NON DESTIN\u00c9 \u00c0 LA DIFFUSION, PUBLICATION OU DISTRIBUTION, DIRECTE OU INDIRECTE, EN AUSTRALIE, AU CANADA, \u00c0 HONG KONG, EN AFRIQUE DU SUD, AU NOUVELLE Z\u00c9LANDE, AU JAPON, AUX \u00c9TATS-UNIS D'AM\u00c9RIQUE ou dans toute autre juridiction o\u00f9 une telle diffusion, publication ou distribution serait ill\u00e9gale.<\/p>\n
Kats, Netherlands \u2013 May 12 , 202 6 – <\/b>Reference is made to the stock exchange announcements made by The Kingfish Company N.V. (Euronext Growth Oslo: KING) (the “Company <\/b>\u201d ou \u201cKingfish <\/b>“) on 26 March 2026 and 20 January 2026 regarding financing discussions with key stakeholders regarding its capital structure and financing arrangements related to the Company ‘s expected non-compliance with its EBITDA financial covenant at year -end 2025 .<\/p>\n
The Company is pleased to present a strategic financial restructuring , which upon completion will result in a simplified capital structure, a significant reduction of net debt and bring new liquidity to support further growth. Part of the solution involves bringing the renowned international investment company Eyrir hf. (\u201cEyrir <\/b>\u201d), rooted in Iceland, on board as the Company\u2019s main shareholder. The restructuring is further supported by a broad group of key existing shareholders and long -term backers of the Company, including certain seed investors, underlining their continued confidence in the Company and its long -term potential.<\/p>\n
Kingfish’s CEO, Vincent Erenst, commented <\/b>: \u201cThis transaction represents an important milestone for The Kingfish Company. Over the past months, we have worked intensively with our lenders, shareholders and new investors to establish a long -term capital structure that supports the continued development of the business . We are particularly pleased to welcome Eyrir as a new major shareholder. Eyrir brings an impressive entrepreneurial track record in developing and scaling businesses over the long term. We believe this experience and mindset are an excellent match with Kingfish\u2019s passion, ambition and long -term vision for sustainable aquaculture.\u201d<\/p>\n
\u00c1rni Thordarson, Chairman of Eyrir, commented <\/b>: \u201cThe Kingfish Company has built a strong and differentiated platform, underpinned by a highly capable team and a clear commitment to quality, innovation and sustainability. The company serves local restaurants and retailers across Europe with premium kingfish yellowtail produced through a fully integrated value chain.<\/p>\n
Its disciplined investment in advanced technology and a land-based RAS system using fresh seawater and renewable energy positions the business to deliver superior-quality fish in a responsible and scalable way. At Eyrir, we bring more than capital: we bring long-term commitment, strategic support and active partnership. We look forward to working with management and fellow shareholders to support the company\u2019s next phase of growth and create sustainable long-term value for all stakeholders.\u201d<\/p>\n
The key elements of the restructuring <\/b><\/b><\/p>\n
One key element of the restructuring which is announced today , is that the Company has successfully placed a private placement (the “Private Placement <\/b>\u201c), qui a permis d\u2019obtenir un montant brut de 21 millions d\u2019euros gr\u00e2ce \u00e0 l\u2019attribution conditionnelle de 392 523 365 nouvelles actions ordinaires au prix d\u2019\u00e9mission de 0,0535 euros par action (\u201c le \u00abOffer Price <\/b>“) as part of the restructuring (the “Restructuration <\/b>\u201c).<\/p>\n
In addition to the Private Placement, the key elements of the Restructuring comprise: (i) a contemplated full conversion of all outstanding commitments (including accrued and unpaid interest), amounting to approximately EUR 49 million, under the Company’s existing convertible loan agreement (the “CLA <\/b>“) into 363,093,479 new ordinary shares (final number subject to the exact timing of the completion of the Restructuring) in the Company (the “Conversion CLA <\/b>“), pursuant to a CLA conversion agreement to be entered into (the “Accord de conversion CLA <\/b>“); and (ii) contemplated amendments to the existing senior facilities agreement with the Company’s largest lender, including extension of maturity by 24 months until April<\/p>\n
