Salmar buys Volstad Seafood

The shares are being acquired from Volstad Shipping AS (198 shares, 39.6% of the share capital), Fish Link Holding AS (99 shares, 19.8% of the share capital) and Sebsy Holding AS (33 shares, 6.6% of the share capital). Thus, when the transaction has been completed SalMar ASA, which already owns 170 shares, corresponding to 34% of the share capital, will own 100% of Volstad Seafood AS. Consideration for the shares has been set at approx. NOK 8 million, valuing the company's equity at approx. NOK 12.1 million. Transfer of the shares is planned to take place on December 1st 2009. The consideration will be paid in cash on the settlement date. The acquisition is subject to the approval of the Norwegian Competition Authority. Volstad Seafood AS sells /trades in mainly salmon and white fish from Norway, focusing mainly on the Asian markets and the USA. In 2008 the company generated gross operating revenues of NOK 437 million, with salmon accounting for NOK 300 million, white fish NOK 135 million and miscellaneous NOK 4 million. The company made a profit after tax of NOK 4.2 million in 2008. The company is led by CEO Dag Nikolai Ryste, and has eight employees. The board of directors comprises Jon Ketil Gjørtz (chair) and Leif Inge Nordhammer.