NIREUS AQUACULTURE selling shares of MARINE FARMS ASA to MORPOL
NIREUS AQUACULTURE SA announces that it sold 11,057,147 shares (representing 30.2% of the total share capital) of MARINE FARMS ASA to MORPOL at the price of 18 NOK per share for a total gross revenue of 199 mi. NOK (€ 23.5 mi. at the conversion rate 7.8520.NOK per euro). Following the above transaction, NIREUS holds no shares in MARINE FARMS, reports www.megafishnet.com with reference to Nireus.
The sale price of 18 NOK per share represents a premium of 24.1% over the September 13, 2010 closing price of 14.50 NOK at the Oslo Stock Exchange.
NIREUS invested in MARINE FARMS 2007. The value of the investment in the latest published financial statements of 30.6.2010 amounted to € 33.7 mi. for the group and €34.9 mi. for the mother company.
The difference between this value and the total selling price is expected to amount to approximately € 8.4 mi. in the consolidated financial statements and to around € 9.6 mi. in the financial statements of the mother company and will impact the financial results of the third quarter 2010.
NIREUS proceeded with the divestment in order to make more efficient use of the funds for the company's existing activities and after taking into account the financial and economic situation and the positive prospects for Mediterranean fish farming.