Borregaard — M&A Activity 2023

Apr 13, 2023

Borregaard ASA: Borregaard to increase its ownership in Alginor to 35%

Borregaard ASA: Borregaard to increase its ownership in Alginor to 35%

Reference is made to the stock exchange release of 23 July 2021 regarding

Borregaard's investment in the marine biotech company Alginor ASA.

Borregaard has exercised its right to increase ownership in Alginor. The value

of the equity transactions is approximately NOK 124 million of which NOK 120

million is a direct equity issue made exclusively to Borregaard. The remaining

NOK 4 million are shares acquired from a company controlled by the Alginor

founder. After these transactions and considering the employee share options

program, Borregaard will hold 35% of the shares in Alginor on a fully diluted

basis.

The direct equity issue will facilitate investments that shorten the time to

market for commercial volumes of Alginor's key product, alginate. This includes

expanding parts of Alginor's demonstration plant to semi-commercial scale and

increasing the company's harvesting capacity at an earlier stage.

To date, Borregaard's committed investments in Alginor total approximately NOK

268 million.

For more information about Alginor, see https://alginor.no/.

Contact:

Director Investor Relations, Knut-Harald Bakke, +47 905 79 164

This information is subject to the disclosure requirements pursuant to Section

5 - 12 of the Norwegian Securities Trading Act.