Aker Seafoods ownership restructured

By

SeafoodSource staff

Published on
June 21, 2012

Ownership in Aker Seafoods is being transferred directly to Aker ASA from the Aker-controlled investment fund Converto Capital Fund, the Norwegian company announced on Friday.

Aker’s investment represents 99.8 percent of the fund’s capital. At the same time, a fraction of Aker’s shares in Aker Seafoods will be sold to the fund’s investment advisor, Converto Capital Management AS, according to the company.

This will be carried out through a sale from Converto Capital Fund to Aker ASA of 61.2 million Aker Seafoods shares, just over 72 percent of the company’s stock. The per-share price stipulated in the transfer agreement is NOK 6.50, which corresponds to the shares’ exchange-listed price. Additionally, Converto Capital Management will purchase just over 1 million Aker Seafoods shares from Converto Capital Fund at the same price.

The transaction will be completed after Fausken Invest AS, which is owned by Frank O. Reite, acquires Aker’s 90-percent interest in Converto Capital Management AS. Currently, Fausken Invest holds a 10 percent stake in Converto Capital Management. Reite is also chairman of Aker Seafoods and his interest in Aker Seafoods will increase from about 179,000 shares to 1.25 million shares, held via Fausken Invest and Converto Capital Management.

Aker has agreed that Converto Capital Management will act as an investment advisor for Aker’s interest in Aker Seafoods.

The transactions are subject to approval by Norway’s Ministry of Fisheries and Coastal Affairs.

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