Grieg Seafood ASA

Status acquisition of Grieg Newfoundland AS and directed private placement

Reference is made to the stock exchange announcement from Grieg Seafood ASA (the "Company") released on 7 February 2020 regarding the acquisition of Grieg Newfoundland AS (the "Transaction") as well as to the stock exchange announcement from the Company released on 27 March 2020 regarding a direct private placement in connection with the Transaction and 31 March 2020 pursuant to which the parties have agreed to prolong the long stop date for the Transaction by 14 calendar days due to the delay of certain confirmations.

These confirmations have now been obtained and the parties have agreed to complete the Transaction on Wednesday, 15 April 2020. The up-front payment is based on an enterprise value of Grieg Newfoundland AS of NOK 539.1 million. NOK 250 million of the up-front payment will be settled through issuance of new shares in the Company to the sellers of Grieg Newfoundland AS. The remaining part of the up-front payment will be settled in cash.  

As the subscription period of the prior concluded private placement has expired due to the prolongation of the long stop date, the board of the Company has on 14 April 2020 repeated its resolution to complete a directed private placement by issuing 1,785,042 new shares (the "New Shares") in the Company to Grieg Aqua AS, Kvasshøgdi AS, Knut Skeidsvoll and 10546569 Canada Inc (the "Private Placement") as part of consideration for the shares in Grieg Newfoundland AS. The subscription price for each New Share will be NOK 140.052727, equalling the volume weighted average closing price of the shares in the Company over the three days prior to signing the share purchase agreements, and corresponding to a total contribution in kind of NOK 250,000,000. The New Shares shall be subscribed on completion of the Transaction.

The completion of the Private Placement is subject to (i) completion of the acquisition of Grieg Newfoundland AS, (ii) subscription of the New Shares by Grieg Aqua AS, Kvasshøgdi AS, Knut Skeidsvoll and 10546569 Canada Inc, and (iii) registration of the increased equity of the Company pertaining to the Private Placement with the Norwegian Register of Business Enterprises and the Norwegian Central Securities Depositary (VPS).

The New Shares will be tradeable after the conditions of the Private Placement set out above have been fulfilled.

The Company has retained DNB Markets, a part of DNB Bank ASA, Nordea Bank Abp, filial i Norge and SpareBank 1 Markets AS to advise on and effectuate the Private Placement.

For more information, contact:

Andreas Kvame, CEO, Grieg Seafood ASA
[phone]
[e-mail]

Atle Harald Sandtorv, CFO, Grieg Seafood ASA
[phone]
[e-mail]

About Grieg Seafood

Grieg Seafood ASA is one of the world's leading salmon farmers, specializing in Atlantic salmon. The Group has a production target of 100 000 tonnes gutted weight in 2020. Our farming facilities are in Finnmark and Rogaland in Norway, British Columbia in Canada and Shetland in the UK. 861 people are employed by the Group at year end 2019.

Grieg Seafood ASA was listed at the Oslo Stock Exchange in June 2007. Our headquarters are situated in Bergen, Norway. The business development of Grieg Seafood ASA focuses on profitable growth, sustainable use of the ocean and being the preferred supplier to selected customers. To learn more, please visit www.griegseafood.com.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act