Today, July 2 2009, Aker Seafoods has sent a conditional offer to repurchase a
Bonds (ISIN No: IS 0000010874) (the “Bonds”) issued and listed on Nasdaq
OMXNordic Exchange Iceland under the name AKS 05 1 at par of exchange. The
Bonds are referred to in Aker Seafoods' annual report 2008 (note 25). The Bonds
were obtained in Iceland in the year 2005 and its loan term ends in 2010. The
repurchase of the bond loan is with reservations, which among others depends on
qualified financing, acceptance grade, and access to foreign currency at the
time of settlement.
The offer to repurchase the Bonds is a part of the long-term plan for Aker
Seafoods ASA as communicated in the stock exchange release on 23.03.09. The
acquisition is thereby part of the framework for a financial corroboration of
the company that the board has been working on since the publishment of the
stock exchange release mentioned above. The financing of the repurchase is
likely to consist of external financing combined with capital from the company
owners, and Aker, who is the primary owner of the company, has communication
that it is positive to contribute to carry out the plan.
The background for the repurchase of the Bond in Iceland is that the interests
have increased in 2009. In addition, there is a foreign exchange risk towards
the Icelandic krona (ISK) as the original swap agreements between Aker Seafoods
and the Icelandic counterparty have beenterminated due to the opponent's
financial situation. The Bonds with thebelonging swap agreements has been
disclosed and commented on in Aker Seafoods' last two quarterly presentations,
and a prospective positive financial outcome of the transactions is yet not
possible to quantify.
The offer document, further describing the terms and conditions of the offer is
enclosed to this announcement.
For furter information, please contact:
Yngve Myhre, CEO, Aker Seafoods ASA. Telephone +47 24 13 01 60 Gunnar Aasbø,
CFO, Aker Seafoods ASA. Telephone +47 24 13 01 60
