: Murray River Organics is an Australian producer, marketer, manufacturer, and seller of certified organic, natural and better-for-you food products

Shareholders in this company should consider crystallising a capital loss in 2023/24 by selling their shares. This process is now much easier and quicker. It can be achieved online by entering transaction details here. While, this usually makes good economic sense we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

01/08/2023

delisted by ASX under Listing Rule 17.12

11/04/2023

we understand ASX removed the company from listing because of its failure to lodge a document (half yearly report) within 12 months after the deadline for lodgement of that document

11/04/2023

The company lodges its 2021 Full Year Statutory Accounts.

29/09/2022

The company lodges its Preliminary Final Report.

16/09/2022

Under Listing Rule 17.6, an entity (if not already suspended) that had not paid its annual listing fees by close of business on Friday, 19 August 2022 would have its securities suspended from Official Quotation before the commencement of trading on Monday, 22 August 2022. The following entity has failed to pay to ASX Limited the annual listing fees for the year ending 30 June 2023, and each entity's securities are already suspended from quotation. Under Listing Rule 17.15, any entity that has not paid its annual listing fees as required by Listing Rule 16.5 by 5.00 pm AEST on Friday, 26 August 2022 will be removed from the Official List with effect from the close of trading on Friday, 26 August 2022.

22/08/2022

The second meeting of creditors of the Company was held on 17 June 2022. At the meeting, creditors resolved to accept a Deed of Company Arrangement as proposed by Alt Finance Pty Ltd. The Deed was executed on 8 July 2022.

05/08/2022

Notice is hereby given that on 9 February 2022 the directors of the Companies resolved that the Companies are likely to become insolvent at some future time and that administrators should be appointed to the Companies. The directors of the Companies further resolved that Matthew James Byrnes and Andrew Stewart Reed Hewitt, of Grant Thornton Australia Limited, be appointed as joint and several Voluntary Administrators of the Companies.

09/02/2022

Notice is hereby given that Peter McCluskey and John Lindholm of KPMG were appointed as Receivers and Managers of each company in the Group on 9 February 2022 pursuant to security interests duly registered on the Personal Property Securities Register.

08/02/2022

The company releases the following: Chairman's address to Annual General Meeting, Managing Director AGM Presentation and Results of Annual General Meeting.

31/01/2022

The company releases its Remuneration Report.

28/01/2022

The company's AGM will be held on Monday, 31 January 2022 at 2:00pm AEDT.

31/12/2021

The company releases a Jobkeeper Payments Notification.

23/12/2021

The Company has received an indicative offer from a third party to acquire the entire remaining farm portfolio. Confirmatory due diligence is currently underway by the prospective purchaser and legal documentation is to be finalised. The Company anticipates to complete the transaction by the end of April 2022. The proceeds of the transaction will be used to retire debt. Whilst year-on-year revenues are expected to decline due to the Company's exit from Fresh produce and reduced exposure to Private Lable, the higher margin MRO Retail Branded products continue to grow strongly with sales for the 5 months to 30 November up to 32% on the prior year. The Company now expects any future equity capital raise or sale of the Company to occur in the 3 rd quarter of FY22. Due to the delay the Company is unable to lodge its FY21 Audited Financial Statements and as result the Company's securities will continue to be suspended.

22/12/2021

The company is intending to hold its AGM as a virtual online meeting on Monday, 31 January 2022. The closing date for receipt of nominations from persons wishing to be considered for election as a Director at the AGM is Monday, 13 December 2021. Accordingly, any nominations must be received at MRG's registered office no later than 5.00pm (AEDT) on Monday, 13 December 2021.

06/12/2021

The company releases a notification of cessation of securities.

01/12/2021

The company releases a notification of cessation of securities.

09/11/2021

Due to continued delays regarding the sale of its farming assets and other capital management initiatives the Company is unable at this stage to lodge its FY21 Audited Financial Statements. The sale of the Company's remaining farm portfolio is a key component of its transformation and refinance with its current debt financier. It is also a key component of the equity capital raise expected in December. The Company is in discussions with its major shareholders and several underwriters about supporting the equity capital raise. MRG expects that the current suspension will continue until MRG releases its FY21 Audited Financial Statements in the coming weeks.

29/10/2021

The securities of Murray River Organics Group Limited will be suspended from quotation immediately under Listing Rule 17.5, following MRG's failure to lodge the relevant periodic report by the due date.

