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“Managers”) to advise on and effect a contemplated private placement (the
“Private Placement”) of new ordinary shares in the Company (the “Offer Shares”),
raising gross proceeds up approximately NOK 250 - 300 million (“Offer Size”).
The price per Offer Share in the Private Placement (“Offer Price”) will be set
by the Company’s board of directors (the “Board”) on the basis of an accelerated
book-building process conducted by the Managers.
Certain existing shareholders (incl. Ronja Capital II AS, Farvatn Private Equity
AS, Rofisk AS, Stette Invest AS and Kjølås Stansekniver AS) have collectively
pre-committed to apply for, and will be allocated, Offer Shares for approx. NOK
37 million at the Offer Price.
Based on limited wallcrossing exercise prior to launch, the Managers have
received indications of interest to subscribe for Offer Shares so that the
Private Placement is covered on indications of interest at the start of the
application period.
The net proceeds from the Private Placement will be used to (i) to partly fund
the second phase of the salmon farming facility at Indre Harøy; (ii) to expand
the capacity at the smolt facility Kraft Laks AS; and (iii) for general
corporate purposes. See below for a description of the potentially reduced
proceeds to the Company if the EGM does not approve Tranche 2 (as defined
below).
The application period in the Private Placement will commence today, 5 April
2022 at 16:30 CEST and close on 6 April 2022 at 08:00 CEST. The Managers and the
Company may, however, at any time resolve to close or extend the application
period on short or without notice. If the application period is shortened or
extended, any other dates referred to herein may be amended accordingly.
The Private Placement will be directed towards selected Norwegian and
international investors (a) outside the United States, subject to applicable
exemptions from any prospectus and registration requirements and in reliance on
Regulation S. under the U.S, Securities Act, and (b) to investors in the United
States who are QIBs as defined in Rule 144A under the U.S. Securities Act, and
to major U.S. institutional investors under SEC Rule 15a-6 under the United
States Exchange Act of 1934, in each case subject to an exemption being
available from offer prospectus requirements and any other filing or
registration requirements in the applicable jurisdictions and subject to other
selling restrictions. The minimum application and allocation amount has been set
to the NOK equivalent of EUR 100,000 per investor. The Company may, however, at
its sole discretion, allocate an amount below EUR 100,000 to the extent
applicable exemptions from the prospectus requirement pursuant to the Norwegian
Securities Trading Act and ancillary regulations are available. Further selling
restrictions and transaction terms will apply.
Allocation of Offer Shares will be determined at the end of the application
period by the Board in consultation with the Managers, at its sole discretion,
based on allocation criteria such as (but not limited to) existing ownership in
the Company, pre-commitments, timeliness of the application, price leadership,
relative order size, sector knowledge, investment history, perceived investor
quality and investment horizon.
Settlement and conditions
The Offer Shares will be allocated in two tranches as follows: one tranche with
up to 22,574,374 Offer Shares (“Tranche 1”) and a second tranche with a number
of Offer Shares that results in a total transaction (i.e. both tranches) equal
to the Offer Size (“Tranche 2”). Both Tranche 1 and Tranche 2 will be settled
with existing and unencumbered shares in the Company, that are already listed on
Oslo Børs, pursuant to a share lending agreement (the “Share Loan”) between the
Company, the Managers, Stette Invest AS, Rofisk AS and Ronja Capital II AS. The
Offer Shares allocated to applicants in both Tranche 1 and Tranche 2 will thus
be tradable from notification of allocation. Applicants will receive a pro-rata
portion of Offer Shares in Tranche 1 and Tranche 2 based on their overall
allocation in the Private Placement.
New shares pertaining to the Offer Shares in Tranche 1 will be issued pursuant
to an authorisation (the “Board Authorisation”) granted to the Board by the
Company’s annual general meeting held on 19 May 2021. The issue of new shares
pertaining to the Offer Shares in Tranche 2 is subject to approval of the
Company’s extraordinary general meeting expected to be held on or about 29 April
2022 (the “EGM”).
If the EGM does not approve the issuance of the Offer Shares in Tranche 2, the
Company will not receive any proceeds from the sale of Offer Shares in Tranche
2. The effective reduction in proceeds to the Company will in such event be
allocated both to the Indre Harøy phase 2 funding and the Kraft Laks expansion.
For the latter, the Company will seek to portion out the smolt build-out and
potentially partly rely upon external sourcing of smolt for a period of time. It
is emphasised that no decision for commencing the Phase 2 project has been made,
and reference is made to the Company announcement dated 7 February 2022 and 10
February 2022 for further information.
