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An Arctic Fish site in Iceland's western fjords. The company is raising money for expansion.
An Arctic Fish site in Iceland's western fjords. The company is raising money for expansion.

Icelandic salmon farmer Arctic Fish is planning to raise NOK 600 million (£51.3m) by selling nearly 10 million new and existing shares in a private placement.

The company, which is 50% owned by Norway Royal Salmon (NRS), also intends to list on Euronext Growth stock market in Oslo.

The placement comprises a primary offering of 5.7m new shares to raise NOK 350m, a secondary offering of 3.26m existing shares to raise a further NOK 200m, and a further 816,000 additional existing shares worth around NOK 50m.

Funding growth

The net proceeds from the new shares will mainly be used to fund growth and develop the company’s value chain within its existing licence portfolio, including the expansion of smolt capacity, farming equipment, biomass build-up, processing initiatives, to increase the value chain capacity in the expectation of receiving additional licence capacity and for general corporate purposes.

NRS has pre-committed to subscribe for shares for a total amount of NOK 200m, and another existing shareholder, Novo ehf, has subscribed for shares worth NOK 45m.

In addition, Arctic Fish’s chief financial officer, Neil Shiran Thorisson, has pre-committed to subscribe for shares for a total amount of NOK 41m, and other members of the management and board have collectively pre-committed to subscribe for shares woth NOK 4.6m.

Cornerstone investors

Four cornerstone investors have, subject to certain customary terms and conditions, undertaken to subscribe for, and will be allocated shares for a total amount of NOK 97m.

These are: Nordea Asset Management (NOK 50m); Birta Pension Fund (NOK 28m); Vestmannaeyja Pension Fund (NOK 15m); Icelandic insurance company Vördur tryggingar hf (NOK 4m). Birta Pension fund which is the fourth largest pension fund in Iceland, with more than 15,000 members.

The book-building period in the private placement commenced today at 09:00 CET and closes tomorrow, February 12, at 16:30 CET.