P/F Bakkafrost (“Bakkafrost”) has, initiated a compulsory acquisition of the shares in The Scottish Salmon Company PLC (the “Company”) held by other shareholders therein than Bakkafrost. The compulsory acquisition covers both the depositary receipts recorded in the Norwegian VPS system and the common shares issued in physical form.
The compensation offered by Bakkafrost is NOK 28.25 per depositary receipt/common share (together, the “Equity Instruments”), i.e. the same amount as the price paid in the mandatory bid for the Equity Instruments which Bakkafrost completed in December last year.
The holders of the Equity Instruments subject to the compulsory acquisition can, within the date six weeks from today (24 February 2020), apply to the Royal Court of Jersey for it to make an order that:
(a) Bakkafrost shall not be entitled and bound to acquire the remaining Equity Instruments; or
(b) specifies terms of acquisition different from those offered by Bakkafrost.
If no such order is made by the end of the six week period, Bakkafrost shall so notify the Company and make payment of the compensation to the Company. The Company will then record Bakkafrost as the owner of the Equity Instruments and arrange for payment thereof to each recipient of the compensation.
Holders of depositary receipts will receive such settlement amount to the NOK account recorded on their VPS account.