The completion of Tranche 1 and Tranche 2 by delivery of the Offer Shares to
applicants is subject to: (i) the Board resolving to proceed with the Private
Placement and to allocate the Offer Shares; (ii) the Board resolving the
issuance of the Offer Shares in Tranche 1 pursuant to the Board Authorisation;
and (iii) the Board resolving to call for the EGM to (among others) propose to
resolve the issuance of the Offer Shares in Tranche 2 (jointly, the
“Conditions”). There can be no assurance that these Conditions will be
satisfied. If the Conditions are not satisfied, the Private Placement may be
revoked or suspended without any compensation to applicants.
Subject to the satisfaction of the Conditions, settlement is expected to take
place on or about 8 April 2022 on a delivery versus payment basis.
The Tranche 1 portion of the Share Loan will be settled with new shares in the
Company to be issued following, and subject to, approval of Tranche 1 by the
Board pursuant to the Board Authorization. Stette Invest AS and Rofisk AS’
portion of the Share Loan will be settled in full in connection with the
settlement of the Tranche 1 portion of the Share Loan. The Tranche 2 portion of
the Share Loan is with Ronja Capital II AS only and will be settled with either:
(i) new shares in the Company to be issued following, and subject to, approval
of Tranche 2 by the EGM; or (ii) cash equal to the Offer Shares allocated in
Tranche 2 multiplied with the Offer Price if, and only if, the EGM does not
approve Tranche 2. Tranche 2 may thus end up being a sale of existing shares by
Ronja Capital II AS if the EGM does not approve Tranche 2. Consequently, if the
EGM does not approve Tranche 2, the proceeds from the sale of Offer Shares in
Tranche 2 will be for the benefit of Ronja Capital II AS, and the Company will
not receive any proceeds from Tranche 2 in such circumstance. Therefore,
completion of both Tranche 1 and Tranche 2 by delivery of Offer Shares to
applicants will not be subject to approval by the EGM and the Private Placement
investors’ acquisition of Offer Shares allocated to them in Tranche 1 and
Tranche 2 will remain final and binding and cannot be revoked, cancelled or
terminated by the respective investors if, for whatever reason, the EGM does not
appove the issue of new shares in Tranche 2. By applying for Offer Shares in the
Private Placement, the applicants allocated Offer Shares in the Private
Placement will undertake to vote in favour of the approval of Tranche 2, and if
applicable the Subsequent Offering (as defined below), at the EGM. Such
undertakings apply to all shares in the Company held or controlled by the
applicants (directly or indirectly) at the date of the EGM.
The Company reserves the right, at any time and for any reason, to cancel,
and/or modify the terms of, the Private Placement prior to completion. Neither
the Company nor the Managers will be liable for any losses incurred by
applicants if the Private Placement is cancelled, irrespective of the reason for
such cancellation.
Potential Subsequent Offering
Subject to, inter alia, completion of the Private Placement, approval by the EGM
and prevailing market price of the Company’s shares, the Board will consider
whether it is appropriate to carry out a subsequent offering (the “Subsequent
Offering”) at the Offer Price. Any such Subsequent Offering, if applicable and
subject to applicable securities laws, would be directed towards existing
shareholders in the Company as of 5 April 2022 (as registered with the VPS two
trading days thereafter) who (i) were not included in the pre-sounding phase of
the Private Placement, (ii) were not allocated Offer Shares in the Private
Placement, and (iii) are not resident in a jurisdiction where such offering
would be unlawful, or would (in jurisdictions other than Norway) require any
prospectus filing, registration or similar action. The Company reserves the
right in its sole discretion to not conduct or to cancel the Subsequent
Offering.
Advisors
The Company has appointed ABG Sundal Collier ASA, DNB Markets (a part of DNB
Bank ASA), Nordea Bank Abp (filial i Norge) and Pareto Securities AS as Joint
Bookrunners. Advokatfirmaet BAHR AS is acting as legal advisor to the Company
For more information, please contact:
Håkon André Berg, CEO (+47 411 92 257)
Trond Håkon Schaug-Pettersen, CFO (+47 911 91 327)
About Salmon Evolution
Salmon Evolution is a Norwegian land-based salmon farming company focused on
extending the ocean’s potential by transferring the best preconditions offered
by the sea to farm fish on land through its chosen hybrid flow-through system
technology (HFS). This secures a truly sustainable production process with
controlled and optimal growth conditions and limiting operational and biological
risk.
The Company’s first production facility is under construction at Indre Harøy,
strategically located on the Norwegian west coast with unlimited access to fresh
seawater, renewable energy, established infrastructure for salmon farming, and
an educated and experienced work force. The entire project is designed for an
annual capacity of approx. 31,500 tonnes HOG.
The Company has also entered into a joint venture with Dongwon Industries where
the parties will develop, construct and operate a land-based salmon farming
facility in South Korea with an annual production capacity of 16,800 tonnes HOG,
using Salmon Evolution’s chosen HFS technology.
Salmon Evolution ASA is listed on Oslo Børs under the ticker SALME.
