In reference to the announcement earlier today, Monday 10th of October, that Pan Fish has entered into an agreement to acquire Norwegian fish farmer AquaFarms. As part of the financing of the transaction the board of Pan Fish has resolved to carry out an increase in the company's capital stock through a private placement of 123.4 million new shares to a consortium established by First Securities ASA and Nordea Securities ASA.
The subscription price for the new shares is NOK 1.67 per share, corresponding to the share's closing price the previous day of trading. In total approx. 400 million shares were subscribed for, corresponding to an over-subscription of more than 300 percent. The subscription consortium consists mainly of major professional/institutional investors. Pan Fish's principal shareholder was assigned approximately 59.6 new shares.
Upon registration of the private placement the company's share capital will be NOK 1,018,587,408.75, divided into 1,358,116,545 shares, each with a face value of NOK 0.75. The private placement is expected to be registered in the Register of Business Enterprises (Foretaksregisteret) approximately 17th of October 2005. The gross proceeds from the private placement are NOK 206.1 million.
The remaining part of the acquisition of AquaFarms which is not covered directly by the private placement of shares will be financed through a liable subordinated loan provided by the main shareholder.
For further information, please contact: CEO Atle Eide, +47 911 52 977