Press Center
Notice of annual general meeting
To the shareholders of Norway Pelagic ASA. The Annual General Meeting in Norway Pelagic ASA is to be held on 19 May 2010 at 11:00 hrs. (CET). Location: Sjøgata, 6706 Måløy, Norway.
For the complete invitation please click here
Change of date for Ordinary General Meeting
Ordinary General Meeting will be held 19th May
Visit us at ESE 2010 Brussel
Please visit us at ESE 2010 Brussel, 27.-29. of April
Hall No 5, Stand No 213-1
Norway Pelagic aquires Emy Fish and Brødr Myhre
On 15 March 2010 Norway Pelagic ASA entered into agreements regarding
acquisition of the pelagic businesses of (i) Emy Fish AS and Emy Eiendom AS
("Emy") and (ii) Brødr Myhre AS ("Myhre"), respectively.
The acquisitions shall be completed by means of Norway Pelagic, or a subsidiary, acquires Emy's and Myhre's businesses consisting mainly of machinery and equipment, employees and agreements. As consideration, Emy and Myhre shall receive NOK 19.5 million and NOK 24 million, respectively, in cash. Norway Pelagic has the right to settle up to 50% of the respective considerations through either issue of new shares in the company in a directed share issue or through transfer of own shares. It is agreed that the price of any consideration shares shall be fixed at NOK 46.
Completion and settlement of the respective agreements are anticipated to take place on or about 1 September 2010, however, so that any partial settlement of the considerations with shares shall take place at the latest 31 May 2010. The completion of the acquisitions is subject to customary conditions, including that no warranty breaches has occurred in the period prior to completion, that
any consent or waiver from the businesses' contracts parties which are necessary for the completion of the acquisitions without any negative effects for the businesses or Norway Pelagic must have been obtained and that any governmental or other official approvals and/or clearances which are required to complete the agreements, including from relevant competition authorities, must have been obtained without any conditions unreasonably burdensome to the businesses or Norway Pelagic.
The acquisitions will in Norway Pelagic's opinion among others contribute to:
· Strengthen Norway Pelagic's position within the niche markets of
herring and herring fillet,
· Adjust the capacities throughout the whole value chain, from fishery
to production and marked,
· Get access to valuable competence within quality products which can be
exploited as best practice within the group, and get the opportunity to develop
this marked,
· Increase the fillet production in line with the marked demand, and
· Increase the production capacity in the south of Norway and to be
equipped to take a greater share of mackerel volume which is subject to fishery
in 2010 and the years ahead.
Emy and Myhre manage two pelagic plants located next to each other in Måløy in Sogn og Fjordane which receive and process herring and mackerel from the entire coast of Norway. The plants are separate units, but have for a longer period of time had a co-operation with regards to purchase, production and sale. Emy has a freezing capacity of approximately 200 tons per day and a freezing storage capacity of approximately 1,400 tons. Myhre has a freezing capacity of approximately 200 tons per day and a freezing storage capacity of approximately 1,800 tons.
Emy Fish AS and Emy Eiendom AS are 100% owned by Strand & Partners AS, meanwhile Brødr Myhre AS is 100% owned by Andreas Myhre. Magnus Strand is general manager in respectively Emy Fish AS and Emy Eiendom AS and Andreas Myhre is general manager in Brødr Myhre AS. Both will in connection with the agreements be employed by Norway Pelagic. Emy Fish AS and Emy Eiendom AS have the following board members: Kjartan Strand (chairman), Marit Flåten and Magnus Strand. Brødr Myhre AS has the following board members: Stein Erik Myhre (chairman), Andreas Myhre and Heidi Myhre.
Emy Fish AS and Emy Eiendom AS have in total 24 employees. Brødr Myhre AS has 23 employees.
In 2009 Emy purchased raw material of 17,500 tons of fish, meanwhile Myhre purchased raw material of 16,000 tons of fish. In principle, both were based on herring, but also had a share of mackerel production. By comparison, Norway Pelagic purchased raw materials of 480,887 tons in 2009.
Key figures 2009 (preliminary unaudited figures presented by the companies)
+-------------------+--------------+----------------+
| | Emy Fish AS | Brødr Myhre AS |
+-------------------+--------------+----------------+
| Sales | 78,3 MNOK | 77,5 MNOK |
+-------------------+--------------+----------------+
| Operating result | 4,5 MNOK | 7,5 MNOK |
+-------------------+--------------+----------------+
| Result before tax | 7,3 MNOK | 8,2 MNOK |
+-------------------+--------------+----------------+
| Equity | 21,1 MNOK | 45,8 MNOK |
+-------------------+--------------+----------------+
| Total equity | 36,8 MNOK | 62,7 MNOK |
+-------------------+--------------+----------------+
Key figures 2008
+-------------------+-------------+----------------+
| | Emy Fish AS | Brødr Myhre AS |
+-------------------+-------------+----------------+
| Sales | 80,9 MNOK | 69,1 MNOK |
+-------------------+-------------+----------------+
| Operating result | 3,4 MNOK | 4,4 MNOK |
+-------------------+-------------+----------------+
| Result before tax | 2,6 MNOK | 5,4 MNOK |
+-------------------+-------------+----------------+
| Equity | 18,8 MNOK | 41,0 MNOK |
+-------------------+-------------+----------------+
| Total equity | 36,8 MNOK | 58,2 MNOK |
+-------------------+-------------+----------------+
Key figures 2007
+-------------------+-------------+----------------+
| | Emy Fish AS | Brødr Myhre AS |
+-------------------+-------------+----------------+
| Sales | 84,8 MNOK | 74,6 MNOK |
+-------------------+-------------+----------------+
| Operating result | 4,1 MNOK | 8,2 MNOK |
+-------------------+-------------+----------------+
| Result before tax | 3,8 MNOK | 8,9 MNOK |
+-------------------+-------------+----------------+
| Equity | 19,0 MNOK | 37,6 MNOK |
+-------------------+-------------+----------------+
| Total equity | 42,9 MNOK | 59,0 MNOK |
+-------------------+-------------+----------------+
Emy and Myhre have commercially had a strong position in the EU-marked which represented approximately 60% of the companies' total sales in 2009. They are especially known for their customised products of herring filet. The remaining sales are bulk products to Russia/Eastern Europe and mackerel to Japan.
