COD – FINAL RESULT OF VOLUNTARY EXCHANGE OFFER

 

Reference is made to the announcements made by Codfarmers ASA (“Codfarmers”) on 14 September 2011 regarding the publication of the offer document relating to the voluntary exchange offer (the “Offer”) for all issued and outstanding shares in Atlantic Cod Farms AS (“ACF”) and on 22 September 2011 regarding the preliminary result of the Offer.

Following final registration of acceptances in the Norwegian Central Securities Depository (the “VPS”), the final acceptance level in the Offer is 98.8% or a total of 668,493,217 shares in ACF.

Further, the conditions to the Offer regarding termination of warrants issued by ACF and consents to change of ownership in ACF have also been fulfilled. Accordingly, all conditions to the Offer have been satisfied.

It is expected that delivery and listing of the consideration shares to be issued by Codfarmers in connection with the Offer to the accepting ACF shareholders will take place on or about 29 September 2011.

Contact persons:

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

 

 

About Us

ABOUT CODFARMINGCOD BOOM The latest issue of “norsk Fiskeoppdrett” (#10, October 2007, www.kyst.no) 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 (www.kyst.no), by Stein-Ove Hansen, Analyst, Terra Securities (un-official translation by Codfarmers)