21 Jun Angel Seafood Limited (hereaft
Angel Seafood Limited (hereafter known as “Angel”) ordinary shares are listed on the
Australian Securities Exchange (ASX) following an Initial Public Offering (IPO) in 2018.
Angel is a South Australian-based producer of organically certified premium oysters. Since
the IPO Angel has acquired substantial parcels of water leases in which they plan to grow
high-quality export oysters. However, the unexpected high demand for its oysters has
prompted Angel to consider upgrading to a larger oyster boat for its oyster beds located at its
main facility at Coffin Bay in South Australia. According to the ASX announcement with the
Date: 15/04/2019 and Headline: ‘Appendix 4C – quarterly’ [The Announcement], Angel’s
10.75 hectares of waters at Coffin Bay are stocked with substantial numbers of pristine, highquality
oysters. Upgrading the boat will allow a more efficient oyster-harvesting process and
more quickly reach positive cash flows. However, the cost of replacing the old boat with a
new boat, the increased operating costs and additional capital expenditure in oyster dredges is
substantial. Therefore, before Angel decides to upgrade the boat a financial analysis that
considers the costs and benefits must be performed to determine if it will contribute to
increasing the wealth of Angel shareholders. The following paragraphs contain a substantial
amount of information that has been gathered from across the business and it is your job to
determine which information is relevant to the analysis.
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