SalMar to raise up to €291m in equity

Gustav Witzøe requests flexible deal from the shareholders.

SalMar’s share price has risen to the highest levels of all time. The fish farm has now engaged Arctic Securities and Carnegie to issue 4.5 million new shares. Taking into account the company’s last traded share price, of NOK 651, it will be just over EUR 291 million.

“In the current market environment, SalMar sees several attractive
growth and investment opportunities across the entire value chain from roe to plate. These opportunities include purchase of salmon production licenses and company acquisitions, as well as organic investments in smolt production, coastal farming operations, harvesting and processing activities. SalMar has also taken a pole position in developing large-scale offshore farming, initially in Norway and eventually in other suitable locations. This is being pursued through the application for the establishment of the Smart Fish Farm pilot project for production in the open ocean where the company has received eight development licenses and through building an organisation and a construction pipeline to allow the rapid development of large-scale offshore and semi-offshore sustainable salmon farming, based on SalMar’s sustainable, best in class operational performance. The net proceeds from the Private Placement will be applied across these opportunities, subject to strict profitability and operational quality criteria”, the company stated.

CEO and main shareholder Gustav Witzøe is essentially asking for full flexibility.

Witzøe-controlled Kverva Industrier (the largest shareholder in SalMar with an ownership of 52.46 per-cent), has pre-subscribed for their pro-rata share of the offer shares at the subscription price determined through the book building process.

LIN, a company closely related to Leif Inge Nordhammer, chairman of the board of the company, has committed to subscribe for new shares for EUR 1,500,000 in the private placement.


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