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Shareholders in Norwegian salmon farmer Grieg Seafood have authorised directors to increase the company’s share capital by almost NOK 45.4 million (£3.85m).

Grieg’s board can issue up to 11,344,704 new shares with a nominal value of NOK 4 each, it was decided at today’s annual general meeting.

The authorisation is valid until June 30 next year and replaces an authorisation given at last year’s AGM.

Grieg’s board will be allowed to determine who may subscribe for shares, and can issue shares in lieu of cash as compensation to the shareholders of a company which merges with a wholly owned subsidiary if Grieg Seafood.

Grieg farms salmon in Norway, east and west Canada and in Shetland, although its Scottish assets are for sale.