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High Liner Acquires Stake in Norcod Through Recent Private Placement

High Liner Foods, headquartered in Lunenburg, Nova Scotia, Canada, has injected USD 5 million (EUR 4.6 million) into Norcod as a component of the Norwegian cod farming company's recent private placement totaling NOK 170 million (USD 16 million, EUR 14.8 million).

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High Liner Acquires Stake in Norcod Through Recent Private Placement
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Norcod, in its Q4 results announcement, disclosed the necessity of raising NOK 100 million to NOK 150 million (USD 9.5 million to USD 14.2 million, EUR 8.7 million to EUR 13.1 million) to address its working capital requirements. Following a successful private placement, as declared in an Oslo Børs posting on February 29th, the company confirmed the achievement of its targeted capital with backing from existing shareholders and High Liner Foods.
Expressing satisfaction with the outcome, Norcod CEO Christian Riber emphasized the investor confidence in the company's strategic direction and growth potential. The additional investment from High Liner is earmarked to bolster Norcod's footprint in the North American market.
High Liner's involvement coincides closely with its President and CEO Paul Jewer's indication, during the presentation of the FY 2023 results, of potential merger and acquisition prospects, underpinned by improved financial metrics. Jewer underscored High Liner's commitment to prudent acquisition practices, with Norcod aligning well with its growth objectives.
Highlighting Norcod's impressive production milestones, Jewer commended the company's leadership and operational achievements. Norcod's FY 2023 results revealed a significant increase in harvested farmed cod, reinforcing its prominent position in Norway's cod farming landscape.
In emphasizing the long-term outlook, Jewer emphasized High Liner's commitment to supporting sustainable cod farming initiatives, positioning itself as a leader in premium seafood supply for North American and global markets.
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