Share Issue/Capital Change • Feb 18, 2022
Share Issue/Capital Change
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Andfjord Salmon AS: Leading seafood industry players Nutreco and Holmøy Group to make strategic investments in Andfjord Salmon
18.2.2022 10:50:38 CET | Andfjord Salmon | Inside information
Nutreco, a global leader in animal nutrition and aquafeed, and Norwegian seafood
group Holmøy, have agreed to invest in Andfjord Salmon, as part of a NOK 38
million private placement. In addition, Andfjord Salmon has entered into an
operational feed supply agreement with Nutreco's aquaculture business line,
Skretting.
"Nutreco is a highly reputable player in the aquaculture space, investing in the
industry, with Skretting supplying world-leading feed and services to
aquaculture producers all over the world. Holmøy is a highly respected Norwegian
seafood group with strong local connection to Andfjord Salmon. We are delighted
to enter into these agreements, which will bring on board two strategic
investors to Andfjord Salmon and secure supply of our preferred feed," says
Martin Rasmussen, CEO of Andfjord Salmon.
Nutreco, with over 12,000 employees in 37 different countries, is a global
leader in animal nutrition and aquafeed, with advanced nutritional solutions at
the origin of food for millions of consumers worldwide. In Norway, Nutreco
operates through its aquaculture business line, Skretting.
"At Nutreco we are committed to our purpose of Feeding the Future. Our
investment in Andfjord Salmon fully supports our ambitions to provide solutions
to a dynamic and important sector that is essential to ensure that aquaculture
continues to meet the seafood needs of our growing global population in a
sustainable way," says Erik Tveteraas, Investment Director at Nutreco.
Holmøy is a seafood group based in Vesterålen, North Norway. It is one of
Norway's largest players within whitefish and salmon. The group's main
activities are operation of trawlers through Prestfjord AS; ocean-based fish
farming through Eidsfjord Sjøfarm AS, which has an annual production of 20,000
tonnes Atlantic salmon; and Holmøy Fryseterminal, which offers cold storage of
fish and other services. Holmøy group will invest in Andfjord Salmon through its
fish farming company Eidsfjord Sjøfarm AS, which already owns 66,400 shares in
Andfjord Salmon.
"Fish is our area of expertise, and we are dedicated to developing new
technologies and production methods. Investing in Andfjord Salmon is therefore a
natural commitment to an industry we are passionate about and where both
companies are strongly connected to Vesterålen and North-Norway. We also hope
that this investment can stimulate discussions about further cooperation
opportunities between the Holmøy group and Andfjord Salmon," says Knut Roar
Holmøy, CEO of the Holmøy group and member of Andfjord Salmon's board of
directors.
Nutreco will invest NOK 20 million in Andfjord Salmon, while Eidsfjord Sjøfarm
will invest NOK 8 million.
THE INVESTMENT
Under the agreement, Andfjord Salmon will issue, and Nutreco and Eidsfjord
Sjøfarm will, respectively, subscribe for 505 050 and 202 020 new shares in
Andfjord Salmon through a directed private placement. In addition, Andfjord
Salmon's founder and board member Roy Bernt Pettersen will contribute a further
NOK 10 million in new equity, by subscribing for 252 525 new shares in the
private placement.
The new shares will be issued by the board pursuant to the authorization granted
by the annual general meeting on 6 May 2021. The private placement will require
a deviation from shareholders' pre-emption rights, in line with the
authorization granted by the general meeting. The board has considered the
structure of the private placement in light of relevant equal treatment
regulations, and concluded that it will be in both the Company's and its
shareholders' interest to carry out the private placement as set out herein,
taken into account inter alia the expertise, partnership and commitments offered
by the investors and in view of the further development of the company.
The subscription price per new share of NOK 39.60, is equal to the average
volume weighted price of the Andfjord Salmon shares in last the 60 trading days
on Euronext Growth Oslo. In total, the private placement will raise gross
proceeds of NOK 38 million. The proceeds are intended to be used partly for
funding the company's expansion plan and general corporate purposes.
Following completion of the directed private placement, subscription of the new
shares and relevant registrations, the share capital of Andfjord Salmon will be
NOK 36 893 995, divided on 36 893 995 shares.
FEED SUPPLY AGREEMENT
In conjunction with investment, Andfjord Salmon has entered into a long-term,
running strategic feed supply agreement with Skretting. The feed supply volume
will be adapted on an ongoing basis to Andfjord Salmon's production volumes of
Atlantic salmon.
Under the agreement, Skretting commits to supply a feed that is specifically
tailored to Andfjord Salmon's flow-through technology to ensure optimal water
quality, fish welfare and growth conditions in the land-based pool. This will
also ensure the production of a premium quality salmon.
Skretting's experts will also participate in a technical advisory committee,
which will provide advice to Andfjord Salmon's production protocols and
regularly evaluate production KPIs with the objective of further improving
conditions for the fish.
"Our aim is to have the world's most fish-friendly and sustainable fish farming
facility of its kind. That is why we are entering into a long-term agreement
with a partner that is dedicated to the continuous development and evolution of
fish feed ingredients and combinations, driving the sustainability
transformation within raw materials for fish feed. This cooperation with
Skretting will help to optimise fish welfare and growth conditions while keeping
our environmental footprint as small as possible," adds Martin Rasmussen.
Sparebank1 Markets AS acted as sole financial advisor to Andfjord Salmon in the
transaction.
DISCLOSURE REGULATION
This information is subject to the disclosure requirements set out in section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
* Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345,
* Martin Rasmussen, CEO, +47 975 08 665, [email protected]
ABOUT ANDFJORD SALMON
About Andfjord Salmon AS
Located at Kvalnes on the island of Andøya on the Arctic Archipelago of
Vesterålen, Norway, Andfjord Salmon has developed an innovative and sustainable
aquaculture concept for land-based farming of Atlantic salmon, based on a
flow-through technology solution . The company's ambition is to build the
world's most sustainable aquaculture facility of its kind.
Andfjord Salmon AS is listed on Euronext Growth under the ticker ANDF.
www.andfjordsalmon.com - http://www.andfjordsalmon.com
About Nutreco
Every day, Nutreco's 12,300 dedicated employees in more than 37 countries across
the globe relentlessly pursue our purpose of Feeding the Future in a way that
ensures sustainability is front and centre in all we do. Our solutions go beyond
nutrition - we provide best-in-class advice and technology to help our customers
produce more food, in a sustainable way, to feed our growing population. With
over 100 years of experience, Nutreco is a global leader in animal nutrition
through our Trouw Nutrition business line, and in aquaculture through our
Skretting business line. Our NuFrontiers team works to identify, develop and
invest in next-generation breakthrough innovations throughout the value chain.
In 2020, Nutreco had net revenues of EUR6.4 billion. The company is a subsidiary
of SHV Holdings N.V., a family-owned multinational with net sales of EUR17 billion
in 2020.
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