Atlantic Sapphire (ASA)

[trygve-lie]

Det tek botten ikke får med seg: https://newsweb.oslobors.no/obsvc/attachment.obsvc?messageId=548611&attachmentId=228864&obsvc.item=1

[TekBot]

Atlantic Sapphire ASA: NFSA review of financial reporting – receipt of preliminary notice

Miami, FL, 10 December 2021

Atlantic Sapphire ASA (“Atlantic Sapphire” or the “Company”, and together with its consolidated subsidiaries, the “Group”) has received certain information requests from the Financial Supervisory Authority of Norway (the “NFSA”) in respect of the Company’s accounting treatment of its financial reporting of the Group’s credit facility (the “Credit Facility”) with DNB Bank ASA, New York Branch, and Farm Credit of Florida, ACA (together, the “Lenders”). Such information request is issued as part of the NFSA’s control of periodic financial reporting pursuant to the Norwegian Securities Trading Act §19-1, second paragraph.
…

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On 9 December 2021, Atlantic Sapphire received a preliminary notice regarding its accounting treatment of the Credit Facility in the Group’s Consolidated Statement of Financial Position as of 30 June 2021 regarding its failure to meet a financial covenant. The NFSA indicated that they are considering requiring that the Group issue restated financial accounts and report as of and for the six-month period ended 30 June 2021 (the “First Half 2021 Financial Statements”).

Pursuant to the Credit Facility, the Group’s EBITDA is required to exceed certain levels. For the three-month period ended 30 June 2021, the Group’s Q2 EBITDA was required not to be less than negative USD 7 million. As reported in the First Half 2021 Financial Statements on 26 August 2021, the EBITDA of the Group for the six months ended 30 June 2021 was negative USD 42 million, of which negative USD 13 million relates to the three-month period ended 30 June 2021. As such, the Group began the process of obtaining a waiver from the Lenders with respect to such breach prior to 30 June 2021. Prior to the announcement of the First Half 2021 Financial Statements on 26 August 2021, the Group received the formal waiver from the Lenders.

In the previously published First Half 2021 Financial Statements, the Credit Facility was, on the basis set out above, accounted for as a non-current liability in the Group’s balance sheet. The NFSA is of the view in its preliminary notice that the covenant breach implied that the Lenders technically had, as of 30 June 2021, a right to require repayment of amounts outstanding under the Credit Facility. Consequently, the NFSA is of the view that such amounts should have been treated as a current liability rather than as a non-current liability as of 30 June 2021, despite a waiver being obtained prior to the completion and publication of the First Half 2021 Financial Statements.

Even though the Group was in the process of obtaining such waiver as of 30 June 2021 and obtained such waiver prior the publication of the First Half 2021 Financial Statements, the Group acknowledges that no formal waiver had been received as of 30 June 2021. Following a review of applicable IFRS standards and interpretations, the Group agrees with the NFSA that the USD 50 million of amounts outstanding under the Credit Facility should have been classified as a current liability accompanied by a note explaining that the formal waiver, which triggers a re-classification back to non-current liabilities, was obtained after 30 June 2021 and prior to the release of the First Half 2021 Financials Statements on 26 August 2021. Consequently, the Group will publish restated First Half 2021 Financial Statements in mid-January 2022.

The reclassification of the amounts outstanding under the Credit Facility in the restated First Half 2021 Financial Statements will have no effect for the Group. As mentioned above, the Group received a waiver from the Lenders for the relevant covenant as soon as practically possible and prior to publication of the First Half 2021 Financial Statements on 26 August 2021.

For further information, please contact:

Johan E. Andreassen
Chairman, Atlantic Sapphire ASA, and CEO, Atlantic Sapphire USA LLC;

Karl Øystein Øyehaug
Managing Director, Atlantic Sapphire ASA, and Chief Financing Officer, Atlantic Sapphire USA LLC

investorrelations@atlanticsapphire.com

About Atlantic Sapphire ASA
Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire has been operating its innovation center in Denmark since 2011 with a strong focus on R&D and innovation to equip the Company with the technology and procedures that enable the Company to commercially scale up production in end markets close to the consumer.

In the US, the Company has identified and obtained the requisite permits to construct its Bluehouse® in the ideal location in Homestead, Florida, just south of Miami. The Company has completed Phase 1 construction, which provides the capacity to harvest approximately 10,000 tons (HOG) of salmon annually. The Company completed its first commercial harvest in the US in September 2020. Atlantic Sapphire is currently constructing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tons, and has a targeted harvest volume in 2031 of 220,000 tons.

Kilde

[pleximus83]

…uffda😒

[Monok]

Litt av et selskap dette. Hva skal man si

[rayman]

Ett selskap som ikke har kontroll, blir mer og mer tydelig.

[pleximus83]

Kjedeligt…men håper dette løser seg ved å gå inn og justerer 2H tallene,slik at vi kan gå tilbake til fokuset på å utvikle selskapet.

For jeg vil da enda tro at bankene enda vil støtte selskapet til tross for denne regnskapsblemmen .

Edit.
Lest fra E24
"
Omklassifiseringen av det utestående beløpet under kredittfasiliteten i det nye regnskapet vil ikke ha noen effekt for Atlantic Sapphire, fremhever selskapet i meldingen…"

[Sverresen]

Du holder fortsatt plex?

[Christian]

De fikk vel et forsikringsoppgjør som løste dette problemet?

[rayman]

De har ikke fått noe enda

[Hytta2020]

Ja hvor langt ned skal kursen ned nå, jeg trodde nedgangen skulle komme igår…
Bare usikkerhet eller det noe mer

[trygve-lie]

Makro spiller nok inn endel om dagen.

