The share issue of NOK 200 million, in combination with the debtconversion of NOK 500 million, makes Pan Fish one of the most solid fish farming companies. Based on the first quarter 2005 financial accounts Pan Fish will an equity share after the refinancing of 35%. In addition to this the company has very low license values and zero goodwill and deferred tax assets as a consequence of the major restructuring over the last few years.
- Pan Fish demonstrates a very strong operational development with falling production costs in all regions both on harvested fish and fish in sea. We are very satisfied with the confidence that our two main shareholders again confirm when itr comes to our business plan and our targets, and that they contribute to giving Pan Fish a financial platform that makes it possible to realising our ambitious production targets, says CEO Atle Eide.
The company had in 2004 a production of 54,445 tons round weight and has a target to increase this to 66,100 tons round weight this year and further to 107.700 tons round weight in 2008.
The share issue marks the end of the refinancing and restructuring of Pan Fish - a process that started in 2003. In addition to this last refinancing of NOK 700 million it is a clear target to reduce interest bearing debt with a further NOK 200 million through divestment of non-core assets.
- This is a milestone. When the refinancing is completed by the end of May, Pan Fish will be back as a solid, leading fish farming company. This will put us in a position meet the demanding market and competitive situation that characterize our main market, EU, without forcing us to take actions that weaken our ability to reach th targets we have set, says Atle Eide.
The subscription period is from May 13 to May 27. First Securities and DnB NOR Markets are the company's advisors in connection with the refinancing and the coming share issue.
For further information: CEO Atle Eide, +47 911 52 977
Atle Eide
CEO, Pan Fish ASA
The press release can be downloaded from the following link:
