Iceland Seafood International hf: The sale of 100% of share capital of Iceland Seafood UK (IS UK) to Espersen A/S completed
Reference is made to previous announcements on August 30th and September 2nd in relation to the sale of 100% of the share capital of IS UK to Espersen A/S. Completion of the sale was finalized today, on September 27th .
In line with previous announcements, ISI has now converted intercompany loans into equity and injected further equity to net out negative equity balance and compensate for operating losses in Q3. After the equity injection, the book value of equity at completion will amount to £0.3m. According to the agreement the sales price for the 100% share is £1,000 meaning that the sales loss of the shares will be £0.3m. Completion accounts will be prepared based on September interim accounts and a completion adjustment will be made in October, based on these accounts.
The negative impact on ISI P&L and equity during 2023 is estimated £15.5m including transaction costs. As informed in previous announcement, this figure includes negative operational results in the first 8 months of the year of £6.6, impairment of fixed assets of £7.1m, £1.3m of inventory write-offs, estimated transaction costs of £0.2m and sales loss of share capital of £0.3m.
