Nearly a quarter of Atlantic Sapphire’s market value is shaved off in one day

Aslak Berge

The share price plunged 21.9 per-cent on Thursday.

The price drop didn’t put off three insiders who reported on share purchases. CFO Karl Johan Øyehaug, board member Tone Bjørnov and sales director Damien Claire bought a total of 6,800 shares during the day.

It was a tough day for land-based fish farmer.

A total of 2.5 million shares were traded on Thursday. Since mid-March, 37 per-cent of the company’s market value has been wiped away.

Atlantic Sapphire’s stock price development. Source: Infront
SOURCE: Infront

After what SalmonBusiness has reason to believe, part of the steep fall in share prices is due to the forced sale of shares. Several of the company’s shareholders have heavily leveraged positions.

Atlantic Sapphire has had a nightmare week. At first, three people were seriously injured after cleaning a tank. The company then presented a trading update – far below expectations.

On Thursday afternoon, announced that the land-based fish farming company has terminated its agreement with equipment supplier Billund Aquaculture, which management quickly blamed for the alleged design error that is alleged to have caused the loss of 500 tonnes of salmon on March 23.

When asked if Billund will be part of stage 2, CEO Johan E. Andreassen stated: “No, in that case it will be only a small part”.