SalMar ex-chair seeks €38Mn share-sale decision

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Majority shareholder, Gustav Witzoe, is being taken to court by a former chairman of the SalMar board.

Last year, Bjorn Flatgaard stepped down as chairman of SalMar. Until last year, Flatgaard had been chairman in both SalMar and Witzoe’s investment company, Kverva, a position he retains today.

Now, Flatgaard is taking Witzoe to court after a disagreement over the share sell-off, writes newspaper Adressa.

Worth millions
Flatgaard wants to sell the shares in Kverva that he bought for 10 million kroner in 2005 through his own investment vehicle, Glomar. He says he feels it’s natural since he’s no longer with SalMar. He said a price had been negotiated for the sale, but that he and Witzoe couldn’t agree.

That’s why Flatgaard and Gloma have brought suit against Witzoe and his family-owned, Kvarv, owner of 90 percent of Kverva. Flatgaard wants to cash in his ownership stake of 2.53 percent in Kverva and to have price set. That stake in Kverva was reportedly worth about NOK 365 million (EUR 37.9 million).

Kvarv and Witzoe say Flatgaard waived his right to cash in his shares when he bought himself in.

Bjorn Flatgaard

Seeking decision
“The parties had also then agreed on how his share post could later be disposed. The parties had arrived at an agreed procedure for the pricing of his share post if the parties failed to agree on a value. To this way, Flatgaard waived his right according to the Companies Act to demand his shares cashed,” wrote Kvarv and Witzoe’s attorney, Anders Ryssdal, to Adressa.

Flatgaard, for his part, said he thought it was necessary to go to court over the issue of selling his shares “to settle the disagreement”. He said the shareholders had agreed that shares could be sold at market prices within certain time periods.

A court decision is expected in May 2018.