To learn more, please visit www.salmonevolution.no
IMPORTANT NOTICE
The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may be placed for any
purpose on the information contained in this announcement or its accuracy,
fairness or completeness. None of the Managers or any of their respective
affiliates or any of their respective directors, officers, employees, advisors
or agents accepts any responsibility or liability whatsoever for, or makes any
representation or warranty, express or implied, as to the truth, accuracy or
completeness of the information in this announcement (or whether any information
has been omitted from the announcement) or any other information relating to the
Company, its subsidiaries or associated companies, whether written, oral or in a
visual or electronic form, and howsoever transmitted or made available, or for
any loss howsoever arising from any use of this announcement or its contents or
otherwise arising in connection therewith. This announcement has been prepared
by and is the sole responsibility of the Company.
Neither this announcement nor the information contained herein is for
publication, distribution or release, in whole or in part, directly or
indirectly, in or into or from the United States (including its territories and
possessions, any State of the United States and the District of Columbia),
Australia, Canada, Japan, Hong Kong, South Africa or any other jurisdiction
where to do so would constitute a violation of the relevant laws of such
jurisdiction. The publication, distribution or release of this announcement may
be restricted by law in certain jurisdictions and persons into whose possession
any document or other information referred to herein should inform themselves
about and observe any such restriction. Any failure to comply with these
restrictions may constitute a violation of the securities laws of any such
jurisdiction.
This announcement does not contain or constitute an offer to sell or a
solicitation of any offer to buy or subscribe for any securities referred to in
this announcement to any person in any jurisdiction, including the United
States, Australia, Canada, Japan, Hong Kong or South Africa or any jurisdiction
to whom or in which such offer or solicitation is unlawful.
The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”), and may not be offered or sold in the United States absent
registration or an exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act and in accordance with
applicable U.S. state securities laws. The Company do not intend to register any
securities referred to herein in the United States or to conduct a public
offering of securities in the United States.
Any offering of the securities referred to in this announcement will be made by
means of a set of subscription materials provided to potential investors.
Investors should not subscribe for any securities referred to in this
announcement except on the basis of information contained in the aforementioned
subscription material.
In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression “EU
Prospectus Regulation” means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).
This communication is only being distributed to and is only directed at persons
in the United Kingdom that are Qualified Investors and that are (i) investment
professionals falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high
net worth entities, and other persons to whom this announcement may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as “relevant persons”). This communication
must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication relates is
available only to relevant persons and will be engaged in only with relevant
persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.
This announcement is made by, and is the responsibility of, the Company. The
Managers and their affiliates are acting exclusively for the Company and no-one
else in connection with the Private Placement. They will not regard any other
person as their respective clients in relation to the Private Placement and will
not be responsible to anyone other than the Company, for providing the
protections afforded to their respective clients, nor for providing advice in
relation to the Private Placement, the contents of this announcement or any
transaction, arrangement or other matter referred to herein.
In connection with the Private Placement, the Managers and any of their
affiliates, acting as investors for their own accounts, may subscribe for or
purchase shares and in that capacity may retain, purchase, sell, offer to sell
or otherwise deal for their own accounts in such shares and other securities of
the Company or related investments in connection with the Private Placement or
otherwise. Accordingly, references in any subscription materials to the shares
being issued, offered, subscribed, acquired, placed or otherwise dealt in should
be read as including any issue or offer to, or subscription, acquisition,
placing or dealing by, such Managers and any of their affiliates acting as
investors for their own accounts. The Managers do not intend to disclose the
extent of any such investment or transactions otherwise than in accordance with
any legal or regulatory obligations to do so.
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as “believe”, “aims”, “expect”,
“anticipate”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies, and other important
factors which are difficult or impossible to predict and are beyond its control.
Such risks, uncertainties, contingencies, and other important factors could
cause actual events to differ materially from the expectations expressed or
implied in this release by such forward-looking statements. Forward-looking
statements speak only as of the date they are made and cannot be relied upon as
a guide to future performance. The Company, each of the Managers and their
respective affiliates expressly disclaims any obligation or undertaking to
update, review or revise any forward-looking statement contained in this
announcement whether as a result of new information, future developments or
otherwise. The information, opinions and forward-looking statements contained in
this announcement speak only as at its date and are subject to change without
notice.
This announcement is for information purposes only. It does not purport to be
complete, and it is not to be relied upon in substitution for the exercise of
independent judgment. It is not intended as investment advice and under no
circumstances is it to be used or considered as an offer to sell, or a
solicitation of an offer to buy any securities or a recommendation to buy or
sell any securities of the Company. Neither the Managers nor any of their
respective affiliates accepts any liability arising from the use of this
announcement. The Company and the Managers, and their respective affiliates,
expressly disclaims any obligation or undertaking to update, review or revise
any statement contained in this announcement whether as a result of new
information, future developments or otherwise.
The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Hans Petter Mortveit, Financal
Manager in Salmon Evolution ASA on 5 April 2022 at 16:30 (CEST).
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