01/10/2021

we understand that on or about this date the company consolidated its shares 1 for 50

08/01/2021

The suspension of trading in the securities of Murray River Organics Group Limited will be lifted immediately, following the release by MRG of an announcement regarding the completion of its entitlement offer on Wednesday, 4 March 2020.

05/03/2020

The company releases an Appendix 2A.

04/03/2020

The company has completed the issue of all shares under the 3.843 for 1 accelerated renounceable entitlement offer, announced on Thursday, 6 February 2020. The company has raised approximately $25 million under the Entitlement Offer. This issue of shares now completes the Entitlement Offer. The company's shares are expected to come out of suspension and recommence trading on the ASX tomorrow (Thursday, 5 March 2020). The company has also today completed the issue of shares to Arrow Funds Management.

04/03/2020

The company releases its Half Year Update.

28/02/2020

The company lodges its Appendix 4D and FY20 Half Year Financial Report.

28/02/2020

The Bookbuild has closed, marking the completion of the Entitlement Offer. Capital raising will settle on Tuesday, 3 March 2020, and the shares will relist on Thursday, 5 March 2020.

28/02/2020

The Retail Entitlement Offer completed on 25 February 2020, with approximately $2.14 million in applications received. Approximately 943 million new shares will be offered under the Bookbuild and Top Up Facility, to be conducted tomorrow (Thursday, 27 February 2020).

26/02/2020

The company releases an Appendix 2A.

18/02/2020

The company will today complete the despatch of the prospectus for the fully underwritten 3.843 for 1 accelerated renounceable entitlement offer, announced on Thursday, 6 February 2020 and personalised entitlement and acceptance forms to eligible retail shareholders. Only eligible retail shareholders holding shares on the record date of 7.00pm (AEDT) on Monday, 10 February 2020 may participate in the retail entitlement offer. A notification to those retail shareholders ineligible to participate in the Entitlement Offer will also be sent today.

13/02/2020

Institutional component of the Entitlement Offer successfully completed, raising proceeds of approximately $8.62 million, with all eligible institutional shareholders electing to take up 100% of their entitlements. The Retail Entitlement Offer opens on Thursday, 13 February 2020.

10/02/2020

The company releases a letter to its optionholders regarding the entitlement offer it is presently undertaking.

06/02/2020

The company issues a prosectus for an accelerated renounceable 3.843:1 rights issue of its ordinary shares at an offer price of $0.015 per new share to raise approximately $25 million. The retail entitlement offer closes at 5.00pm (AEDT) on 25 February 2020. The offer is fully underwritten by Canaccord Genuity (Australia) and Shaw and Partners.

06/02/2020

The company announces fully underwritten $25 million accelerated renounceable entitlement offer. Proceeds will be used to execute the compay's strategy and restructure of the existing debt facility. The company will focus on growth of organic and 'better-for-you' food business both domestically and internationally. The company commenced the process for the sale of its non-core farms to repay debt and to enable strategic and operational focus on organic dried vine fruit farms. The company is targeting operating positive cashflow in FY2021.

06/02/2020

The Company has cancelled 1,000,000 unlisted options issued to a nominee of Keith Mentiplay in accordance with the option terms due to his recent resignation as a Director of the Company.

04/02/2020

The Sunraysia region experienced extreme and sustained hot weather conditions over the summer period with prolonged periods of temperatures above 40 degrees Celsius. These challenging conditions have had a negative impact on viticulture production on some of MRG's farms, with some damage evident mainly on berries directly exposed to the sun. Since this heat event the district has experienced cooler conditions that has reduced further potential damage to MRG's vines. The crop potential for future years is not impacted by what is principally berry damage this harvest. MRG's table grape property at Fifth Street experienced minimal impact with harvest commenced in early January. There is no change to FY20 guidance.

31/01/2020

The company's discussions with existing and new investors relating to MRG's proposed equity capital raising are ongoing. MRG expects to make an announcement regarding the equity capital raising in the coming days. To allow completion of these discussions, and subject to the final structure of the equity capital raising, MRG currently expects that the voluntary suspension of trading will remain in place until the week commencing 3 February 2020.

29/01/2020

Murray River Organics Group Limited agrees amendment to existing facility with its financier, National Australia Bank Limited. Agreement to provide accelerated interim funding support and amends the existing financing facility. Builds on the significant progress made in restructuring the Company, which includes the exit from the Colignan Farm lease. MRG has had an active dialogue with many shareholders, has engaged advisors and expects to launch an equity capital raising by the end of January 2020 to raise a minimum of $20M.

