Key Developments: Codfarmers ASA (CFMRF.PK)
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15 Jun 2012
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Latest Key Developments (Source: Significant Developments)
Codfarmers ASA Updates on Debt Rearrangement
Codfarmers ASA announced that it previously proposed that all unsecured debt as of December 16, 2012 was to be reduced by 50% and the remaining 50% was to be paid no later than April 15, 2013. As more time than originally estimated is required to complete the Company's sale of assets and subsidiaries, the Group do not have the cash resources available on April 15, 2013 to make repayment in accordance with the debt re-arrangement. The Group will therefore request the unsecured creditors that are comprised by the debt rearrangement for Atlantic Cod Farms AS and Atlantic Cod Juveniles AS for a one month postponement of the payment date, and the unsecured creditors comprised by the debt rearrangement for Codfarmers ASA and its other subsidiaries for a three months postponement. Codfarmers ASA will send a written request to the relevant creditors. The Group's cost base has been significantly reduced, and new debt is not incurred. Full Article
Codfarmers ASA Sells Fjord Gadus AS
Codfarmers ASA announced that the shares of the subsidiary company Fjord Gadus AS were sold to the company Jokul AS against release of all obligations in regard to further going concern as of April 8, 2013. No further remuneration is paid to Codfarmers, however, the pay-roll and other operating expenses will be offloaded Codfarmers from this date. The equity of Fjord Gadus AS is negative. The facility was one of two landbased ongrowing facilities. It is located in Vanylven municipality in More & Romsdal on the western coast of Norway. The Company's ownership was with this transaction handed back to the origin which is controlled by Ulf H. Sordal who is a member of the board of Directors in Codfarmers and holds 2,486,028 shares in Codfarmers. Full Article
Codfarmers ASA Announces Last Day of Trading
Codfarmers ASA announced that Oslo Bors has resolved that the Company's shares will be delisted and that the last day of trading will be April 22, 2013. Codfarmers applied for delisting in March 2013. Full Article
Codfarmers ASA's Chair of the Board Marianne E. Johnsen to Step Down
Codfarmers ASA announced that Marianne E. Johnsen, Chair of the Company’s Board, and Board Member Benedicte Fossum have informed the Company that they have resolved to step down from the Board. The background for their resolution is that the Company following planned asset sales and de-listing will come into a new phase. The two Board Members are of the view that the Company's strategy for that phase should be determined by those who shall manage the Company in that phase. Marianne E. Johnsen and Benedicte Fossum will continue in their positions until the General Assembly has elected new Board Members. The Board has resolved to call for an Extraordinary General Meeting to be held on April 5, 2013. Full Article
Codfarmers ASA' Extraordinary General Meeting Approves Application to Delist Company from Oslo Stock Exchange
Codfarmers ASA announced that the Extraordinary General Meeting of the Company, held on March 13, 2013, in accordance with the proposal of the Board of Directors, approved that the Company applies to Oslo Stock Exchange for delisting of its shares. The Board shall decide when delisting application shall be made. Full Article
Codfarmers ASA Issues Q4 2012 EBIT Guidance
Codfarmers ASA announced that the Company's earnings for Q4 2012 will be reduced by NOK 48 million by reason of depreciations in fixed assets, goodwill and biomass in the Codfarmers group. The Company expects that the loss (EBIT) in Q4 2012 will be NOK 79 million. Full Article
Codfarmers ASA Enters Letter of Intent to Sell Atlantic Cod Farms AS
Codfarmers ASA announced that the Company has entered into a letter of intent with an industrial player regarding Codfarmers' sale of Atlantic Cod Farms AS and its subsidiaries (ACF), other than Festoy Eiendom AS. The parties have agreed on a value of the assets and rights of ACF in the amount of NOK 40 million, and that the debt in ACF shall be deducted when determining the price for the shares in ACF. Codfarmer's loan to ACF, which as per February 22, 2013 is in the amount of NOK 55 million will be converted into shares in ACF. The main portion of the amount of NOK 40 million will be used for repayment of third-party debt in ACF. Completion of the transaction is inter alia subject to the buyer's due diligence review of ACF, the parties agreeing on a final share purchase agreement, and that the transaction is being approved by the Boards of Directors of the parties and by relevant authorities. Full Article
Codfarmers ASA Plans Delisting from Oslo Stock Exchange
Codfarmers ASA announced that its Board of Directors has unanimously decided to propose to the general meeting of the Company that the Company applies for a delisting of its shares from Oslo Stock Exchange. An extraordinary general meeting of the Company (EGM) will be held on March 13, 2013 at 10 a.m. (CET) for the purpose of resolving to apply for a delisting. Full Article
Codfarmers ASA's Subsidiary Sells Production Facility to Marine Harvest ASA's Subsidiary
Codfarmers ASA announced that its subsidiary, Atlantic Cod Juveniles AS, entered into an agreement for the sale of its cod juvenile production facility with related fixed and operating assets and juvenile license on February 18, 2013 to Marine Harvest ASA's subsidiary. The facility, which has not been in production since the spring of 2012, is sold to Marine Harvest ASA's subsidiary Marine Harvest Labrus AS for a purchase price of NOK 5 million. Atlantic Cod Juveniles AS will use the proceeds from the sale to repay debt. Full Article
Codfarmers ASA Sells All Shares in Nap Marine AS
Codfarmers ASA announced that it has agreed to sell all its shares in its Nap Marine AS and its loan to that subsidiary in the amount of NOK 10.6 million. The shares are sold for NOK 50,000 and the loan is sold at a price substantially lower than the amount outstanding under the loan. The buyer is Gildeskal Forskningsstasjon AS. Full Article
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