Andfjord Salmon raises NOK 600 million in private placement
Andfjord Salmon has successfully completed a private placement of NOK 600 million ($54 million) through the allocation of 17,142,858 new shares at NOK 35 ($3.32) per share. The proceeds will be used to advance Phase 2 construction at Kvalnes, optimize fish logistics, prepare for expected regulatory changes, and support general corporate purposes.
The placement remains subject to approval at an extraordinary general meeting (EGM) scheduled for 13 March 2025. Upon approval, settlement is expected to take place on a delivery versus payment basis, with the shares being immediately tradable following notification of issuance approval.
The company’s board justified the private placement over a rights issue, citing faster execution, reduced risk, and a lower discount compared to a fully underwritten offering. A potential subsequent offering of up to 1,714,286 additional shares may be conducted to allow eligible shareholders who were not allocated shares in the private placement an opportunity to participate at the same price.
Key investor allocations
Several close associates of company insiders participated in the offering:
- Jerónimo Martins Agro-Alimentar, S.A. (close associate of board member Antonio Serrano) was allocated 6,471,428 shares.
- Eidsfjord Sjøfarm AS (close associate of board member Knut Roald Holmøy) was allocated 428,571 shares.
- UFI AS (close associate of board member Kim Strandenæs) was allocated 285,714 shares.
The private placement was managed by ABG Sundal Collier ASA, Arctic Securities AS, and SpareBank 1 Markets AS. Advokatfirmaet Schjødt AS acted as legal advisor to Andfjord Salmon.
Outlook
Andfjord Salmon’s Phase 2 expansion at Kvalnes remains on track, with the new capital injection supporting the company’s scaling efforts and market positioning. The subsequent offering, if implemented, will depend on market conditions following the completion of the private placement.