27/12/2019

The company releases its Whistleblower Policy.

24/12/2019

The company's discussions with its financier and existing and new investors relating to MRG's capital management initiatives are ongoing. It is not yet appropriate for trading in MRG securities to resume on the basis that resumption of trading in its securities would be premature and could adversely affect MRG's ability to successfully implement the capital management initiatives currently being assessed. MRG currently expects that the voluntary suspension of trading in its securities will remain in place until 24 December 2019 and will continue to inform the market of material developments as matters progress.

20/12/2019

The company has restructured its relationship with Arrow Funds Management in relation to Colignan Farm. MRG will exit the current Colignan Farm lease on 11 December 2019 with Arrow to assume operations of Colignan from 11 December 2019. MRG will pay a surrender fee to Arrow. MRG has entered into 3 year off-take agreement for dried vine fruit grown on Colignan Farm. Arrow to be issued with 5% of the issued share capital of MRG (after any equity capital raising) as part consideration for the lease cancellation. MRG is continuing to assess capital management initiatives and progress discussions with its bank. Capital raising discussions with existing and new MRG shareholders are underway, and the raising is expected to be a minimum of $20M.

11/12/2019

Discussions with the landlord of the Colignan property and its financier relating to MRG's capital management initiatives are ongoing. MRG is not yet in a position to announce any specific outcomes. MRG currently expects that the voluntary suspension of trading in its securities will remain in place until 20 December 2019.

10/12/2019

The securities of Murray River Organics Group Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MRG, pending the release of an announcement regarding discussions with its financier and landlord of the Colignan property.

03/12/2019

The suspension of trading in the securities of Murray River Organics Group Limited will be lifted from the commencement of trading on Friday, 2 November 2018, following the release by MRG of an announcement regarding the completion of an Entitlement Offer

01/11/2018

The company has completed the issue of all shares under the 2.4 for 1 accelerated renounceable entitlement offer announced on 9 October 2018. The Company has raised approximately $30.6 million under the Entitlement Offer. This issue of shares now completes the Entitlement Offer and, as previously announced, the Company's shares are expected to come out of suspension and recommence trading on the ASX on Friday, 2 November 2018.

01/11/2018

The company provides an addendum to its notice of AGM Additional Resolution 12 is added to the notice.

31/10/2018

The Retail Shortfall Bookbuild has closed signaling the completion of the Entitlement Offer. Multi-option loan facility funding executed, satisfying a significant condition precedent to the capital raising. Capital raising will settle on Wednesday 31 October, and the shares will relist on Friday, 2 November 2018. Request to convene General Meeting has been withdrawn.

29/10/2018

The Retail Entitlement Offer has closed, with approximately $15.5 million in applications received. Approximately 152 million new shares will be offered under the Retail Shortfall Bookbuild, to be conducted tomorrow (Friday, 26 October 2018).

25/10/2018

The company releases a notice of AGM. The meeting will be held at 10.00am AEDT on Thursday, 22 November 2018 at Clayton Utz, Level 18, 333 Collins Street, Melbourne, Victoria, 3000.

22/10/2018

The company lodges its FY18 Annual Report.

22/10/2018

The company responds to a request to convene a general meeting. Murray River Organics Board unanimously recommends against the resolutions contained in the Section 249D notice received from the founders of MRG. The Company intends to continue with the $30.6M fully underwritten equity raising, and $64.3M debt refinancing. This is the only proposal before the Company that secures the future of Murray River Organics, and funds the future cashflow needs of the business. The capital raising will proceed in accordance with the previously announced timetable. The $5M funding proposal from the founders is grossly inadequate to meet the funding needs of the business and is not capable of acceptance. The Board will call a meeting of shareholders to properly consider the founders' requisition within the timeframe required under the Corporations Act.

19/10/2018

The company will today complete despatch of the prospectus for the fully underwritten 2.4 for 1 accelerated renounceable entitlement offer, announced on Tuesday, 9 October 2018 and personalised entitlement and acceptance forms to eligible retail shareholders.

15/10/2018

The company completes the institutional component of its fully underwritten 2.4 for 1 accelerated renounceable entitlement offer at the offer price of $0.10 per share, announced on Tuesday, 9 October 2018. Major shareholder Thorney and the Directors have committed to take up their full entitlement. Most eligible major shareholders have elected not to accelerate their entitlements, in order to participate in the Retail Entitlement Offer, that has the same allotment date as the Institutional Entitlement Offer. The Retail Entitlement Offer opens on Monday, 15 October 2018.

