Statt Torsk ASA: Update on strategic review – letter of intent from Vesterålen Havbruk AS

16 Aug 2023 16:40 CEST

Reference is made to the stock exchange notice published on 8 August 2023
regarding the decision to initiate a strategic review in Statt Torsk ASA (“Statt
Torsk”). The strategic review aims to optimize shareholder value and to secure
financing through exploring a broad range of strategic alternatives, including
financing, structural and business development opportunities. The Board of
Directors in Statt Torsk (the “Board”) has appointed Pareto Securities and
SpareBank 1 Markets as financial advisors for this review.

Statt Torsk is pleased to announce that it has received a letter of intent from
Vesterålen Havbruk AS (“Vesterålen Havbruk”) regarding a potential business
combination, of which the structure is yet to be determined. The proposal values
the equity in Statt Torsk at NOK ~255m (implying a value per share of NOK ~1.20)
and Vesterålen Havbruk at NOK ~610m. The potential transaction is contemplated
to be settled in Vesterålen Havbruk shares and may involve a delisting of Statt
Torsk shares from trading on Euronext Growth Oslo. Based on this Statt Torsk has
decided to enter into a period of discussions with Vesterålen Havbruk to further
explore the business combination and evaluate the proposal. Further
announcements will be given when the process has been concluded.

As part of the business combination, Statt Torsk may temporarily modify its
plans to transfer juveniles to its Rekvika site. Statt Torsk will in any case
continue to deliver high-quality fresh cod from its Stokkeneset site where the
majority of the production is being sold on a long-term contract at attractive
prices.

About Vesterålen Havbruk
Vesterålen Havbruk AS is a white fish group primarily located in Øksnes and Bø
municipality. The company’s subsidiaries are involved in harvesting of farmed
cod, processing facility for wild and farmed cod/salmon, and are also running a
traditional fish reception. In Q4 2023 the company will have the first
operational stun and bleed vessel delivered, specialized for farmed cod. The
company has already conducted one production cycle on farmed cod in the Northern
areas. Vesterålen Havbruk AS employs 200 people and are privately held.
No assurances can be given as to the outcome of the dialogue with Vesterålen
Havbruk, nor the timing of concluding the process. Further announcements will be
given when the discussions are concluded, or Statt Torsk determines that
disclosure is required or appropriate.

This update on the strategic review is considered to be inside information
pursuant to the EU Market Abuse Regulation and is subject to the disclosure
requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This
stock exchange notice was published by Bjug Borgund, CFO, on 16. August 2023 at
16:40 CET.

For more information contact:
Gustave Brun-Lie, CEO, gbl@statt.no

For inquires to Vesterålen Havbruk:
Brynjar Kværnstuen, CEO, brynjar@vesteralenhavbruk.com

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