The salmon farmer secures $20m in new capital as Coral HoldCo launches a Nkr0.8 per share takeover offer.
Loss-making salmon farmer Atlantic Sapphire has secured at least $20m in new funding as part of a takeover by Coral HoldCo, a vehicle formed by its largest shareholders. The deal includes a recommended voluntary offer at Nkr0.8 ($0.086) per share, with plans to delist the company from Euronext Oslo Børs upon completion.
The restructuring agreement involves a $10m bridge loan and a fully underwritten $10m equity raise, with potential for an additional $6m. Investors, including Condire Management and Nordlaks Holding, hold 63% of shares and 93% of convertible loans. The deal also includes a 23% write-down of convertible debt before conversion into equity at Nkr0.10 per share.
Coral HoldCo intends to squeeze out remaining minority shareholders at the same offer price, removing Atlantic Sapphire’s shares and warrants from the Oslo exchange.