11/10/2018

The company issues a prospectus for a 2.4 for 1 accelerated pro-rata renounceable entitlement offer of Murray River Organics Group Limited ordinary shares at an offer price of $0.10 per New Share to raise up o $30.6 million. The Entitlement Offer closes at 5.00pm (AEDT) on 24 October 2018 (unless extended).

09/10/2018

The company will undertake a pro-rata accelerated renounceable entitlement offer of New Shares at an Offer Price of $0.10 cents per share to raise approximately $30.6 million in new equity. Shaw and Partners has fully underwritten the Offer. Eligible Shareholders are entitled to apply for 2.4 New Shares for every 1 fully paid Ordinary Share held at 7.00pm AEDT on the Record Date of Thursday 11 October 2018. Proceeds will be used to execute turnaround strategy and support the needs of this growing business, including development of existing vineyards and providing confidence to third party fruit suppliers.

09/10/2018

The company notes the speculation in this morning's Australian Financial Review Street Talk regarding a potential equity raising. As previously disclosed to the market, the Company has been considering a $30 million capital raise to recapitalise the business and execute the turnaround strategy. The Company is proposing to undertake the equity raising by way of an accelerated renounceable entitlement offer. At this stage, the pricing and underwriting referred in the article have not been finalised.

04/10/2018

The company releases an Appendix 4G.

01/10/2018

The company lodges its FY18 Financial Statements.

01/10/2018

The company lodges its Preliminary FY18 Results and Outlook for FY19.

31/08/2018

The company lodges its FY18 Appendix 4E.

31/08/2018

In accordance with ASX Listing Rule 3.10A, 11,048,204 fully paid ordinary shares will be released from voluntary escrow on the date that is 3 trading days after the lodgement of the preliminary full year report in respect of the financial year ending 30 June 2018 (Appendix 4E), which will be no later than 5 September 2018.

22/08/2018

The turnaround of the MRO operations is proceeding well, with good engagement with customers, growers, suppliers and staff. Agreement on commercial terms was recently reached with Metcash Trading Limited to range 22 new product lines from the "˜Pacific Organics' brand stable. The Company expects to release further guidance about FY19 performance prior to the finalisation of the FY18 accounts. The release of the FY18 accounts is expected on 31 August. Shaw and Partners has been appointed as broker to the proposed equity raising. The current expectation is that a raising in the order of $30M is needed to return the business to financial health. The sale of Fifth Street has recommenced through Harcourt Landmark Mildura. Discussions with NAB continue regarding the appropriate levels of long-term debt for MRO. The MRG Board has received the report from Korda Mentha relating to the alleged improper conduct by a staff member, primarily at the Fifth Street and Gol Gol properties. These matters will now be handed to the appropriate authorities for further investigation. The staff member involved was suspended during the investigation and subsequently resigned.

22/08/2018

MRO has recently undertaken an external valuation of its properties in the Sunraysia region excluding its Fifth Street and three other smaller properties as held for sale. Based on an independent valuation conducted by Colliers, the total valuation of these properties has declined by 4.2% from $34.1M to $32.6M. Whilst the Nangiloc property delivered a material increase in its valuation, the value of the other properties declined primarily due to the yield performance issues announced on 31 July 2018.

10/08/2018

Following a scheduled ASX internal system change affecting the Market Announcements Platform, it has been necessary to re-apply the "˜Suspend' session state. This announcement serves to re-confirm the securities of this entity remain suspended.

06/08/2018

The company provides an update on its farm opeations at Project Yield. Additionally, MRO has been working productively with NAB, its debt provider, and is pleased to confirm that NAB has today agreed to a further increase of $3.6M of trade facilities to continue to support the working capital needs of the MRO business. As a result of this increase, MRO's total NAB debt facilities will be $52.4M, which are not fully drawn. Also, the Yeaman high-speed processing line is fully operational and progressively increasing production speed for our various snack box products. MRO has completed the first revision of warehouse management, planning and production processes, which has enabled the implementation of more efficient and cost effective operations at our Dandenong Certifications Page 4 of 6 facility. Lastly, The Company currently expects that the voluntary suspension of trading will remain in place until early September.

