View of one of Kaldvík's salmon farms in Iceland.
Photo: Kaldvík.
As announced in the presentation of its Q1 2025 results report, Kaldvík yesterday opened the application period for the private placement of 38,011,050 new shares, at a price per share of NOK 14 (EUR 1.21), which closed at 08:00 CEST today. Immediately, the Icelandic salmon company said in a stock exchange announcement that the transaction has been successfully completed raising approximately NOK 532 million, equivalent to approximately EUR 46.2 million, in gross proceeds.
The private placement was conducted through an accelerated demand prospecting process, managed by DNB Carnegie as sole global coordinator and joint underwriter, and Arion Banki and Nordea Bank Abp as joint underwriters (managers).
This fund raising is in addition to the previous capital increase to the previous capital increase on April 26, when the company issued 6,249,952 new shares at NOK 27. 6 per share in connection with the acquisition of the new box factory, and the remaining 33% stake in its harvesting station, Búlandstindur.
In its Q1 2025 results report, Kaldvík explained that, at the end of May 2025, it had reached an agreement with DNB Bank, Nordea Bank, Arion Banki and Landsbankinn, for a long-term bank financing package of up to EUR 230.2 million, including an additional uncommitted revolving credit facility of EUR 10 million from Q1 2027.
The deal, however, had one condition: the company had to raise a net amount of approximately EUR 45 million in new capital. The private placement completed today aimed to raise that amount - having raised EUR 46.2 million, it has been exceeded, indeed - to meet the requirement of its financial partners.
In compliance with their prior commitment, the investors and persons related to the company's main insiders who have subscribed for shares in this private placement are these four:
Austur Holding AS. Holder of 57.46% of the outstanding shares, directly or indirectly through associated companies - it is the company's largest shareholder and a close associate of Lars Måsøval - has now received the allocation of 27,045,027 shares.
Laxar Eignarhaldsfélag ehf. Holder of 1.85% of the outstanding shares, it has received the allotment of 703,204 shares.
AR-Invest AS. Holder of 0.10% of the outstanding shares, a primary insider of the company and a close associate of Asle Rønning, has received the allocation of 32,910 shares.
Eskja Holding ehf. Holder of 2.74% of the outstanding shares, it has received the allotment of 1,041,502 shares.
Kaldvík - the former Ice Fish Farm, renamed last year - said the private placement will be divided into two tranches. Tranche 1 will consist of 5,976,172 shares offered. Tranche 2 will consist of such number of tendered shares as, together with those in Tranche 1, is necessary to raise the total gross amount, and its completion will be subject to the approval of a general meeting of the company to be held on or about June 19, 2025.
The allocations of shares offered to investors are expected to be divided between Tranche 1 and Tranche 2 on a pro-rata basis. The settlement date for Tranche 1 is expected to be approximately June 10, 2025, while Tranche 2 is expected to be settled on a delivery versus payment basis on or around June 23, 2025, subject to the approval of the extraordinary general meeting.
After registration of the capital increase corresponding to Tranche 1 of the private placement, the share capital of Icelandic salmon producer will be NOK 13,448,737.3 (EUR 1,166,842.63), divided into 134,487,373 shares. Thereafter, following registration of the capital increase for Tranche 2, i.e. including both Tranche 1 and Tranche 2 offered shares, it will be NOK 16,652,225.1 (EUR 1,444,529.78), divided into 166,522,251 shares. In both tranches, the par value of each share will be NOK 0.10 (EUR 0.008).
The net proceeds of this private placement, together with the new debt financing mentioned above, will be used for biomass growth, repayment of a bridge loan provided by DNB Bank ASA, Arion, Nordea and Landsbankinn hf, shareholder loans, and general corporate purposes.