Australia's Seafarms Groups slumps after being served with federal court proceedings

Seafarms

06/04/2023 02:30

** Shares of Australia-based aquaculture firm Seafarms Group
Ltd  SFG.AX  fall as much as 14.3% to A$0.006
    ** Co says its Project Sea Dragon has been served with
Federal Court proceedings from Australia-based Canstruct Pty 
    ** Proceedings called that the Deed of Company Arrangement
executed by Project Sea Dragon signed earlier be terminated
    ** SFG had signed deed under which control of Project Sea
Dragon has now returned to the directors
    ** More than 8.7 mln shares change hands, compared with the
30-day average volume of about 2.1 mln shares
    ** Stock has fallen 12.5% this year, as of last close

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))