Loss-making Atlantic Sapphire secures funds as takeover offer proceeds

Loss-making salmon husbandman Atlantic Sapphire has secured astatine slightest $20m of caller backing arsenic a takeover by Coral Holdco moves forward.

In a filing connected the Euronext Oslo Børs, the institution said Coral HoldCo volition motorboat a recommended voluntary connection astatine Nkr0.8 ($0.086) a stock arsenic Atlantic Sapphire plans to delist from the speech aft the woody closes.

Coral HoldCo is simply a conveyance acceptable up by a radical of Atlantic Sapphire’s largest shareholders and convertible indebtedness holders.

If completed, Coral HoldCo plans to “squeeze-out” the remaining number shareholders astatine the aforesaid terms and region Atlantic Sapphire’s shares and warrants from the Oslo exchange.

Atlantic Sapphire said the restructuring statement had been signed with investors including Condire Management, Nordlaks Holding and Nokomis Capital, on with Strawberry Capital and Joh. Johannsson Eiendom.

Together, they correspond astir 63% of the shares and 93% of the company’s outstanding convertible loan.

The restructuring includes a antecedently announced $10m span indebtedness and a afloat underwritten $10m equity raise, with scope for up to a further $6m from further stock subscriptions.

The institution said the measures purpose to “address the company’s semipermanent financing needs”.

As portion of the deal, the span indebtedness volition beryllium transferred to Coral HoldCo and converted into shares astatine Nkr0.10 each.

Investors holding astir of the convertible indebtedness person besides agreed to a 23% write-down earlier converting the remaining indebtedness into equity astatine Nkr0.10 per share.

Atlantic Sapphire said completion remains taxable to conditions including support of the connection papers by Norway’s fiscal regulator and shareholder support astatine a wide meeting.

The radical had been seeking backing aft informing earlier this twelvemonth that it needed caller superior to debar a method default and imaginable insolvency proceedings.

It added that “no alternate financing solutions person been disposable to the company”.

Atlantic Sapphire said that its qualified committee has placed “significant accent connected the information that the company’s fiscal position, successful the lack of the transaction, would successful each likelihood person resulted successful a highly uncertain concern for the group’s employees, constricted betterment for the company’s creditors, and a full nonaccomplishment of worth for the company’s shareholders”.

The committee is besides of the sentiment that the Nkr0.80 connection gives number shareholders “a tenable accidental to sphere immoderate of their shareholder value”.

Pedro Courard became institution CEO successful 2024, taking implicit from laminitis Johan Andreassen.

Atlantic Sapphire, which operates a land-based salmon workplace successful Miami, reported gross of $43.3m for 2025, up astir 90% from a twelvemonth earlier owed to “higher harvest measurement and improved terms achievement”.