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NORDIC HALIBUT PLANS PRIVATE PLACEMENT OF NEW SHARES

NORDIC HALIBUT PLANS PRIVATE PLACEMENT

Nordic Halibut plans private placement of new shares. Nordic Halibut AS has engaged Pareto Securities AS and SpareBank 1 Markets AS as Joint Global Coordinators and Bookrunners to advise on and effect a contemplated private placement of new shares raising gross proceeds of up to NOK 270 million and admission to trading of the Company’s shares on Euronext Growth Oslo.

Nordic Halibut was established in 1995 and is a first mover in the growing halibut farming industry. With its main location near Averøy, the Company already has licenses in place to produce a total volume of 4,500 tonnes on an annual basis. The Company is fully integrated in all stages of production, from eggs to sale and distribution of fully-grown Atlantic halibut, and has a well-developed value-chain ensuring strong biological control and very high product quality.

With prime locations in Northwest Norway, Nordic Halibut’s fish are farmed in their natural cold-water habitat, ensuring favourable growth conditions and contributing to fish welfare. The Company focuses on sustainable production throughout its entire farming cycle, and with no antibiotic treatments in sea or prevalence of lice.

The Company has a tangible growth plan, targeting annual production volume of 4,500 tonnes in 2026 and 9,000 tonnes in 2030.

The Private Placement will consist of a new share issue of NOK 270 million in the Company. The price per share in the Private Placement has been set to NOK 22.50, equivalent to a pre-money equity value of the Company of approximately NOK 402 million based on the 17,876,280 shares currently outstanding in the Company. In addition, the Managers may elect to over-allot additional existing shares equivalent to up to approximately NOK 30 million, representing approx. 11 percent of the offering size in the Private Placement pursuant to an over-allotment option.

Three investors have pre-committed to subscribe for and will be allocated Offer Shares for a total amount of NOK 67 million distributed as follows: NOK 40 million from Handelsbanken Fonder / NOK 17 million from Børge Hald / NOK 10 million from Melesio.

In addition, certain existing shareholders have pre-committed to subscribe for Offer Shares for a total amount of NOK 82 million distributed as follows: NOK 30 million from Kontrari / NOK 20 million from Farvatn Private Equity / NOK 15 million from T.D. Veen / NOK 15 million from Jakob Hatteland / NOK 2 million from Aino. In total, the Managers have received firm pre-commitments to subscribe for Offer Shares for a total amount of NOK 149 million, corresponding to approx. 50% of the Total Offering.

The net proceeds from the transaction will be used to fund, subject to availability of debt financing, the Company’s growth plan including (i) a new land-based facility for broodstock, juvenile and on growth (ii) expansion of sea operations at Eide and (iii) the establishment of VAP capabilities, as well as for general corporate purposes.

 

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