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.
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 €6.4 billion. The company is a subsidiary of SHV Holdings N.V., a family-owned multinational with net sales of €17 billion in 2020.
Bjarne Martinsen, CFO, +47 975 08 345, email@example.com
Martin Rasmussen, CEO, +47 975 08 665, firstname.lastname@example.org