Salmon is on the menu at both the NZX Main Board (NZX) and the ASX with the listing of New Zealand King Salmon

Salmon is on the menu at both the NZX Main Board (NZX) and the ASX with the listing of New Zealand King Salmon

21 October 2016, 6:00AM
Pead PR

Salmon is on the menu at both the NZX Main Board (NZX) and the ASX with the listing on Wednesday (19 October) of the world’s largest aquaculture producer of King salmon.
 
The initial public offer (“IPO”) for Nelson / Marlborough-based New Zealand King Salmon was for 69.2 million ordinary shares, quoted under the ticker NZK.


 
With the government supporting well-planned and sustainable aquaculture growth, New Zealand King Salmon sought $30.0 million in new capital to repay debt, and to fund future investment and working capital.
 
As a result of the fully subscribed IPO, and based on the $1.12 price per share, the company’s market capitalisation is $154.5 million, excluding certain shares offered under an employee share ownership plan. 
 
New Zealand King Salmon Chairman John Ryder says salmon represents a “healthy” ingredient to any investment portfolio.
 
“The planet’s resources need careful management, at the same time as the world’s growing population is crying out for increased nutritious food production. Farmed salmon in particular represents an efficient and sustainable way of meeting those needs.
 
“The New Zealand King Salmon IPO has provided us with a strong platform for investing in aquaculture growth, something the New Zealand government strongly supports with a goal of increasing revenue from the aquaculture industry to more than NZ$1 billion by 2025*.
 
“Now all New Zealanders can invest in and share in this growth and prosperity,” Mr Ryder says.
 
Shareholding
As part of the IPO, existing investor Direct Capital has sold $45.0 million of shares and major shareholder Oregon Group has reduced its shareholding to approximately 40 per cent. Other existing minority shareholders have sold approximately $1.5 million of shares in aggregate. 
 
John Ryder says it is extremely pleasing New Zealand investors have demonstrated strong support for the IPO.
 
Shares were allocated to institutions in New Zealand, Australia and Hong Kong, local Marlborough and Nelson Bays iwi, as well as a number of brokers on behalf of their New Zealand resident clients.
 
In a strong show of community support for the company, the Priority Offer of $1.5 million of shares to eligible residents in the Marlborough and Nelson Bays regions was fully subscribed,” Mr Ryder says.
 
“New Zealand King Salmon is also proud to have sovereign, ethical and iwi investors on its register.”
 
The joint lead managers of the IPO were First NZ Capital Securities Limited and Macquarie Capital (New Zealand) Limited (acting through its affiliates).
 
http://www.fish.govt.nz/en-nz/Commercial/Aquaculture/default.htm


 
About New Zealand King Salmon
New Zealand King Salmon is the world’s largest aquaculture producer of King salmon, supplying salmon under three key brands: Ōra King, Regal and Southern Ocean. We own and operate eight seafarms in the Marlborough Sounds, harvesting and processing more than 6,000 MT of King salmon a year. Three new seafarms consented in 2014 are expected to enable the company to approximately double annual production over time. NZ King Salmon controls all elements of the value chain from breeding and growing to harvesting and processing, and we have been selling salmon to consumers and chefs for more than 30 years. The New Zealand salmon farming industry has been recognised as a global leader in sustainable seafood following New Zealand’s ‘Best Choice’ accreditation in 2015 in the Monterey Bay Aquarium’s globally respected consumer guide Seafood Watch. NZ King Salmon listed on the NZX Main Board and ASX in October 2016.

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