31/07/2018

As part of the company's ongoing balance sheet discussions with NAB, the parties have entered into an agreement to increase MRO's working capital debt facility by an additional $3m to $21m for short term working capital needs plus additional equipment loans. This takes MRO's total debt facility with NAB to $48.3m. NAB has also agreed that MRO can retain the proceeds of the Walnut Warehouse asset sale. MRO has been assessing all of its assets against its strategy to be a vertically integrated grower of organic dried vine fruit and a processor and developer of value added better-for-you products for the consumer market. As part of the review, several assets were identified as being surplus to requirements. The Company has now entered into a sale contract for the Walnut Avenue Warehouse. To facilitate the assessment of all strategic options of the MRO business, the Board has convened a Board subcommittee comprising Andrew Monk, Valentina Tripp, Michael Porter and Keith Mentiplay. This subcommittee will manage the discussions with the bank, shareholders and other equity providers and assess the various strategic options available to the Company, including approaches that have been received by MRO in relation to potential transactions. Full year sales for FY2018 are within the previously announced guidance released on 8 May 2018. More details of the FY2018 will be released as MRO completes its year-end review and audit.

04/07/2018

The Company is in discussions with its bank regarding amendments to its facility, including an extension to the existing facility. Concurrently the Company is also in discussions with parties, including existing shareholders, regarding support for a potential equity raising. The operational focus of the Company remains on delivering the cost improvements identified through the Company's cost out program, "Project Muscat" and building capability to better serve customers, growers and suppliers. The Company currently anticipates that a further period of voluntary suspension of trading in its securities of up to four weeks will be required for the Company to complete its current discussions and resolve a clear path forward regarding its debt position and a potential equity raising.

12/06/2018

As part of reviewing the Mildura farm operations, the Group has identified the need for a Senior Corporate Farms Manager to lead the Group's farming operation. Non-Executive Director, Michael Porter, assumed this role in an interim capacity effective from 6 June 2018 whilst the group conducts an external search for a suitable permanent candidate. Further, the company is exploring the sale of various non-core assets and has received various approaches. As the Group assesses the strategic requirements of the business, the Board has appointed EM Advisory, a leading mid-market advisory firm, to lead the strategic review of the Group.

04/06/2018

The securities of Murray River Organics Group Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of the Company, pending the release of an announcement regarding a review of future capital requirements of the Company.

04/06/2018

listed entity carried for record purposes only

16/12/2016
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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNATURENUMBERPRICEAMOUNT
    31/03/2021John Maher37,688$0.265$9,987
    26/03/2021Birol Akdogan29,647$0.275$8,153
    16/03/2021Andrew Monk30,000$0.290$8,700
    15/03/2021John Maher34,429$0.299$10,294
    06/10/2020Andrew Monk1,000,000$0.011$11,000

    Click here for the last 20 transactions all companies

    Directors & Executives (current)
    NAMETITLEDATE OF APPT
    Andrew MonkNon Exec Chairman24/01/2018
    Birol AkdoganManaging Director, CEO01/09/2020
    George HaggarCEO09/11/2017
    Graeme FalletCFO11/03/2021
    Paul McDonaldNon Exec Director22/05/2020
    Kenneth CarrNon Exec Director23/11/2017
    Craig FarrowDirector16/12/2016
    Lisa HennessyDirector16/12/2016
    Donald BrumleyDirector
    Matthew O'BrienExecutive16/12/2016
    Graeme FalletCompany Secretary

    Date of first appointment, title may have changed.

    SPECIAL NOTE: During May 2024 we are working to remove duplications in the Company Secretary role.

    Directors & Executives (former)
    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    John MaherIndependent Director26/11/202021/12/2021
    Naseema SparksIndependent Director09/06/202021/12/2021
    Valentina TrippManaging Director, CEO16/04/201815/01/2021
    Stuart McNabNon Exec Director15/05/202026/11/2020
    Michael PorterIndependent Director03/04/201809/06/2020
    Tony DynonNon Exec Director18/03/201915/05/2020
    Albert ZagoCFO15/01/201820/03/2020
    Keith MentiplayNon Exec Director24/01/201821/01/2020
    Steven SiDeputy Chairman, Independent Director24/01/201810/08/2018
    Alan FisherIndependent Director08/05/201831/05/2018
    Erling SorensenManaging Director, CEO16/12/201609/11/2017
    Jamie NemtsasExecutive Director, COO16/12/201628/08/2017

    Date of first appointment, title may have changed.