A company set up to save rare native animals from extinction in a network of bushland reserves has wound up on the endangered list as it struggles with a A$10 million (about HK$40.46 million) funding gap.
Earth Sanctuaries was set up almost 20 years ago by biologist Dr John Walmsley, a charismatic and controversial conservationist who habitually wears a cap made from a dead feral cat, considered a public enemy for wiping out many of Australia's smaller marsupials.
The firm rose to prominence in 2000 when it became the world's first conservation company to go public, listing on the Australian Stock Exchange in a A$15 million float.
But shares never traded above the issue price of A$2.50 and they closed yesterday at about 20 Australian cents.
Last year the company posted a net loss of A$13.69 million on revenue of A$1.49 million.
It has announced it will be restructured and will seek a buyer for all its assets, including 10 wildlife sanctuaries spread across South Australia, New South Wales and Victoria, valued at A$15 million.