Embattled health food producer Murray River Organics hopes its shares will start trading again early next month after nearly five months in suspension.

Murray River — an Australian dried fruit producer that operates along the entire supply chain — is undertaking a $30 million raising as part of a turnaround strategy.

Last year the business lost $59.6 million on revenue of $68.5 million.

Murray River (ASX:MRG) told investors last week that major shareholder Thorney Investment Group had committed to take its full entitlement of the new $30 million offer, which is priced at 10c.

The stock last traded in May at 31c — a 75 per cent discount to its $1.30 IPO price in December 2016 which raised $35 million. The business had $3.8 million left in the kitty at the end of June.

A shareholder offer opens today — also priced at 10c — offering 2.4 new shares for each share owned.

All going well, Murray River hopes the shares will again trade fom November 2.

Murray River Organics shares (ASX:MRG) have been suspended since the end of May.
Murray River Organics shares (ASX:MRG) have been suspended since the end of May.

The company has been suspended since the end of May amid a series of headaches followed since first listing in late 2016.

Its 2018 harvest only turned up 3,105 tonnes of dried fruit and fresh table grapes — which was lower than its disastrous 2017 harvest.

In April Murray River told investors the dark days were over, following a saga where its two founders were forced out and the company had to write down profit and inventory, only to return by rolling the board.

They appointed a “turnaround expert”, Valentina Tripp, as new CEO.

In early August its property values were downgraded and it referred alleged improper conduct by a former staff member to the authorities.

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