Borregaard ASA: Borregaard to increase its ownership in Alginor to 35%

13 Apr 2023 13:32 CEST

Reference is made to the stock exchange release of 23 July 2021 regarding
Borregaard's investment in the marine biotech company Alginor ASA.

Borregaard has exercised its right to increase ownership in Alginor. The value
of the equity transactions is approximately NOK 124 million of which NOK 120
million is a direct equity issue made exclusively to Borregaard. The remaining
NOK 4 million are shares acquired from a company controlled by the Alginor
founder. After these transactions and considering the employee share options
program, Borregaard will hold 35% of the shares in Alginor on a fully diluted
basis.

The direct equity issue will facilitate investments that shorten the time to
market for commercial volumes of Alginor's key product, alginate. This includes
expanding parts of Alginor's demonstration plant to semi-commercial scale and
increasing the company's harvesting capacity at an earlier stage.

To date, Borregaard's committed investments in Alginor total approximately NOK
268 million.

For more information about Alginor, see https://alginor.no/.

Contact:
Director Investor Relations, Knut-Harald Bakke, +47 905 79 164

This information is subject to the disclosure requirements pursuant to Section
5 - 12 of the Norwegian Securities Trading Act.

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