The Scottish Salmon Company Plc: Update Compulsory Acquisition By P/F Bakkafrost

 
TIDMSSC 
 
 
   (5 March 2020): P/F Bakkafrost ("Bakkafrost") initiated, on 13 January 
2020, a compulsory acquisition of all of The Scottish Salmon Company 
PLCs ("SSC") depositary receipts recorded in the Norwegian VPS system 
(the "Depositary Receipts"), and common shares issued in physical form 
(the "Common Shares", and collectively, the "Equity Instruments"). 
 
   The compensation per Equity Instrument is NOK 28.25, i.e. the same 
amount as the amount paid in the mandatory bid for the Equity 
Instruments which Bakkafrost completed in December last year. 
 
   The holders of the Equity Instruments in SSC could, at the latest on 24 
February 2020, apply to the Royal Court of Jersey for it to make an 
order to effect that: (a) Bakkafrost should not be entitled and bound to 
acquire the remaining equity instruments in SSC by way of the announced 
compulsory acquisition; or (b) specify terms of acquisition different 
from those offered by Bakkafrost. 
 
   No such order is made by the Royal Court of Jersey by the end of the 
six-week period. Hence, Bakkafrost has today formally notified SSC of 
the compulsory acquisition and made payment of the compensation for the 
Equity Instruments to SSC, in accordance with the provisions of Article 
118(5) of the Companies (Jersey) Law 1991, as amended. 
 
   SSC will, today, record Bakkafrost as the owner of all the Common Shares 
in the Register of Members and arrange for payment thereof to each 
recipient of the compensation, by way of cheques which will be sent to 
the addresses registered in the Register of Members. 
 
   Holders of the Depositary Receipts as per the end of trading on 4 March 
2020, as reflected in the VPS as of 6 March 2020, will receive the 
settlement amount to the NOK account recorded on their VPS account on or 
about 9 March 2020. 
 
   The Depositary Receipts will as of today be subject to a trading halt 
("suspensjon") on Oslo Stock Exchange ("OSE"). 
 
   Following completion of the settlement, SSC will summon an extraordinary 
general meeting to approve of a proposal to delist the Depositary 
Receipts from OSE. 
 
   - - - 
 
   For further information, please contact: 
 
   Regin Jacobsen, CEO of P/F Bakkafrost: [phone] (mobile) 
 
   Høgni Dahl Jakobsen, CFO of P/F Bakkafrost: [phone] (mobile) 
 
   This information is subject to the disclosure requirements pursuant to 
section 5-12 of the Norwegian Securities Trading Act. 
 
 
 
 

(END) Dow Jones Newswires

March 05, 2020 01:55 ET (06:55 GMT)

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