P/F Bakkafrost (OB:BAKKA) completed the acquisition of a 68.6% stake in The Scottish Salmon Company PLC (OB:SSC) from Northern Link Limited.
P/F Bakkafrost (OB:BAKKA) completed the acquisition of a 68.6% stake in The Scottish Salmon Company PLC (OB:SSC) from Northern Link Limited on October 8, 2019. As a result of the completion of the acquisition, Bakkafrost now owns 150.97 million shares in SSC, representing approximately 77.8% shares. 70% of the purchase price due to Northern Link was settled in cash on October 8, 2019. The remaining 30% (being NOK 1.13 billion) has been financed by a seller's credit. Subject to the Bakkafrost's extraordinary general meeting called for on October 18, 2019 resolving to grant the Bakkafrost's board authority to issue further shares in the Company, the seller's credit will be settled through the issue of 2.25 million new shares in Bakkafrost. The seller's credit will be settled in cash if the general meeting does not grant the board such authority. Bakkafrost will, on the terms of the Securities Trading Act, make a mandatory cash offer for the remaining shares in SSC. The formal offer is expected to be launched no later than October 31, 2019.