2029 and a re-calibrated covenant framework providing the Company with sufficient headroom going forward (the “Amended SFA<\/b>\u201c).<\/p>\n
The completion of the Restructuring is subject to completion of each of the Private Placement, the CLA Conversion and the execution of the Amended SFA. Following completion of the Restructuring, the Company will conduct a subsequent offering of up to 74,766,355 new ordinary shares raising up to the NOK equivalent of EUR 4 million directed towards eligible existing shareholders (the “Subsequent Offering<\/b>\u201c).<\/p>\n
Kingfish’s Chairman , Jeroen Scheelbeek, commented: <\/b>\u201cOver the past ten years, Kingfish has demonstrated continuous progress, evolving from an ambitious start-up into a leading land-based aquaculture company with steadily improving operational, biological and commercial performance. The combination of new equity, the conversion of the convertible loan and the contemplated amendment of the senior facilities agreement is expected to significantly strengthen the Company\u2019s balance sheet, improve liquidity and provide a more stable financial platform for future growth. This transaction is expected to mark the beginning of a new era for Kingfish, providing the foundation to accelerate its next phase of development.\u201d<\/p>\n
The Private Placement <\/b><\/b><\/p>\n
The Private Placement is directed towards certain existing shareholders (the “Investisseurs<\/b>“). Among the Investors is Eyrir, an Icelandic holding company, that has committed to subscribe for, and has conditionally been allocated, Offer Shares for EUR 15 million in the Private Placement. Upon completion of the Restructuring, Eyrir is expected to hold approximately 31.4% of the Company’s total share capital (prior to issuance of any new shares in the Subsequent Offering), making Eyrir the Company’s largest shareholder.<\/p>\n
Eyrir is a long-term, active investment firm with over 25 years of experience supporting companies through strategic and organizational transformation. Eyrir focuses on investments in companies that have the potential to become sustainable global market leaders. As part of the Restructuring, a representative of Eyrir will be proposed for election to the Company\u2019s supervisory board at the Extraordinary General Meeting.<\/p>\n
In addition, a broad group of key existing backers of the Company, including certain early seed investors, have collectively committed approximately EUR 6 million to the Private Placement, demonstrating continued long-term support for the Company and its future development.<\/p>\n
The completion of the Private Placement is subject to the satisfaction or waiver of inter alia the following conditions: (i) the execution of the Amended SFA, (ii) the execution of the CLA Conversion Agreement and (iii) an extraordinary general meeting of the Company (the “EGM<\/b>“) resolving to approve the Private Placement, the CLA Conversion, the election of a new supervisory board member and any ancillary resolutions (the “EGM Resolutions<\/b>“). The Company will convene the EGM in due course. The Investors and other shareholders holding in aggregate more than 80% of the outstanding shares in the Company have undertaken to vote in favour of the EGM Resolutions at the EGM. The Private Placement will not be completed if the conditions have not been fulfilled by 15 September 2026 (the “Date de fin de contrat<\/b>\u201c).<\/p>\n
The Company will use the net proceeds of the Private Placement to support liquidity, growth initiatives and general working capital.<\/p>\n
Conversion of the Convertible Loan Agreement <\/b><\/b><\/p>\n
As part of the Restructuring, the Company has obtained undertakings from all lenders under the CLA to enter into the CLA Conversion Agreement, pursuant to which each lender’s total outstanding amounts, including accrued and unpaid interest (the “Montant exceptionnel<\/b>“), will be converted into ordinary shares of the Company (the “Actions convertibles<\/b>“), so that no Outstanding Amount shall remain due or payable under the CLA following completion of the Conversion.<\/p>\n
