AUSS acquires shares in Norway Pelagic ASA

Austevoll Seafood ASA (AUSS) has entered into an agreement for acquisition of 5,054,137 shares in Norway Pelagic ASA (NPEL), reports www.megafishnet.com with reference to Austevoll Seafood.

The agreement comprises 32,27 per cent of the total share capital and votes in NPEL. AUSS will acquire the shares against a remuneration of NOK 60.00 per share, and in aggregate NOK 303,2 mill. The settlement will be made in cash. After this  acquisition AUSS holds 37,14 per cent of the share capital of NPEL, and has consequently exceeded the limit for making a compulsory offer for the remainder of the shares of NPEL pursuant to the provisions of the Norwegian Securities Act. AUSS will, however, dispose of a number of the acquired shares to avoid execution of its obligation to make an offer for the remaining shares of NPEL within the time limit set by the Norwegian Securities Act.

The Board of AUSS considers NPEL to be a good company with great future potential. AUSS knows the pelagic sector well and considers the future opportunities in this important part of the world's seafood business to be very good.  The Board of AUSS has monitored the development of NPEL, and commend the work done through establishment and development of the company. AUSS will, as a shareholder in NPEL, and through cooperation with the Board and management of NPEL, contribute to its continued good development in the years ahead.

The investment implies that AUSS in its accounts will book its proportionate share of the result of NPEL in accordance with the equity accounting principle of the IFRS regulations for associated companies.

Contact persons:
Chairman of the Board of Directors Helge Singelstad,
tel. +47 91661001.

CEO Arne Møgster, tel. +47 91661049