Ice Fish Farm (No_rec, TP: NOK) - Agreement on refinancing
Ice Fish Farm reported Q4 operational EBIT of NOK13m, NOK15m above our NOK-2m estimate. Build-up of biomass was stated to be going as planned. The company has agreed a long-term financing package consisting of up to EUR156m in debt, EUR45m in new equity and the conversion of EUR25m in shareholder loans. As DNB Markets has been appointed as Sole Global Coordinator and Joint Bookrunner for the upcoming equity raise, we have withdrawn our target price and recommendation.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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