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Dias Aquaculture secured a strategic investment from Linnaeus that will allow it to advance with its projects. (Photo: Dias/FIS)

Linneaus invests in important aquaculture operator

Click on the flag for more information about Greece GREECE
Monday, July 05, 2010, 12:00 (GMT + 9)

Dias Aquaculture SA (DIAS) has reached an agreement that secures the strategic investment of company Linnaeus Capital Partners B.V. (Linnaeus).

Linnaeus will subscribe for the full amount of the convertible bond loan of EUR 15 million as approved by the AGM of 25 June 2010. The bond will have a conversion price of EUR 1.80 and maturity of 3 years. The bond will be mandatorily converted into shares at maturity (if it has not been converted earlier at the option of the bondholder).

The final documents for the convertible bond loan issue are currently being negotiated with a target of finalising the agreements as soon as possible. DIAS΄ Executive Chairman, Stelios Pitakas, stated "Our partnership with a substantial strategic investor, who also shares our vision, is a significant and exciting step for the company and will enable us to rapidly progress and realise the full potential of our current and future projects."

Commenting on the recent DIAS investment, Linnaeus΄Managing Partner, Anita Hamilton stated, "We see tremendous opportunity in the aquaculture industry and believe DIAS is well placed in this sector to capitalise on future growth and opportunities."

DIAS Aquaculture SA is one of Greece΄s largest aquaculture operators specialising in sea bass and sea bream production. In 2009, its volume totalled 20,000 tonnes.

Linnaeus Capital Partners B.V. is an Amsterdam-based independent and partner-owned private equity fund that is providing development capital across a range of growth sectors. Axia Ventures Group Ltd acted as exclusive advisor to Linnaeus in relation to this transaction.

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