Nordic Halibut raises £20m to fund further investment

The Norwegian halibut farmer said the issue was designed to raise between NOK 270m and 300m. In the end the result came out at NOK 285m (£20.5m).

The private placement comprised an offering of between 13,500,000 and 15,000,000 offer shares at a fixed price of NOK 20 per share.

A number of current shareholders were among the main investors. The company engaged Pareto Securities and Sparebank Markets 1 as joint managers to advise on and effect the placement.

Nordic Halibut said the net proceeds from the placement will be used to finance increased capital expenditure at its Tingvoll production facility (approximately NOK 70m) and design improvements for the Tingvoll production facility (approximately NOK 30m); increased operating expenditure) of around NOK 45m due to inflation which mainly involves feed costs. (primarily feed costs) and for general corporate purposes.

The private placement was directed towards both Norwegian and international investors.

Among the internal subscribers was Kontrari AS, represented at the Board by Vegard Gjerde and Jan Erik Sivertsen, and which together with affiliated companies owns 48.76% of the Company’s shares. They subscribed for NOK 150m (just over £10m).

Earlier this month Nordic Halibut reported that it was getting good prices for its premium white fish.