Bli medlem
Bli medlem

Du är här

2016-04-01

AKVA group ASA : Extended stock exchange notice - Purchase of shares in AD Offshore AS

This notice is prepared and published by AKVA group ASA ("AKVA") in accordance
with section 3.4.1 and 3.4.2 in Continuing Obligations for companies listed
on the Oslo Stock Exchange (Oslo Børs).

The transaction

Reference is made to AKVA's stock exchange release dated 23 December 2015.
AKVA has on 31 March 2016 entered into an agreement with AØ Holding AS,
Iboard AB and Deep Sea Marine Monica Antonsen for the purchase of 58 percent
of the shares in AD Offshore AS ("ADO
"). AØ Holding AS is controlled by ADO chairman and General Manager Ansgar
Østebøvik. Iboard AB is controlled by ADO Administration Manager Bjørn
Schulz. Deep Sea Marine Monica Antonsen, and related party Jarle Birkeland,
are also part of the key management in ADO . The key management personnel
will continue in their roles after completion of the transaction.

The purchase price for the purchased shares is based on an enterprise value of
ADO on a 100 percent basis of NOK 120,000,000, with adjustments for net debt
and deviations from a normalized level of working capital on completion. An
estimated final purchase price will be paid in cash on completion of the
transaction, which is expected to take place on 7 April 2016, subject to
fulfillment of completion conditions. Completion of the transaction is not
subject to regulatory approvals. AKVA and the owners of ADO have also agreed
a mutual option to buy / sell the remaining 42% of the shares in ADO. The
option is exercisable from the date that is five years from completion. The
pricing of the remaining 42 percent of the shares is linked to the
performance of the company over the next five calendar years.

AKVA will finance the transaction with a loan from Danske Bank.

The significance of the transaction for AKVA

ADO is a leading provider of farming services to the aquaculture industry in
the Norwegian county's Rogaland and Hordaland.

"The acquisition of AD Offshore AS is a natural step in AKVA group ASAs
strategy to strengthen the position in the service segment to the aquaculture
industry. We expect the market for farming services to the aquaculture
industry to grow in the coming years as well as we will see a consolidation
of the players. Through this acquisition AKVA group ASA will be well
positioned to participate in this development. AD Offshore AS also holds
significant synergies with our existing activity in this segment" states
Trond Williksen, CEO of AKVA group ASA.

The transaction significantly strengthens AKVA's position in the farming
service industry, an industry which is expected to grow in the years to come.

AD Offshore AS

ADO has developed to become one of the larger aquaculture farming service
companies in Norway. The company is operating out of Haugesund and has 32
employees. Currently the company is operating 12 vessels providing a range of
services to the fish farming and offshore industry in Western Norway. In 2015
ADO had a turnover of NOK 87.0 million, net profits after tax of NOK 13.9
million and total assets of NOK 47.8 million.

The board of AD Offshore AS currently consists of Ansgar Østebøvik and Jarle
Birkeland, and the General Manager is Ansgar Østebøvik. AKVA has not entered
into any agreements for the benefit of management or key personnel in AKVA in
connection with the transaction. The selling shareholders and their
controlling owners have entered into customary non-compete and
non-solicitation undertakings in connection with the transaction, and will
enter into new employment agreements with ADO on market based terms. Other
than the share purchase agreement, and a shareholders' agreement including
the put/call option described above, no other agreements have been entered
into with the management and key personnel in ADO.

Dated: March 31st, 2016

AKVA group ASA

Web:www.akvagroup.com

CONTACTS:

---------------------------------------------
| Trond Williksen Chief Executive Officer |
| Phone: +47 51 77 85 00 |
| Mobile: +47 91 63 01 73 |
| E-mail: twilliksen@akvagroup.com |
---------------------------------------------

-----------------------------------------------
| Eirik Børve Monsen Chief Financial Officer |
| Phone: +47 51 77 85 00 |
| Mobile: +47 91 63 98 31 |
| E-mail: emonsen@akvagroup.com |
-----------------------------------------------
***************************************************************

AKVA group is the leading provider of technology and services to the global
fish farming industry and the only with global distribution. The products
consist of software systems, operational equipment and sensor systems, feed
systems, cage systems, net cleaning systems, light systems and recirculation
aquaculture systems.

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

Key Financial Figures AD Offshore
http://hugin.info/137526/R/1999350/737255.pdf

---------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: AKVA group ASA via Globenewswire

HUG#1999350

Författare Hugin

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.