AKVA group ASA : Acquisition of YesMaritime AS – Fishfarmer Magazine

AKVA group ASA : Acquisition of YesMaritime AS22 January, 2014 –

AKVA group ASA has today entered into an agreement with Egersund Group AS, to acquire 100 percent of the shares in the aquaculture farming services company YesMaritime AS for a price of NOK 17.5 million.

YesMaritime AS was established in 1985 and has developed to become one of the larger aquaculture farming service companies in Norway. The company is operating out of Bergen and has 29 employees. Currently the company is operating 6 vessels providing a range of services to the fish farming industry in Western Norway. In 2012 the Company had a turnover of NOK 48,362,760 million, net profits after tax of NOK 4,022,025 and total assets of NOK 24,772,069. The preliminary 2013 financials indicates a weaker performance in 2013. The board of YesMaritime AS consists of Hans Kristian Mong, Mikal O Viga and Jan Thore Hetland, and the managing director is Dag Jostein Frøyen.NOK 8.5 million of the purchase price will be paid in cash on completion. The remaining NOK 9 million will be settled in the form of a two-year seller credit from Egersund Group AS on market terms and conditions. The completion of the transaction is subject to ordinary closing conditions including third party consents, and is expected to take place at the end of the first quarter of 2014.Prior to the transaction Egersund Group AS has entered into an agreement to acquire 47.62% of the shares in YesMaritime AS from Rogaland Sjøtjenester AS, becoming the sole owner of YesMaritime AS. Egersund Group AS will partly settle the transaction with AKVA group ASA shares valued at NOK 14.00 per share, in effect reducing Egersund Group AS’ shareholding in AKVA group ASA with 343 550 shares.There has not been entered into any agreements to the benefit of any member of the board or management in AKVA group ASA or YesMaritime AS in connection with the transaction.The transaction between AKVA group ASA and Egersund Group AS is considered to be between related parties and will therefore require the consent of an Extraordinary General Meeting in AKVA group ASA pursuant to the Norwegian Public Limited Companies Act section 3-8. Notice for this Extraordinary General Meeting is issued today.