Cod farming group Codfarmers — which said earlier this week that it would de-list from the Oslo Stock Exchange — announced on Friday it signed a letter of intent with a “financially strong industrial player” regarding Codfarmers’ sale of Atlantic Cod Farms and its subsidiaries (ACF) — with the exception of Festoy Elendom.
Codfarmers did not name the buyer.
The parties have agreed on a value of the assets and rights of ACF in the amount of NOK 40 million (USD 7 million, 5.4 million). The debt will be deducted when determining the price for the shares in ACF.
Codfarmers loan to ACF, which currently stands at NOK 55 million (USD 9.7 million, EUR 7.4 million), will be converted into ACF shares. The main portion of the proceeds will be used to pay down third-party debt in ACF.
Completion of the transaction is subject to due diligence and board approval.
