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Historic agreement on Mackerel between Norway and EU
HISTORIC AGREEMENT ON MACKEREL BETWEEN NORWAY AND EU
After several years of annual ad hoc agreements, Norway and EU have now entered into a long term bilateral agreement on mackerel. This agreement regulates important issues such as the division of the total mackerel quotas between the parties, and questions of mutual zone access in the parties’ mackerel fisheries.
Norwegian vessels mackerel fisheries in the EU zone were on the 2. October last year suddenly closed after disagreements between Norway and EU concerning the agreements on mutual zone access. At this time, Norwegian vessels had a remaining quota of approximately 70.000 tons. This affected the raw material supply for Norway Pelagic in 2009, as it was limited to 79.000 tons.
The remaining quota of 70.000 tons will be caught in 2010, and this means Norwegian vessels will be allowed to catch 246.000 tons mackerel in 2010. The agreement will imply greater flexibility for both industry and fleet to adjust activity in terms with market conditions. In the longer run, It will also imply a more stable framework conditions for Norway Pelagic in terms of stable and substantial deliveries, both from Norwegian and foreign vessels. The agreement implies extended access to each others zones in 2010 and full access from 2011.
Norway Pelagic had in 2009 40% of all mackerel landings in Norway, and will aim to have at least the same share in 2010.
Contact: Sigurd Teige, Chairman of the Board, tel +47 913 69 300
Invitation to "Field trip"
We are please to invite professional business analysts and investors on a "field trip" to our sales office in Aalesund and a tour to one of our factories, NP Liavaag. The trip is planned for Tuesday October 13th.
For more information and contact details please click here
Extraordinary General Meeting
Please see attached notice of Extraordinary General Meeting for Norway Pelagic ASA. The notice has been sent to all shareholders with an known address separately. The Extraordinary General Meeting will be held on September 3rd, 2009 at 11:00 hrs at company's head office in Måløy.
Download: NPEL-Innkalling_ekstraordinar_generalforsamling_03092009_no_eng.pdf
Norway Pelagic acquires Fryseriet
Extended stock exchange notice - Norway Pelagic ASA’s agreement regarding the acquisition of Fryseriet AS
According to the stock exchange notice of 30 June 2009, Norway Pelagic ASA (“Norway Pelagic”) entered into on 29 June 2009 a share purchase agreement (the “Agreement”) with Ytterstad Fiskeriselskap AS with regards to an acquisition of Fryseriet AS. In accordance with the Oslo Børs Continuing Obligations, a detailed stock exchange announcement is hereby released.
The acquisition shall be carried out by Norway Pelagic, or a subsidiary, on completion acquiring 100% of the shares in Fryseriet AS, which presently is owned by Ytterstad Fiskeriselskap AS and the wholly owned subsidiary Rødholmen AS. Certain assets, rights and liabilities in Ytterstad Export AS, a wholly owned subsidiary of Ytterstad Fiskeriselskap AS, shall be transferred to Fryseriet AS prior to the completion of the Agreement. As consideration for the shares Ytterstad Fiskeriselskap AS shall receive shares in Norway Pelagic by an issue of 1,124,117 new shares in Norway Pelagic (7.2% of total shares) through a private placement on completion. Norway Pelagic has the right to settle a part of the consideration with treasury shares. In addition, there will be a consideration in cash amounting to NOK 20 million. Ytterstad Fiskeriselskap AS owns currently 2.3% of the shares in Norway Pelagic.
The completion of the acquisition is subject to customary conditions, including but not limited to the completion of a satisfactory due diligence, that no material adverse change has occurred in the period from 31 December 2008 and until the settlement date and that any governmental- or regulatory approval and/or clearance necessary for the completion of the Agreement, including from the relevant competition authorities, must be obtained without any negative conditions or effects for Norway Pelagic. Completion is expected to take place on or about 31 August 2009.
The acquisition will in Norway Pelagic’s opinion:
- develop and strengthen the pelagic consumption industry in Northern Norway and strengthen Norway Pelagic’s presence in Northern Norway.
- realize synergies through utilization of Norway Pelagic’s market powers, and the Ytterstad Group’s position in the pelagic industry in Northern Norway and knowledge of markets and products related to capelin and skinless fillets.
- increase competitiveness and increase productivity.
- contribute to adapt capacity through the whole value chain from catching, through production – and to the market.
- contribute to a long term positive development on the whole value chain.
- contribute to a broader commitment and participation downstream in the value chain.
Fryseriet AS is a pelagic production facility located in Lødingen in Nordland, Norway with immediate nearness to the catching areas for capelin and herring. The facilities have recently completed a significant upgrade and modernization, which means they now are among the largest and most effective. Annual production capacity is approx. 60,000 tons, and a daily reception capacity of 700 tons, and a daily fillet capacity of 150 tons. Cold store capacity is 6,500 tons. The Board of Directors consist of Svein Haukebøe (Chairman), Magnus Ytterstad, Odd Helge Skog and Kirsten Ytterstad. Temporary managing director is Svein Haukebøe. In 2008, there were 30 man-labour years in the company.
