Statt Torsk ASA

M&A Activity • Aug 16, 2023

Statt Torsk ASA: Update on strategic review – letter of intent from Vesterålen Havbruk AS

Statt Torsk ASA: Update on strategic review – letter of intent from Vesterålen Havbruk AS

Reference is made to the stock exchange notice published on 8 August 2023 regarding the decision to initiate a strategic review in Statt Torsk ASA (“Statt Torsk”). The strategic review aims to optimize shareholder value and to secure financing through exploring a broad range of strategic alternatives, including financing, structural and business development opportunities. The Board of Directors in Statt Torsk (the “Board”) has appointed Pareto Securities and SpareBank 1 Markets as financial advisors for this review.

Statt Torsk is pleased to announce that it has received a letter of intent from Vesterålen Havbruk AS (“Vesterålen Havbruk”) regarding a potential business combination, of which the structure is yet to be determined. The proposal values the equity in Statt Torsk at NOK ~255m (implying a value per share of NOK ~1.20) and Vesterålen Havbruk at NOK ~610m. The potential transaction is contemplated to be settled in Vesterålen Havbruk shares and may involve a delisting of Statt Torsk shares from trading on Euronext Growth Oslo. Based on this Statt Torsk has decided to enter into a period of discussions with Vesterålen Havbruk to further explore the business combination and evaluate the proposal. Further announcements will be given when the process has been concluded.

As part of the business combination, Statt Torsk may temporarily modify its plans to transfer juveniles to its Rekvika site. Statt Torsk will in any case continue to deliver high-quality fresh cod from its Stokkeneset site where the majority of the production is being sold on a long-term contract at attractive prices.

About Vesterålen Havbruk

Vesterålen Havbruk AS is a white fish group primarily located in Øksnes and Bø municipality. The company’s subsidiaries are involved in harvesting of farmed cod, processing facility for wild and farmed cod/salmon, and are also running a traditional fish reception. In Q4 2023 the company will have the first operational stun and bleed vessel delivered, specialized for farmed cod. The company has already conducted one production cycle on farmed cod in the Northern areas. Vesterålen Havbruk AS employs 200 people and are privately held.

No assurances can be given as to the outcome of the dialogue with Vesterålen Havbruk, nor the timing of concluding the process. Further announcements will be given when the discussions are concluded, or Statt Torsk determines that disclosure is required or appropriate.

This update on the strategic review is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange notice was published by Bjug Borgund, CFO, on 16. August 2023 at 16:40 CET.

For more information contact:

Gustave Brun-Lie, CEO, gbl@statt.no

For inquires to Vesterålen Havbruk:

Brynjar Kværnstuen, CEO, brynjar@vesteralenhavbruk.com