COD – LETTER OF INTENT FOR THE SALE OF ATLANTIC COD FARMS
Codfarmers ASA (“Codfarmers” or the “Company”) has entered into a letter of intent with a financially strong industrial player regarding Codfarmers’ sale of Atlantic Cod Farms AS and its subsidiaries (“ACF”), other than Festøy Eiendom AS. The parties have agreed on a value of the assets and rights of ACF in the amount of NOK 40 million, and that the debt in ACF shall be deducted when determining the price for the shares in ACF. Codfarmer’s loan to ACF, which currently is in the amount of NOK 55 million will be converted into shares in ACF. The main portion of the amount of NOK 40 million will be used for repayment of third-party debt in ACF.
Completion of the transaction is inter alia subject to the buyer’s due diligence review of ACF, the parties agreeing on a final share purchase agreement, and that the transaction is being approved by the boards of directors of the parties and by relevant authorities.
It is uncertainty attached to whether and if so, when, the transaction will be completed.
For additional information, please contact:
Marianne E. Johnsen, Chair of Codfarmers, telephone +47 93 66 30 00
Harald Dahl, CEO of Codfarmers, telephone +47 90 11 92 82