Did you know that 18 million Sydney rock oysters were grown in Wallis Lake in 2019?
One of the Barrington Coast’s iconic food producers has announced plans to list on the Australian Securities Exchange (ASX). This will allow them to raise capital to grow the business which is good news for East 33 and for the millions of consumers who enjoy the premium quality Sydney rock oysters grown right here in the Barrington Coast. If you’ve tried our local oysters then you’ll understand why the demand for this salty-sweet-umami mollusc is unstoppable.
Here’s their finance news release in case you’d like to jump aboard this successful Barrington Coast business. (NB. Always get independent financial advice before making decisions to buy shares.)
“Set to be Australia’s largest producer and supplier of Sydney rock oysters (SROs), East 33 Limited has announced details of an initial public offering and its plan to list on the Australian Securities Exchange (ASX).
Through a partnership-style acquisition approach East 33 has emerged rapidly as a dominant producer and supplier of SROs, which are found in a limited number of estuaries on the NSW coast and increasingly prized as a rare premium oyster.
East 33 operate 38 hectares of oyster leases in Wallis Lake. In 2019 Wallis Lake produced 18 million SROs, accounting for 25% of the total market. Manning River SROs accounted for 2%.
East 33’s co-founder and Executive Chairman, James Garton, said: “We are proud to be part of the transformation of the Sydney rock oyster industry. This unique oyster has been enjoyed in Australia for more than 150 years and we look forward to deploying the skills of our farmers to showcase it to the world. The Sydney rock oyster should be our native version of French Champagne or Beluga Caviar.”
A key feature of its East 33’s acquisition model is the continued participation of the oyster farm operators in the new company. Many of these operators are families that have been involved in the industry for generations including the Sciacca family who is one of the oldest oyster farming families in the Wallis Lake district, farming and fishing from 1889 with official titles being taken up in 1916.”
For more information visit the East 33 website.