June 21, 2007

Austevoll Seafood to acquire 50 percent shares in Shetland Catch
 

Norwegian seafood company Austevoll Seafood ASA has signed a letter of intent to acquire 50 percent of the shares in Shetland Catch Limited through a private placement.

Shetland Catch produces frozen pelagic fish such as mackerel, herring and horse mackerel, and is the largest pelagic fish plant in Europe with a daily processing capacity of about 1,000 tonnes.

As part of the agreement, a new sales company will be formed, with Austevoll Seafood and Shetland Catch as the main shareholders.

The agreement is subject to board approvals by both parties and a legal and financial due diligence process is due for completion by mid-August this year.