Sikkert noen som leser dette litt feil også:

Eks-direktør i Atlantic Sapphire går til Proximar Seafood

[pleximus83]

Johan Andreassen

[TekBot]

Atlantic Sapphire ASA: Invitation to presentation of the Monthly Update for December 2021

Miami, FL, January 3, 2022

The Monthly Update for December 2021 will be published on Thursday January 6, 2022 at approximately 10:30 am ET / 16:30 CET.
…

Vis børsmeldingen

Atlantic Sapphire ASA invites investors and analysts to a webcast, during which the Monthly Update for December 2021 will be presented by management, followed by a Q&A session. The webcast will take place on Thursday January 6, 2022 at 11:00 am ET / 17:00 CET.

Please use the following link to access the webcast: https://bit.ly/34jM92r

All participants will be on mute. If you would like to ask a question during the Q&A session, please use the Q&A chat function.

For further information, please contact:

Johan E. Andreassen
Chairman, Atlantic Sapphire ASA, and CEO, Atlantic Sapphire USA LLC;

Karl Øystein Øyehaug
Managing Director, Atlantic Sapphire ASA, and Chief Financing Officer, Atlantic Sapphire USA LLC

investorrelations@atlanticsapphire.com

About Atlantic Sapphire ASA
Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire has been operating its innovation center in Denmark since 2011 with a strong focus on R&D and innovation to equip the Company with the technology and procedures that enable the Company to commercially scale up production in end markets close to the consumer.

In the US, the Company has identified and obtained the requisite permits to construct its Bluehouse® in the ideal location in Homestead, Florida, just south of Miami. The Company has completed Phase 1 construction, which provides the capacity to harvest approximately 10,000 tons (HOG) of salmon annually. The Company completed its first commercial harvest in the US in September 2020. Atlantic Sapphire is currently constructing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tons, and has a targeted harvest volume in 2031 of 220,000 tons.

Kilde

[pleximus83]

oppdatering fra Fase 2

[TekBot]

Atlantic Sapphire ASA: Monthly Update for December 2021

Miami, FL, January 6, 2022

Atlantic Sapphire ASA (the “Company” or “Atlantic Sapphire”) announces its Monthly Update for December 2021. The Monthly Update includes details on biological performance, standing biomass, harvest volume, the development of the New Batches, price achievement and Phase 2 construction capex.
…

Vis børsmeldingen

Atlantic Sapphire invites investors and analysts to a webcast, during which the Monthly Update for December 2021 will be presented by management, followed by a Q&A session.

The webcast will take place today at 11:00 am ET / 17:00 CET.

Please use the following link to access the video conference call: https://bit.ly/34jM92r

All participants will be on mute during the webcast. If you would like to ask a question during the Q&A session, please use the Q&A chat function.

For further information, please contact:

Johan E. Andreassen
Chairman, Atlantic Sapphire ASA, and CEO, Atlantic Sapphire USA LLC;

Karl Øystein Øyehaug
Managing Director, Atlantic Sapphire ASA, and Chief Financing Officer, Atlantic Sapphire USA LLC

investorrelations@atlanticsapphire.com

About Atlantic Sapphire ASA
Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire has been operating its innovation center in Denmark since 2011 with a strong focus on R&D and innovation to equip the Company with the technology and procedures that enable the Company to commercially scale up production in end markets close to the consumer.

In the US, the Company has identified and obtained the requisite permits to construct its Bluehouse® in the ideal location in Homestead, Florida, just south of Miami. The Company has completed Phase 1 construction, which provides the capacity to harvest approximately 10,000 tons (HOG) of salmon annually. The Company completed its first commercial harvest in the US in September 2020. Atlantic Sapphire is currently constructing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tons, and has a targeted harvest volume in 2031 of 220,000 tons.

Kilde

[pleximus83]

Veldig bra presentasjon med vekst i biomasse,-men skulle ønske de kunne lagt ut sliden etter hver månedsoppdatering.

[trygve-lie]

skulle ønske de kunne lagt ut sliden etter hver månedsoppdatering.

De ligger i børsmeldingene:

Desember: https://newsweb.oslobors.no/obsvc/attachment.obsvc?messageId=550904&attachmentId=230299&obsvc.item=1

November: https://newsweb.oslobors.no/obsvc/attachment.obsvc?messageId=548611&attachmentId=228864&obsvc.item=1

Oktober: https://newsweb.oslobors.no/obsvc/attachment.obsvc?messageId=545865&attachmentId=226788&obsvc.item=1

Etc…

[pleximus83]

har du et estimat på hvor mye ca de vil trenge å ta emisjon,-og om eventuellt de vil ta opp noe lån for å endelig fullføre fase 2 ?

[pleximus83]

søkte litt på nettet selv og skjekket opp hvor sårbare egg kan være i prosessen før de klekker ut,og det er faktisk en kritisk periode med lave odds for overlevelsesrate…

[Graaspurv]

Slik jeg tolker det, så er det enten manglende profesjonalitet i selskapet, eller bevisst unnvikende adferd i forhold til å opplyse myndigheter og aksjonærer.

Begge deler er alvorlig, men man må paradoksalt nok håpe på manglende profesjonalitet fremfor unnvikende og manipulativ fremferd.

Men så kommer siste punkt som nevnes også over her av @wellsembargo: Manglende opplysninger om transaksjoner med nærstående parter.

Her har myndighetene sannsynligvis oppdaget uregelmessigheter og har bedt om ytterligere informasjon. Mer info kommer nok relativt raskt.

Men igjen et nytt punkt hvor selskapet i beste fall har opptrådt lite profesjonelt.

Det begynner å hope seg opp med usikkerhetsmomenter her.