Norway Royal Salmon goes public
The terms and conditions of the IPO will be presented in a listing and offering prospectus (the "Prospectus"), which is expected to be published no later than 11 March 2010, depending on the prior approval by the Financial Supervisory Authority of Norway.
The IPO will include issuance of new shares and sale of treasury shares with the aim of raising gross proceeds to the Company in the range of NOK 50 million to 150 million intended to fund further organic growth. The IPO will also comprise a secondary sale of shares offered by certain existing shareholders of the Company.
The IPO is divided into (i) an institutional offering in which Offer Shares are being offered to institutional investors and professional investors in reliance on Regulation S under the Securities Act and to qualified institutional buyers (QIBs) in the United States in reliance on Rule 144A under the Securities Act and (ii) a retail offering in which Offer Shares are being offered to the public of Norway.
The Board of Directors (the "Board") has set a non-binding indicative price range of the IPO of between NOK 23 and NOK 30 per Offer Share, implying a market capitalisation of NRS prior to the proceeds from the issuance of the new shares and adjusted for the holding of own shares of between NOK 823 million and NOK 1,073 million. The final offer price is to be determined following a book-building process on such terms as set forth in the Prospectus. The final offer price may be set above, below or within the indicative price range.
Prior to the IPO, the number of issued shares in the Company is 37,229,198, each with a par value of NOK 1.00. The final number of shares to be issued by the Company and sold by the selling shareholders as well as the final offer price will be determined by the Board in collaboration with the joint bookrunners after completion of the book building period.
NRS is a fully integrated fish farming company. The Company is involved in all stages of the fish farming value chain, from smolt production, fish production, harvesting, sales and marketing. NRS controls a total of 25 fish farming licenses through four subsidiaries, and has minority stakes in four fish farming companies with a total of 9 fish licenses as well as minority interests in two slaughterhouses and two smolt producers. The Company's dedicated sales organisation offers salmon and trout to the world market.
Carnegie ASA and Pareto Securities AS have been appointed as joint lead managers and joint bookrunners in the IPO. Wiersholm, Mellbye & Bech, Advokatfirma AS acts as legal advisor to NRS.