Le prix de conversion \u00e0 partir duquel les Actions convertibles seront \u00e9mises sera le suivant :<\/p>\n
For each CLA Lender that is also an Investor in the Private Placement: (i) EUR 0.0535 per Conversion Share (i.e. equal to the Offer Price in the Private Placement) for the amount that is equal to the amount for which such Investor subscribes for Offer Shares in the Private Placement (on a euro-for-euro basis); and (ii) EUR 0.1714 per Conversion Share for any remaining portion of such Investor’s Outstanding Amount. For each CLA lender that is not an Investor: EUR 0.1714 per Conversion Share for their entire Outstanding Amount.<\/p>\n
The full amount of each CLA lender’s conversion price shall be paid by way of set-off against the relevant Outstanding Amount of such lender and following the completion of the CLA Conversion the CLA will be terminated.<\/p>\n
The completion of the CLA Conversion is subject to the satisfaction or waiver of inter alia the following conditions: (i) the execution of the Amended SFA, (ii) the completion of the Private Placement and (iii) the EGM resolving the EGM Resolutions.<\/p>\n
The Amended SFA <\/b><\/b><\/p>\n
The Company is currently engaged in advanced discussions with its largest lender regarding the Amended SFA.<\/p>\n
It is expected that the effectiveness of the Amended SFA will be conditional on completion of the Private Placement and the CLA Conversion. The Company will provide further updates once the Amended SFA discussions have been concluded.<\/p>\n
Equal treatment and Subsequent Offering <\/b><\/b><\/p>\n
The Private Placement entails a deviation from the shareholders’ pre-emptive rights pursuant to article 2:96a of the Dutch Civil Code. The Private Placement has been diligently considered by the supervisory board (the “Board<\/b>“) of the Company in light of the principles of equal treatment of shareholders under the Section 2:92 paragraph 2 of the Dutch Civil Code and the Board is of the opinion that it is in compliance with these principles. The purpose of the Private Placement is to raise equity capital to meet the Company’s acute liquidity needs, to enable the Restructuring and secure an extended financial runway for the Company. Based on significant effort and discussions with all key stakeholders, no other means of raising capital than an equity raise structured as a private placement in combination with the full conversion of the CLA have been identified as possible in order to achieve the aforementioned purposes. All other available options for the Company than the Private Placement have been determined as more value destructive for the Company’s shareholders and other stakeholders. On this basis, the Board is of the opinion that the waiver of the preferential rights inherent in the Private Placement is in the common interest of the Company and its shareholders.<\/p>\n
Subject to completion of the Private Placement and the CLA conversion, to facilitate equal treatment of shareholders, including by limiting the dilutive effect of the Private Placement and providing shareholders who did not participate in the Private Placement with an opportunity to subscribe for shares at the Offer Price, the Board proposes to carry out the Subsequent Offering by the issuance of up to 74,766,355 new shares, at the NOK equivalent of the same subscription price as the Offer Price in the Private Placement, raising up to the NOK equivalent of EUR 4 million in gross proceeds.<\/p>\n
The Subsequent Offering will be directed towards shareholders of the Company as of 11 May 2026 (as registered with the VPS two trading days thereafter (the “Record Date<\/b>“)) who: (i) are not an Investor and\/or a CLA lender; (ii) were not wall-crossed in connection with the Private Placement; and (iii) who are not resident in a jurisdiction where such offering would be unlawful, or would (in jurisdictions other than Norway) require any prospectus, filing, registration or similar action (the “Eligible Shareholders<\/b>\u201c).<\/p>\n
The Subsequent Offering will be conditional upon: (i) completion of the Private Placement; (ii) the publication by the Company of a national prospectus in Norway prior to the commencement of the subscription period; and (iii) compliance with all applicable securities laws and regulations.<\/p>\n
