Linnaeus will subscribe for the full amount of the convertible bond loan of EUR15 million (US$18.89 million) as approved by the AGM of June 25, 2010. The bond will have a conversion price of EUR1.80 (US$2.27) and maturity of 3 years.

 

The final documents for the convertible bond loan issue are currently being negotiated with a target of finalising the agreements as soon as possible.

 

DIAS Executive Chairman, Stelios Pitakas, said "Our partnership with a substantial strategic investor, who also shares our vision, is a significant and exciting step for the company and will enable us to rapidly progress and realise the full potential of our current and future projects."

 

Commenting on the recent DIAS investment, Linnaeus Managing Partner, Anita Hamilton stated, "We see tremendous opportunity in the aquaculture industry and believe DIAS is well placed in this sector to capitalise on future growth and opportunities."

 

DIAS Aquaculture SA is one of Greece's largest aquaculture operators specialising in sea bass and sea bream production. In 2009, its volume totalled 20,000 tonnes.