Following the transaction, Nireus holds no shares in Marine Farms. (Photo: Marine Farms/FIS)
Nireus sells Marine Farms shares
Thursday, September 16, 2010, 02:30 (GMT + 9)
Nireus Aquaculture SA has announced that it sold 11,057,147 shares (representing 30.2 per cent of the total share capital) of Marine Farms ASA to Morpol at the price of NOK 18 per share for a total gross revenue of NOK 199 million (EUR 23.5 million at the conversion rate of NOK 7.8520 per euro). Following the transaction, Nireus holds no shares in Marine Farms.
The sale price of NOK 18 per share represents a premium of 24.1 per cent over the 13 September, 2010 closing price of NOK 14.50 at the Oslo Stock Exchange. Nireus invested in Marine Farms in 2007. The value of the investment in the latest published financial statements of 30 June, 2010 amounted to EUR 33.7 million for the group and EUR 34.9 million for the mother company.
The difference between this value and the total selling price is expected to amount to approximately EUR 8.4 million in the consolidated financial statements and to approximately EUR 9.6 million in the financial statements of the mother company and will impact the financial results of the third quarter 2010.
Nireus proceeded with the divestment in order to make more efficient use of the funds for the company's existing activities and after taking into account the financial and economic situation and the positive prospects for Mediterranean fish farming.