Plentex Limited

Transaction Summary

Investment Highlights

Company Overview

Guintarcan Island Fish Hatchery

Since 2011 Plentex has been developing sustainable technologies for aquaculture, food production, animal feeds technology and ground-breaking technology for seaweed applications for industry, medical research and agriculture. 

Technology partnerships and licenses in The Philippines and Australia provide us with a unique position for the basis of our sustainable future business.

The land and property holdings in the Philippines are valued at above A$4M and will support project development in aquaculture for food, seaweeds for industry and protein-enhanced natural animal feeds.

Plentex plans to produce and sell:

• Asparagopsis (red seaweed) - a methane emission reducing additive that can be added to the feeds of ruminant animals, particularly feedlot cattle and dairy cattle
• Milkfish and Molobicus (sea water tolerant Tilapia) fry and fingerlings which will be sold to other smaller fish farmers in Samar and Leyte Provinces in the Philippines

Plentex Limited is a former ASX listed company and currently has 53,824,301 fully paid shares on issue held by 3,644 shareholders, the majority of whom are located in Australia. The Company is headquartered in Melbourne but its principal operations are now located in the Philippines.

Currently the top 20 shareholders in the Company hold 65.05% of the shares on issue.

Plentex incorporated Plentex Philippines Inc. in the Philippines in late 2014 as its principal operating subsidiary.

This was followed by the establishment of Plentex Realty Inc. (the land owning company) in early 2015 and then by Plentex Agri-Milling Corporation and Plentex Aquafarms Corporation in 2017.

Plentex through Plentex Realty Inc. owns a multi-species fish and crustacean hatchery (currently not operating) on Guintarcan Island in Samar and two blocks of land currently approximately 65,000 sq. meters at Suhi, some 12 kms from the city of Tacloban, which is the major city on the island of Leyte.

Plentex aims to be a major corporate participant in the aquaculture industry in the Philippines in a way that will not only benefit the Company’s shareholders, but importantly contribute to the growth of the high potential aquaculture sector in the Philippines and the well-being of its citizens by providing food, skills and jobs.

To achieve these objectives, Plentex is taking steps to become:

• A significant producer of the red seaweed Asparagopsis which can play an important role in the reduction of global greenhouse emissions;
• A substantial producer of Milkfish and seawater tolerant Tilapia (Molobicus), fry and fingerlings for sale and distribution together with aquafeeds throughout Samar and Leyte Provinces; and
• A substantial producer of marketable size Barramundi and Molobicus for sale in the Philippines and export to Australia and South East Asian countries.

Plentex will also continue with the commercialisation of its Philippine R&D projects relating to the high value red seaweed (Halymenia durvellei), and the protein enhancement product known as ProEn-K.

Plentex’s Philippine aquaculture activities will be centered at its hatchery complex on Guintarcan Island, near Villareal, building on long standing relationships it has with the University of the Philippines, University of Philippines Visayas and Tarlac Aquaculture University, and in Australia with the South Australia Research and Development Institute (SARDI) and MainStream Aquaculture.

Plentex has recently terminated its agreements with Philippine Stock Exchange listed agribusiness AgriNurture Inc. (ANI) and building on the foundations which it has laid over the past 7 years, is now pursuing its exciting aquaculture business plan.

To fund this Business Plan, Plentex plans to initially raise up to $4,750,000 by a Series A capital raising at an issue price of $1.00 per share, currently slated to close on 30 April 2024.

These funds will enable Plentex to:

• Purchase necessary equipment for Asparagopsis farming and fish production
• Establish:
  Pre commercial scale Asparagopsis farms
  Commercial scale finfish farms
• Complete the refurbishment and expansion of its multi-species hatchery on Guintarcan Island
• Earn a 50% participating interest in the Fish Tech Joint Venture
• Advance its existing high potential R&D projects to commercial scale
• Cement its plans for an IPO.

Further funds will be necessary to develop Plentex projects to their full commercial scale and become self sustaining, and subject to investment market conditions, Plentex plans to carry out an IPO and seek listing on the ASX or the AIM market in the UK or such other recognized Stock Exchange as may be appropriate at the time, by no later than 31 March 2025. At this stage an IPO capital raising would seek to raise a minimum of A$10M (or equivalent on the AIM) by the issue of fully paid ordinary shares at a unit price of a minimum of A$0.25 (or equivalent on the AIM or other recognized Stock Exchange as the case requires).

Plentex has a very experienced Board of Directors and Management team, both in the Philippines and Australia.

Previous Funding

Philippines Stock Exchange listed agribusiness, AgriNurture Inc., has invested A$563,889 in Plentex during the period January 2020 to May 2022 to acquire a total of 5,638,890 fully paid ordinary shares in Plentex, all at a unit price of 10 cents per share.

There have been no other capital raisings since May 2022

Transaction Overview

Terms of offer:

Plentex is offering 4,750,000 Convertible Preference Shares at an issue price of A$1.00 with the aim of raising up to A$4,750,000. 

Subject to favourable investment market conditions, Plentex plans to carry out an IPO and seek listing on the ASX or AIM in the United Kingdom, or such other Recognised Stock Exchange as may be appropriate, by no later than 31 March 2025. 

The key terms of the Convertible Preference Shares:

Additional Information

Team