The Scottish Salmon Company PLC: Update compulsory acquisition by P/F Bakkafrost

(5 March 2020): P/F Bakkafrost ("Bakkafrost") initiated, on 13 January 2020, a compulsory acquisition of all of The Scottish Salmon Company PLCs (“SSC”) depositary receipts recorded in the Norwegian VPS system (the “Depositary Receipts”), and common shares issued in physical form (the “Common Shares”, and collectively, the “Equity Instruments”).

The compensation per Equity Instrument is NOK 28.25, i.e. the same amount as the amount paid in the mandatory bid for the Equity Instruments which Bakkafrost completed in December last year.  

The holders of the Equity Instruments in SSC could, at the latest on 24 February 2020, apply to the Royal Court of Jersey for it to make an order to effect that: (a) Bakkafrost should not be entitled and bound to acquire the remaining equity instruments in SSC by way of the announced compulsory acquisition; or (b) specify terms of acquisition different from those offered by Bakkafrost.

No such order is made by the Royal Court of Jersey by the end of the six-week period. Hence, Bakkafrost has today formally notified SSC of the compulsory acquisition and made payment of the compensation for the Equity Instruments to SSC, in accordance with the provisions of Article 118(5) of the Companies (Jersey) Law 1991, as amended.

SSC will, today, record Bakkafrost as the owner of all the Common Shares in the Register of Members and arrange for payment thereof to each recipient of the compensation, by way of cheques which will be sent to the addresses registered in the Register of Members.

Holders of the Depositary Receipts as per the end of trading on 4 March 2020, as reflected in the VPS as of 6 March 2020, will receive the settlement amount to the NOK account recorded on their VPS account on or about 9 March 2020.

The Depositary Receipts will as of today be subject to a trading halt (“suspensjon”) on Oslo Stock Exchange (“OSE”).

Following completion of the settlement, SSC will summon an extraordinary general meeting to approve of a proposal to delist the Depositary Receipts from OSE.

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For further information, please contact:

Regin Jacobsen, CEO of P/F Bakkafrost: (mobile)

Høgni Dahl Jakobsen, CFO of P/F Bakkafrost: (mobile)

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