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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 

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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
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