Kaldvik board election deepens shareholder divide.
A shareholder dispute over governance and financial strategy at Icelandic salmon farmer Kaldvik has intensified following the election of Renate Larsen as a new board member at an extraordinary general meeting (EGM) on Tuesday.
Larsen, the former director of Lerøy Aurora and the Norwegian Seafood Council, was backed by Austur Holding AS, the company’s main shareholder, and secured a majority of votes.
Austur Holding, established by Måsøval Eiendom AS, is the investment vehicle through which the Måsøval family indirectly controls 55.29% of Kaldvik.
Resignation and Shareholder Opposition
Larsen’s election follows the resignation of Aðalsteinn Ingólfsson, CEO of Skinney-Þinganes as first reported by iLaks.
Ingólfsson stepped down in protest over what he described as “abnormal” share transactions linked to Kaldvik’s acquisition of Mossa, Djúpvík, and Búlandstind from Heimstø, another Måsøval-controlled entity.
In December 2024, Kaldvik announced plans to acquire these Icelandic fish farming assets from Heimstø:
- Mossi ehf. – Owns the property and building housing Djupskel ehf., a producer of fish boxes in Djupivogur.
- Djupskel ehf. – A company specialising in the manufacture of fish boxes for the industry.
- Búlandstindur ehf. – A fish processing facility in Djupivogur. Kaldvik already owned 67.7% of Búlandstindur before the deal and aimed to acquire the remaining 33.3%.
The total purchase price for these assets was estimated at NOK 190 million, with Kaldvik justifying the acquisition as a way to improve operational efficiency, particularly by reducing packaging costs by NOK 1.5 per harvested kilogram.
However, Måsøval already controlled these assets through Heimstø, meaning the transaction effectively transferred ownership from one Måsøval-controlled entity to another. This raised concerns among minority shareholders, who objected to the price and structure of the deal, particularly the issuance of new Kaldvik shares at what they claimed was a sub-market price.
Election Outcome and Board Composition
The EGM, held electronically, was attended by shareholders representing 87.42% of Kaldvik’s issued shares, underscoring the significance of the vote.
A dissenting shareholder group representing over 30% of shares put forward Ingveldur Ásta Björnsdóttir, CEO of Reitir, as an alternative candidate, seeking greater scrutiny of Kaldvik’s governance and capital allocation practices.
Despite this challenge, Austur Holding AS prevailed, reinforcing its control over the board. Following Larsen’s appointment, Kaldvik’s board now consists of:
- Asle Rønning (chair)
- Martin Lein Staveli
- Hege Dahl
- Einar Sigurdsson
- Renate Larsen
- Lars Måsøval (deputy board member)
Implications for Kaldvik and Its Shareholders
Kaldvik has confirmed that the election process complied with Norwegian Securities Trading Act Section 5-12, and that official meeting minutes, including attendance records and voting results, have been released.
Larsen’s election cements Heimstø and Austur Holding’s influence over Kaldvik’s governance, ensuring continuity in the board’s strategic direction. However, the result has not addressed broader governance concerns, and tensions with minority shareholders remain unresolved.
While the majority shareholders have reinforced their position, the divisions exposed by this election indicate that governance concerns may not fade quickly. The next steps from the dissenting shareholder group will determine whether Kaldvik’s leadership can stabilise investor confidence or if further conflict looms.
