Five of Atlantic Sapphire’s largest shareholders transferred all their shares to Coral HoldCo AS on 26 June, giving the new vehicle 63.58% control of the land-based salmon producer.
Coral Holding now holds 22,799,132 shares in the Miami-based company, Atlantic Sapphire said in a disclosure to Oslo Børs.
Coral Holding is a joint investment company formed by Condire Management L.P., Nordlaks Holding AS, Nokomis Capital Master Fund L.P., Strawberry Capital AS and Joh. Johannson Eiendom AS.
Each of the five transferred their entire holdings and now falls below the 5% disclosure threshold under the Norwegian Securities Trading Act.
Nordlaks transferred 5,787,957 shares, equal to 16.14% before the deal. Condire Management transferred 5,787,271 shares, also 16.14%. Nokomis moved 4,913,249 shares, or 13.70%.
Strawberry Capital transferred 3,248,416 shares, or 9.06%, and Joh. Johannson Eiendom 3,062,239 shares, or 8.54%.
The transfer forms part of the company’s contemplated restructuring. Atlantic Sapphire entered a Restructuring Agreement on 23 May and published an update earlier on 26 June regarding the offer from Coral Holding.
Coral Holding combines several of the company’s largest shareholders and convertible loan holders.