End of the road for Endúr CEO

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Hans Olav Storkås, CEO of Endúr, has today informed the board that he has decided to resign from his position in the company with immediate effect.

In the statement, the board says that they are grateful for Storkås’ efforts, and offer best wishes for the future. Until a replacement is in place, the chairman of the board, Pål Reiulf Olsen, will take up the position of working chairman of the board.

On Tuesday morning, Endúr, which owns, among others, the fish farming suppliers Artec Aqua and Sjøsterk, presented their results for the first half of the year. It has been a demanding period. In the first six months of the year, the company delivered a net loss of NOK 85.9 million (€8.2 million).

A key part of the company’s financing package is a bond loan of NOK 1.1 billion (€100 million). Shortly after the close of trading on Tuesday afternoon, Endúr stated that the company had “become aware that the company as of 30 June 2021 was not in full compliance with the requirement under the bonds to maintain a loan-to-value ratio no greater than 4.75x.”

Yesterday, Endúr announced a share issue after the breach of the loan terms. The issue price was set at NOK 0.75. The Endúr share is trading at NOK 0.74 on Thursday.