Reference is made to the stock exchange announcement made by Codfamers ASA (“Codfarmers” or the “Company”) dated 8 February 2012 regarding the private placement of 15,000,000 new shares at a subscription price of NOK 2 per share (the “Private Placement”) and subsequent offering of up to 15,000,000 new shares at a subscription price of NOK 2 per share (the “Subsequent Offering”). The Private Placement and the Subsequent Offering was today approved by an extraordinary general meeting of the Company.

Kontrari AS has subscribed for 5 million new shares in the Private Placement. Kontrari AS is owned by Frode Teigen, who is a member of the Board of Directors of Codfarmers. Following completion of the Private Placement, Frode Teigen and Kontrari AS will own 11,384,699 shares (19.87%) and 7,521,886 shares (13.13%) in the Company, respectively. In total, Frode Teigen and Kontrari AS will own 18,906,585 shares (33.0%) in the Company.

Dolphin Management AS has subscribed for 6,250,000 new shares in the Private Placement. Following completion of the Private Placement, Dolphin Management AS will own 13,386,834 shares (23.37%) in the Company. Øivind Tidemandsen, who owns a majority of the shares in Dolphin Management AS, is a member of the Board of Directors of Codfarmers.

AS Banan has subscribed for 3,750,000 new shares in the Private Placement. Kristian Nergaard, who is a deputy member of the Board of Directors of Codfarmers, is a significant shareholder of AS Banan. Following completion of the Private Placement, AS Banan will own 4,587,409 shares (8.01%) in the Company. Halfdan Holme AS, an affiliated company of Kristian Nergaard and AS Banan, owns 326,807 shares (0.77%) in the Company. In total, AS Banan and Halfdan Holme AS will own 4,914,216 shares (8.58%) in the Company.

For further 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

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.



About Us

ABOUT CODFARMINGCOD BOOM The latest issue of “norsk Fiskeoppdrett” (#10, October 2007, focused on the development in cod farming and predicted a boom within the coming two years in this relatively new industry. The following extract of just one of the articles offers a brief background for the prediction. THE TABLE IS SET FOR COD Traditionally, the battle for fishing rights has been very hard. In recent history, it should suffice to mention the cod war between UK and Iceland, Canada throwing Portuguese and Spanish vessels out of its national waters when fishing at Grand Banks, as well as Iceland’s demand for fishing rights in what Norway considered Norwegian territorial waters. In 1987 2.1 million ton cod was caught in the North Atlantic. Since then, landings of North Atlantic cod has been reduced by more than 1.2 million tons down to 0.8 million tons in 2006. Iceland has announced a quota reduction in 2007/8 of 30% amounting to 65,000 tons of cod – this equals two years of total volume of cod caught in the Norwegian Lofoten fisheries. In the Barents Sea, quotas seem to remain stable so far. Volumes of cod from the North Atlantic appear to remain relatively stable in the medium-term and the gap between supply and demand has to be filled by aquaculture. THE MARKET Cod is no new species. With a global market of more than a million tons, the cod farmers don’t have to worry about first building the market. In Europe alone, 100,000 tons of fresh cod is sold annually. It is possible to increase this volume considerably with fresh cod and cod products without impacting prices negatively. Once can make a small comparison with the salmon farmers who produced 600 tons in 1974. They had to develop a whole new market for their products, which until then had been a small niche market. The cod farmers come to a table already set. They only need to fill it with good quality products. Extract of article in the publication “norsk FISKEOPPDRETT” Nr. 10, October 2007 (, by Stein-Ove Hansen, Analyst, Terra Securities (un-official translation by Codfarmers)