Kingfish brings Iceland investors on board in major restructuring deal
Netherlands-based yellowtail producer The Kingfish Company has announced a major financial restructuring deal – and a new main shareholder.
The Kingfish Company has raised €21m (£18m) in equity through a private placement and will be looking for an additional €4m through an additional share offering.
An extraordinary general meeting, expected to be held on or around 15 June, will be asked to approve the subsequent offering and related share issuances, with the board retaining the right to cancel the deal.
Part of the solution involves bringing the international investment company Eyrir hf. based in Iceland, on board as the company’s main shareholder.
The company said: “The restructuring plan is further supported by a broad group of key existing shareholders and long -term backers of the company, including certain seed investors, underlining their continued confidence in the company and its long -term potential.”
The Kingfish Company is a Netherlands‑based, land‑based aquaculture business that farms yellowtail kingfish using recirculating aquaculture systems (RAS). It operates the Kingfish Zeeland RAS facility and sells fresh product to retail and foodservice customers across Europe and North America. The company is publicly listed on the Oslo stock exchange.
A stock exchange announcement today detailed the latest round of fundraising, involving the the conditional allocation of 392,523,365 new ordinary shares at a subscription price of €0.0535 per share. as part of a contemplated comprehensive restructuring of the company’s capital structure.
The statement added: “As further detailed in the restructuring announcement, and subject to completion of the private placement, the company intends to carry out a subsequent offering of up to 74,766,355 new ordinary shares at the NOK (Norwegian kroner) equivalent of the offer price, raising up to the NOK equivalent of €4 million in gross proceeds.”
Kingfish’s CEO, Vincent Erenst, said: “This transaction represents an important milestone for The Kingfish Company.
“Over the past months, we have worked intensively with our lenders, shareholders and new investors to establish a long-term capital structure that supports the continued development of the business.
He added: “We are particularly pleased to welcome Eyrir as a new major shareholder. Eyrir brings an impressive entrepreneurial track record in developing and scaling businesses over the long term. We believe this experience and mindset are an excellent match with Kingfish’s passion, ambition and long -term vision for sustainable aquaculture.”
Árni Thordarson, Chairman of Eyrir, commented : “The Kingfish Company has built a strong and differentiated platform, underpinned by a highly capable team and a clear commitment to quality, innovation and sustainability. The company serves local restaurants and retailers across Europe with premium kingfish yellowtail produced through a fully integrated value chain.”
He added: “Its disciplined investment in advanced technology and a land-based RAS system using fresh seawater and renewable energy positions the business to deliver superior-quality fish in a responsible and scalable way.
“At Eyrir, we bring more than capital: we bring long-term commitment, strategic support and active partnership. We look forward to working with management and fellow shareholders to support the company’s next phase of growth and create sustainable long-term value for all stakeholders.”
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