Australia's East 33 hits record low after strategic review, chairman exit

East 33

26/04/2022 06:36

** Shares of oyster producer East 33 Ltd  E33.AX  slump as
much as 43.8% to a record low of A$0.045
    ** Co announces a strategic review after prolonged heavy
rains negatively impacted its outlook for FY22  urn:newsml:reuters.com:*:nASX7z8T1
    ** Says 20 mln oyster production over a multi-year period as
planned had slowed, now expects just 12 mln harvestable oysters
available for sale in FY23
    ** Announces resignation of John Maher as chairman and two
other non-executive directors 
    ** James Garton to step in as acting chairman until new
appointment
    ** Co withdrew its FY22 outlook on Friday due to bad weather
and volatility in Sydney Rock Oyster availability  urn:newsml:reuters.com:*:nASXb4sJ49
    ** About 5.5 mln shares change hands, compared with the
30-day average volume of 86,000
    ** Shares down about 62% this year, as of last close

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com;))