Emy Fish AS utilizes real estate with production plants and shipments which are owned by Emy Eiendom AS, meanwhile Brødr Myhre AS has corresponding assets in its own balance sheet. In connection with the agreement, Emy Eiendom AS and Brødr Myhre AS have entered into leasing agreements regarding these facilities with a term of 5 years. The consideration is approximately NOK 2.6 million in rent pro annum for each of the parties.
Following these two takeovers, Norway Pelagic will increase its share of total landings in Norway in 2009 (fro forma figures) from 36% to approximately 38.5%. The takeovers will strengthen Norway Pelagic's position as a leading producer of pelagic fish, and present the opportunity to realize substantial synergies.
If Norway Pelagic wishes to utilize their right to issue shares as compensation for up to 50% of the purchase price in connection with the takeovers, a proposal for a private placing will be presented in connection with the ordinary general meeting 10 May 2010.
Contact info:
Sigurd Teige, chairman
Tel: +47 913 69 300
Gunnar Domstein, CEO
Tel: +47 900 57 107
Mandatory notification of trade and disclosure of shareholding
Brødrene Hoddevik AS, a company controlled by primary insiders Jan Otto Hoddevik and Geir Hoddevik, respectively Sales and Marketing Director and Senior Sales Manager in Norway Pelagic, has on May 27th sold 125 000 shares, at 39,00 pr share.
After the transaction, Brødrene Hoddevik AS controls 638 132 shares in Norway Pelagic ASA. This is a reduction from 5,25% to 4,39% of total outstanding shares, which is also a mandatory notification of trade according to the 5% threshold set out in the Norwegian Securities Trading Act, Section 4-2.
Contact information:
CFO Jan Terje Teige, tel +47 57 84 44 00
Norway Pelagic is MSC approved
Marine Stewardship Council certification was awarded Friday May 8th to Norway Pelagic for its Chain of Custody Standards. Norway Pelagic is the first pelagic exporter in Norway to obtain this certification.
The newly certified fisheries are Norwegian Spring Spawning Herring, the North Sea Herring and the North East Atlantic Mackerel and hereby all products Norway Pelagic produce using raw material from these species. The MSC certification is valid for all 9 factories of Norway Pelagic.
This certification guarantees our clients that all Norway Pelagic products originate from a sustainable fishery.
For more information regarding MSC, please click here
To view our MSC Certificate, please click here
Contact info:
Mr. Helge Blålid
Technical Director
+47 578 444 07 or +47 913 71 454
NPEL Q1: Strong market for pelagic fish, and more resources available than ever
Interim report Q1 2009
Change of date for publishing Q1
Norway Pelagic ASA has changed date for publishing 1st quarter 2009 results from Thursday 7th of May to Wednesday 13th of May.
The presentation will be held at Shippingklubben, Haakon VIIs gt 1, Oslo, the same day at 09.00 a.m.
Merger between Norway Pelagic and Fryseriet cancelled
In relation to stock exchange notices that were released 19.01.09 and 01.04.09 regarding letter of intent between Norway Pelagic ASA and Ytterstad Fiskeriselskap AS, of acquisition of shares in Fryseriet AS and Ytterstad Export AS; The parties have not succeeded in reaching a conclusive agreement to complete the transaction. The parties have with that agreed to terminate negotiations.
Extended date for approval on merger between Norway Pelagic and Fryseriet
In relation to stock exchange report dated 19.01.09 on letter of intent between Norway Pelagic ASA and Ytterstad Fiskeriselskap AS regarding takeover of shares in Fryseriet AS and Ytterstad Export AS. The parties have agreed to extend the date for the final agreement to be completed until 31.05.09. The parties intentions to complete the transaction have not changed.
Update financial calendar 2009
Norway Pelagic ASA has moved General Meeting from 29th of April to 5th of May, and date for reporting 1st Quarter 2009 from 30th of April to 7th of May.
Norway Pelagic ASA will have following updated financial calendar for 2009:
- Thursday, 7. May: 1st Quarter 2009
- Tuesday, 25. August: 2nd Quarter 2009
- Friday, 30. October: 3rd Quarter 2009
- Tuesday, 5. May: General Meeting
The dates are subject to change.
Norway Pelagic enters into Market Making Agreement
Norway Pelagic ASA has at Janauary 13th entered into a Market Making Agreement with Fondsfinans ASA for the company`s shares. The purpose of the agreement is to increase the liquidity of the shares of the company, which is listed on Oslo Stock Exchange. The Agreement is in accordance with the standard requirements of Oslo Stock Exchange.
For further information:
Jan-Terje Teige
CFO
Tel: +47 57 84 44 00
