GRØNTVEDT AS – FURTHER UPDATE ON CAPITAL RAISING, REFINANCING EFFORTS AND EXPIRATION OF WAIVER PERIOD

11 Jun 2025 08:58 CEST

We refer to the previous stock exchange notices dated 28 March 2025, 11 April
2025, 10 May 2025 and 30 May 2025, respectively, from Grøntvedt AS (the
"Company").

- In the notice of 28 March 2025, the Company announced its intention to raise
new capital in the region of NOK 300-500 million, and it also secured necessary
waivers and extensions under its financing arrangements until 9 May 2025.

- The notice of 11 April 2025 informed that the annual report for 2024 is
expected to be published no later than 30 May 2025.

- In the notice of 10 May 2025, the Company provided an update on the capital
raise process and expected implementation by 30 May 2025. The Company also
informed that the new implementation date would fall within the relevant remedy
period under the Company's bond agreement.

- In the notice of 30 May 2025, the Company informed that (i) the capital raise
process is expected to be implemented by end of June 2025, (ii) that formal
extension of the waiver from the senior secured lender and working capital
provider was secured until 24 June 2025 and (iii) the Company would engage with
remaining creditors to seek necessary waivers and extensions due to the new
target implementation date.

The Company secured necessary waivers under its bond agreement on 28 March 2025.
The waivers were needed to avoid default due to inability to satisfy one or more
financial covenants. The waiver and applicable remedy period expired on 10 June
2025. As a result, the Company is in default of its obligations under its bond
agreement. However, the Company has engaged in constructive dialogue with a
majority of its bondholders and their advisors, and based on the feedback
received, the Company is confident that an extended waiver will be granted
within a couple of days to enable the Company and its shareholders to continue
developing and implementing the ongoing recapitalization efforts aimed at
ensuring that the Company has a stable business and financial platform which
gives long-term stability at the same time as it gives flexibility to handle the
seasonal patterns of catch of wild pelagic fish an optimal manner with respect
to value creation for the stakeholders. To that effect, the Company and its
shareholders are currently working on the following two recapitalization tracks,
which, in addition to providing working capital and new guarantee commitments
provide for:

- Recapitalization track 1: Full refinancing of the existing super senior
working capital facility and a partial redemption of the bonds through injection
of new equity.

- Recapitalization track 2: Full refinancing of the existing super senior
working capital facility and the bonds through a combination of new equity and
shareholder loans.
A term sheet for the recapitalization track 1 has been signed, and due diligence
is ongoing. Indicative timeline for both processes suggests signing and
completion during the summer of 2025.

The annual report for 2024 is expected to be published no later than 30 June
2025.

For further information, please contact:
Bjørnar Grøntvedt, CEO: 915 46 244
Atle Helberg, CFO: 909 15 822

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