Pan Fish CEO Atle Eide had announced at the presentation of the first quarterly result that Pan Pelagic would be sold to Pan Pelagic's Managing Director, Arne Stang.
The purchasing price agreed for the shares is MNOK 70 in cash. In total this reduces the Pan Fish group's net interest-bearing debt by MNOK 180 due to the sale /separation of Pelagic.
The sale of the shares will mean an accounting loss of around MNOK 85 for Pan Fish. Further, the demerger of Pan Pelagic will mean that Pan Fish writes off an outstanding receivable of around MNOK 154.
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Pan Pelagic sold to its managing director - Arne Stang
Bergen, Norway: Pan Fish ASA has signed a Letter of Intent on sale of the group's shareholding of approximately 98.9 per cent in Pan Pelagic ASA to Arne Stang, it was announced this morning in a stock exchange press statement. The final deal is expected to be signed no later than August 15th.
23 June 2003 10:11 GMT
Updated
23 July 2012 6:43 GMT