In 2008, Fryseriet AS purchased 53,600 tons of raw material, essentially Norwegian Springspawning Herring. By comparison, Norway Pelagic purchased 392,000 tons of raw material in 2008.
Key figures for Fryseriet AS in 2008:
Turnover: NOK 217.9 mill
Operating result: NOK 9.7 mill
Result before tax: NOK 7.0 mill
Equity: NOK 29.3 mill
Total assets: NOK 142.1 mill
Key figures for Fryseriet AS in 2007:
Turnover: NOK 153.1 mill
Operating result: NOK 0.8 mill
Result before tax: NOK -0.5 mill
Equity: NOK 32.5 mill
Total assets: NOK 117.0 mill
Key figures for Fryseriet AS in 2006:
Turnover: NOK 143.5 mill
Operating result: NOK 1.2 mill
Result before tax: NOK -0.4 mill
Equity: NOK 30.5 mill
Total assets: NOK 89.2 mill
Ytterstad Export AS has principally been Fryseriet AS sales agent. Commercially, the company have had a good share of the markets for vacuumed fillet/bits in Europe, and a considerably share of roundfrozen herring to East European markets. The Agreement implies that employees, market knowledge, know-how, customer lists are transferred to Norway Pelagic, in addition to stocks and trade receivables. The company is considered to amount for an inconsiderable value relating to the transaction and has 2 employees.
Fryseriet AS makes use of property, including an industrial plant, cold store and port of shipment, which have been transferred to Lødingen Fryseri AS.,Norway Pelagic and Lødingen Fryseri AS has entered into a 15 year lease agreement regarding these facilities on customary terms and conditions, including with an option for extension.
An acquisition of Fryseriet AS will bring Norway Pelagic capacity in Northern Norway from approx. 110,000 tons to approx 170,000 tons, accounting for 35% of total capacity in Northern Norway,
It is the company’s opinion, that this acquisition will represent an important add-on value for Norway Pelagic, and through a far stronger presence in Northern Norway, will imply possibilities to realise significant synergies.
A notice of an extraordinary general meeting in Norway Pelagic will during July 2009 be distributed in order to arrange for the consideration of the necessary resolutions under the Agreement. The extraordinary general meeting is planned to be held at the end of August 2009.
Contact person:
Sigurd Teige, Chairman, mobile +47 913 69 300
NPEL Q1: Strong market for pelagic fish, and more resources available than ever
Interim report Q1 2009
Minutes of Annual General Meeting
The Annual General Meeting of Norway Pelagic ASA was held on May 5th, 2009. All items according to the agenda dated March 24th, 2009 were approved, except all Board and Election Comitee members up for reelection were elected for a period of one year, instead of two years. All approvals were unanimous.
A dividend of NOK 1,- per share was approved. The shares will be traded ex dividend on May 6th, 2009.
Minutes (download)
Disclosure of shareholding
Scombrus AS has registered a capital reduction and the amount will be distributed in the form of shares in Norway Pelagic ASA to the company's shareholders. As of April 30th, 3 880 142 shares in Norway Pelagic ASA, corresponding to 26,69% of the share capital, have been distributed to the shareholders of Scombrus AS. The only shareholder of those with an ownership share exceeding 5 % will be Brødrene Hoddevik AS.
After the transaction they will control 763 129 shares, corresponding to 5,25% of the share capital.
Brødrene Hoddevik AS is controlled by primary insiders Jan Otto Hoddevik and Geir Hoddevik.
Notice of Annual General Meeting
Please see attached notice of annual general meeting for Norway Pelagic ASA and annual report 2008. The notice of the annual general meeting and attachments have been sent to all shareholders with an known address separately. The Annual General Meeting will be held on May 5th, 2009 at 13:00 hrs at company’s head office in Måløy
Notice (download)
Annual Report 2008 (download)
Approved annual accounts and dividends
Norway Pelagic ASA's audited annual report for 2008 has been approved by the board of directors March 24th 2009. Compared to the preliminary results for 2008 presented on the 4th quarter presentation February 11th 2009, there are no substantial changes. The annual report 2008 including the approved accounts will be distributed to the shareholders with the notice for the AGM.
The board of directors has decided to propose to the AGM to pay a dividend of NOK 1,00 per share for the financial year 2008. The AGM will be held May 5th, 2009. Provided that the AGM adopts the proposal, the share will be traded ex-dividend as from May 6th, 2009.
Contact information:
CEO Gunnar Domstein, tel +47 57 84 44 00 / mob +47 900 57 103
CFO Jan-Terje Teige, tel +47 57 84 44 00 / mob +47 905 22 254
NPEL Q4 : High Activity and margins in increasingly volatile surroundings
Interim report Q4 2008
Download press release
Download report (english)
Download report (norwegian)
Download presentation
Norway Pelagic and Fryseriet to join forces
Norway Pelagic ASA and Fryseriet AS, have on January 17th entered into a letter of intent to join forces.
