Atlantic Sapphire bridge loan conversion completed, Coral HoldCo holds 99.03% and launches mandatory offer for remaining shares
Florida land-based salmon farmer Atlantic Sapphire announced the issuance of more than 1.125 billion new shares at NOK 0.10 per share to settle the bridge loan, as a result of which Coral HoldCo holds 99.03%; on the same day it resolved to make a mandatory offer for the remaining shares at NOK 0.80 per share.
Norwegian aquaculture news site iLaks reported on 13 October 2026 that Florida land-based salmon farmer Atlantic Sapphire's days as a listed company are numbered. The company announced on the morning of Tuesday, 13 October, that it had implemented a share capital increase by issuing 1,125,481,385 new shares to Coral HoldCo at a subscription price of NOK 0.10 per share, with payment made by offsetting the entire outstanding amount under Atlantic Sapphire's bridge loan.
Following completion of the bridge loan conversion, Coral HoldCo holds 1,150,124,362 shares in Atlantic Sapphire, representing 99.03% of Atlantic Sapphire's issued share capital and voting rights.
On the same day, the board of Coral HoldCo resolved to make a mandatory offer for all remaining shares in Atlantic Sapphire not held by Coral HoldCo. As a result, Coral HoldCo has acquired ownership of all shares in Atlantic Sapphire.
Coral HoldCo is jointly owned by Condire Management, Nordlaks Holding, Strawberry Capital, Nokomis Capital and Joh. Johannson Eiendom (described in the original text as a "four-party combination").
The offer price for the mandatory offer is NOK 0.80 per share. According to the company announcement, the offeror has transferred the full offer amount to a designated settlement account at DNB bank so that distribution to former shareholders can take place as soon as possible thereafter.