Atlantic Sapphire announces board changes and share consolidation.
Atlantic Sapphire has announced several key changes, including the departure of co-founder Bjørn-Vegard Løvik from the nomination committee and a planned share consolidation, pending approval at an extraordinary general meeting on December 20.
Løvik, who co-founded the land-based salmon farming company with Johan E. Andreassen, has held various roles in the company but has since sold his shares. He is stepping down from the nomination committee, citing professional commitments in Norway, according to a stock exchange announcement on Friday.
Ryan Schedler, partner at Condire Investors, is proposed as Løvik’s replacement. Condire Investors, along with Nordlaks Holding, holds a 16.1% stake in Atlantic Sapphire, making them the company’s largest shareholders.
The company also plans to consolidate its shares by converting 200 existing shares into one new share to comply with Oslo Børs regulations, which require shares to trade above NOK 1.0. Currently, Atlantic Sapphire shares trade at NOK 0.0782 ($0.007/€0.007). This adjustment will proportionally increase the share price while leaving the market capitalization unchanged at NOK 560 million ($50.4 million/€48.2 million).
The extraordinary general meeting will be held digitally, and the proposed changes are expected to pass as formalities. Atlantic Sapphire executed a similar consolidation earlier this year, converting 10 shares into one.
