Cermaq set for 30 million shares offer – Fishupdate.com

Cermaq set for 30 million shares offer Published:  04 October, 2005

NORWEGIAN fish feed company Cermaq ASA is due to be listed on the Oslo Stock Exchange (OSE) from 24 October 2005, and an initial public offering of 30 million shares will be made in that connection. The indicated price interval for the IPO is NOK37 to NOK44 per share. That places a value of between NOK 3 237 million and NOK 3 850 million on the company before the issue of new shares. The subscription period will be from 6-20 October. The Norwegian government currently owns almost 80 per cent of the shares in Cermaq, and intends to reduce this stake by selling 25 million shares. In addition, the IPO will include five million new shares being issued to strengthen the company’s share capital. The board of Cermaq, in consultation with the government as the selling shareholder, will determine the final price at the end of the subscription period. This will follow a book-building process. The final price could be higher or lower than the indicated price interval, and will be published as soon as possible after the expiry of the subscription period.A prospectus has been prepared which provides full information on the company, the primary share issue and secondary share sale, plus plans for the stock exchange listing. This prospectus, with associated subscription form, will be available from 6 October 2005. Cermaq is an international group with operations in fish farming and production of fish feed in Norway, the UK, Canada and Chile. Through its EWOS subsidiary, it ranks as the world’s second largest fish feed producer. The Mainstream subsidiary is the second biggest farmer of salmon and trout in the world. The group had sales of NOK 5 billion in 2004, and employs some 3 300 people.

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