Salmon Evolution dropping share issue after price fall

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Cheaper to buy stocks on your own.

In connection with the private placement, of EUR 50 million, on 11 March, the land-based salmon farmer Salmon Evolution pledged further fundraising via 8.33 million new shares in the company.

Completion of the subsequent share issue was, among other things, subject to the prevailing market price of the stock.

The issue price was set at NOK 6. This would add an additional EUR 5 million to Salmon Evolution’s coffers.

Following the board of directors’ conditional resolution to carry out a subsequent offering, the price of the share has, for an extended period and with substantial volume, traded below the subscription price in the planned subsequent offering, wrote Salmon Evolution in a stock change announcement on Monday.

GRAPH: Infront

On Friday, Salmon Evolution was traded at NOK 5.85 per share.

“Existing shareholders wanting to avoid or reduce the dilutive effect of the private Placement have had the opportunity to purchase shares in the open market at prices below the subscription price in the private placement and the contemplated subsequent offering,” the report stated.