As a result of the share issue being fully subscribed DnB NOR and Nordea will as previously communicated convert NOK 500 million of the company's debt to equity through a private placing. The debt will be converted at NOK 1,00 per share equal to the share price in the public offering. Subsequent to this the equity share will be above 35 percent. The balance sheet is cleared for goodwill and immaterial assets and the licenses have been valued at a low NOK 4.5 million each.
- We are very satisfied with the response from our shareholders. This is an important milestone and a vote of confidence to our focused strategy and not least the fantastic job which has been done by our employees through this difficult period of restructuring, says CEO Atle Eide and continues: - Pan Fish is through this positioned to carry through the planned increase in production, and to realize the vision of supplying the global market with quality salmon at the lowest cost in the industry. The key to achieve this lie in the strong competence we have in our organisation. 2005 will, as communicated in the presentations made through the subscription period, be an intermediate year where the biomass will be increased. Harvesting will be limited as we approach 2006 and 2007 when the company will fully capture the effects of low debt and strongly declining depreciations simultaneously as the lowest cost targets are realised.
The company receives a gross amount of NOK 200 million through the public share issue. Allocation of shares will be sent to the subscribers May 30th. Settlement for the subscribed shares is expected to take place June 1st. Shares issued in the public share issue is expected to be available for trading at Oslo Stock Exchange on June 6th. DnB NOR Markets and First Securities have handled the share issue.
For additional information: CEO Atle Eide, Pan Fish ASA, +47 911 52 977
Atle Eide CEO
Pan Fish ASA
