Andfjord Salmon says biology stable at Kvalnes, confirms NOK 300m ($30 million) share issue fully subscribed.
Andfjord Salmon Group said it has restarted fish farming operations at its Kvalnes site on Andøya and reported stable biological conditions following the release of around 1.1 million smolt across two pools during September and October.
The company said around 350,000 smolt were released in pool K0 and around 750,000 in pool K1. Chief executive Martin Rasmussen said growth in pool K0 is more than 30% ahead of Skretting’s ocean net pen growth table, and that solid growth combined with high survival rates is supporting a rapid ramp up of biomass.
The operational update came after the company, shortly before midnight on Monday, said its previously announced equity issue of NOK 300 million ($30 million) was fully subscribed. Andfjord Salmon said it will issue 11,548,126 new shares at NOK 26.70 per share.
The company said the financing was raised as a precautionary measure tied to budget pressures at Kvalnes, following cost revisions and a compensation claim against its prior main contractor related to the site build out.
Andfjord Salmon’s largest shareholder, Portuguese retail group Jerónimo Martins Agro-Alimentar, participated in the share issue, according to the company. DNB Carnegie, SpareBank 1 Markets and Nordea acted as lead managers.
