AKVA group ASA: New strategic investor and targeted cooperation within land-based farming
29 September 2021 - 3:45PM
AKVA group ASA: New strategic investor and targeted cooperation
within land-based farming
Israel Corp., a listed Israeli investment company that
owns and invests in high quality companies with established
managements and go-to markets, will take an appr. 15% stake in AKVA
group ASA ("AKVA"), and partner with AKVA in attracting investments
for land-based projects based on AKVA solutions and technology.
Egersund Group AS will still hold the majority ownership in
AKVA.
AKVA has today entered into an agreement with Israel Corp.
(TASE: ILCO) that will result in Israel Corp. taking a 15%
ownership stake in AKVA. The investment will be completed through
(i) a private placement of 3,333,430 newly issued shares
(corresponding to appr. 10% of the current outstanding shares in
AKVA) at a subscription price of NOK 96.50 per share and an
aggregate amount of NOK 321.7 million, and (ii) purchases of
minimum 2,166,730 shares from existing shareholders in AKVA at a
purchase price of NOK 96.50 per share and a total aggregate
purchase amount of up to NOK 209.1 million (assuming 2,166,730
shares).
As part of the transaction, Israel Corp. will become entitled to
appoint one board member in AKVA as long as it holds minimum 12%
ownership position in the company. In addition, for a period of 24
months following the closing of the investment and as long as ILCO
holds at least 12% of AKVA’s shares, ILCO shall be entitled to
participate in any capital raising in such a manner that ILCO’s
holdings in AKVA’s share capital shall be retained (pre-emptive
rights).
AKVA and Israel Corp. have furthermore agreed to work towards
establishing an investment platform for investments in land-based
aquaculture facilities worldwide, using AKVA technology and
solutions. The parties expect to contribute USD 10 million each to
the platform or to land-based aquaculture projects worldwide, with
the goal of raising further commitments from co-investors and
partners to reach a total of up to USD 100 million.
Knut Nesse, CEO AKVA comments: "We are very pleased to welcome
Israel Corp. as a long-term, strategic shareholder in AKVA. We
believe that Israel Corp.’s global business experience and
technology background will contribute to our goal to build a
world-leading offering of technical & digital solutions within
sea and land-based aquaculture. "This transaction will enable AKVA
to accelerate the execution of our current strategy, to
significantly step up our innovation agenda, and to transform our
land-based strategy”.
Yoav Doppelt, CEO Israel Corp. comments: "We look forward to
working with AKVA to accelerate growth in sustainable food
production and further develop AKVA's technological leadership
within the aquaculture industry. Our discussions with AKVA
convinced us that AKVA is a leading global player in the
aquaculture industry, and best positioned to capture the global
land-based opportunity”.
To complete the transaction as outlined above, Israel Corp. has
today launched an offer through its financial adviser DNB Markets
directed to all AKVA shareholders to in aggregate purchase minimum
2,166,730 existing shares in AKVA at a price of NOK 96.50 per
share. The maximum number of shares acquired by Israel Corp. will
be determined by Israel Corp. at its sole discretion following
expiry of the offer period, provided however that Israel Corp.’s
aggregate holding of shares in AKVA upon completion of the offer
and the private placement of new shares shall not exceed 19.99%.
AKVAs' main shareholder Egersund Group AS has committed to
participate in the offer on a pro rata basis and has also agreed
with Israel Corp. that it will provide a back-stop facility of up
to 2,166,730 shares to enable Israel Corp. to reach a minimum
holding of 15% on a fully diluted basis. Further information about
the offer terms and settlement of the offer will be posted on
www.dnb.no/emisjoner and on AKVA's website.
The shareholders in AKVA are invited to attend an Extraordinary
General Meeting to approve the issue of new shares to Israel Corp.
and other matters necessary to complete the transaction to be held
at 17:00 hours (CEST) on 20 October 2021 at Svanavågveien 30,
Egersund, Norway. Please find enclosed the Notice of the
Extraordinary General Meeting, including a detailed agenda,
attendance form and proxy form.
Dated: 29 September 2021AKVA group ASA
Web: www.akvagroup.com
CONTACTS: Knut Nesse - Chief Executive Officer Phone: +47 51 77
85 00 Mobile: +47 91 37 62 20 E-mail: knesse@akvagroup.com Ronny
Meinkøhn - Chief Financial Officer Phone: +47 51 77 85 00 Mobile:
+47 98 20 67 76 E-mail: rmeinkohn@akvagroup.com
***
This information is considered to be inside information pursuant
to the EU Market Abuse Regulation and is subject to the disclosure
requirements according to section 5-12 of the Norwegian Securities
Trading Act. The information was submitted for publication by Ronny
Meinkohn (CFO) (contact details as set out above) on 29 September
2021 at 07:30 CET.
About AKVA group ASA
AKVA group ASA is a global technology and service partner that
deliver technology and services that helps
solve biological challenges within the aquaculture
industry. Good operational performance and fish welfare
ensures sustainability and profitability for the customer.
This is the premise for everything we deliver, from single
components to services and complete installations. In-depth
aquaculture knowledge, extensive experience and a high capacity for
innovation characterizes and enables us to deliver the best
solutions for both land-based and sea based fish farming.
- Notice Extraordinary General Meeting - AKVA group ASA
Akva Group Asa (LSE:0DIP)
Historical Stock Chart
From Apr 2024 to May 2024
Akva Group Asa (LSE:0DIP)
Historical Stock Chart
From May 2023 to May 2024