Further information on any Subsequent Offering will be provided in a separate stock exchange release.<\/p>\n
Conseillers <\/b><\/b><\/p>\n
ABG Sundal Collier ASA is acting as manager and financial adviser to the Company in connection with the Private Placement and the Restructuring. DLA Piper Nederland N.V. is acting as Dutch legal adviser to the Company in connection with the Restructuring. Wikborg Rein Advokatfirma AS is acting as Norwegian legal adviser to the Company in connection with the Restructuring.<\/p>\n
Arctica Finance and AX legal services are acting as financial and legal adviser to Eyrir in the Private Placement.<\/p>\n
Pour les demandes des m\u00e9dias et des investisseurs, veuillez contacter <\/b><\/b><\/p>\n
press@the-kingfish-company.com<\/p>\n
ir@the-kingfish-company.com<\/p>\n
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The information was submitted for publication by CFO Jean-Charles Valette at the date and time set out herein, on behalf of the Company.<\/p>\n
\u00c0 propos de The Kingfish Company <\/b><\/b><\/p>\n
The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture, specialising in the production of high-quality yellowtail kingfish. The Company operates its flagship facility, Kingfish Zeeland, in the Netherlands,.<\/p>\n
La production est bas\u00e9e sur des syst\u00e8mes avanc\u00e9s d'aquaculture en recirculation (RAS) qui garantissent la bios\u00e9curit\u00e9 et le contr\u00f4le de l'environnement. Le bien-\u00eatre des animaux est primordial et les poissons sont \u00e9lev\u00e9s sans antibiotiques ni vaccins. Toutes les exploitations fonctionnent \u00e0 l'\u00e9lectricit\u00e9 renouvelable 100% et utilisent de l'eau de mer pour pr\u00e9server les ressources en eau douce.<\/p>\n
Le produit phare de la soci\u00e9t\u00e9, le kingfish jaune (\u00e9galement connu sous le nom de ricciola, hiramasa ou amberjack), est une esp\u00e8ce polyvalente de qualit\u00e9 sup\u00e9rieure tr\u00e8s appr\u00e9ci\u00e9e dans les cuisines italiennes et asiatiques fusionn\u00e9es. Ses produits sont certifi\u00e9s comme durables et respectueux de l\u2019environnement par les Best Aquaculture Practices (BAP), GLOBALG.A.P. et Friend of the Sea.<\/p>\n
IMPORTANT INFORMATION <\/b>Cette annonce n\u2019est pas et ne constitue pas une offre de vente ou une sollicitation d\u2019offre d\u2019achat de tout titre de la Soci\u00e9t\u00e9. La distribution de cette annonce et d\u2019autres informations peut \u00eatre restreinte par la loi dans certaines juridictions. Des exemplaires de cette annonce ne sont pas disponibles et ne peuvent pas \u00eatre distribu\u00e9s ou envoy\u00e9s dans aucune juridiction o\u00f9 une telle distribution serait ill\u00e9gale ou n\u00e9cessiterait une inscription ou d\u2019autres mesures. Les personnes qui se trouvent en possession de cette annonce ou de telles autres informations sont tenues d\u2019en prendre connaissance et de respecter toutes ces restrictions.<\/p>\n
Les valeurs mobili\u00e8res mentionn\u00e9es dans le pr\u00e9sent communiqu\u00e9 ne sont pas et ne seront pas enregistr\u00e9es en vertu de la Securities Act des \u00c9tats-Unis de 1933, telle que modifi\u00e9e (\u201c la loi \u00bb).\u201cLoi sur les valeurs mobili\u00e8res<\/b>\u201c), et ne peut donc pas \u00eatre propos\u00e9 ou vendu aux \u00c9tats-Unis sans enregistrement ou en vertu d\u2019une exemption applicable aux exigences d\u2019enregistrement de la Securities Act et conform\u00e9ment aux lois sur les valeurs mobili\u00e8res applicables des \u00c9tats-Unis. La Soci\u00e9t\u00e9 n\u2019a pas l\u2019intention de d\u00e9poser de demande d\u2019enregistrement pour toute partie de l\u2019offre ou de ses valeurs mobili\u00e8res aux \u00c9tats-Unis ni de proc\u00e9der \u00e0 une offre publique de valeurs mobili\u00e8res aux \u00c9tats-Unis. Toute vente aux \u00c9tats-Unis des valeurs mobili\u00e8res mentionn\u00e9es dans le pr\u00e9sent communiqu\u00e9 sera effectu\u00e9e uniquement aupr\u00e8s de \u201c clients institutionnels qualifi\u00e9s \u201d tels que d\u00e9finis \u00e0 l\u2019article 144A de la Securities Act. \u00bb.<\/p>\n
Dans tout \u00c9tat membre de l\u2019EEE, cette communication est adress\u00e9e uniquement aux investisseurs qualifi\u00e9s de cet \u00c9tat membre, conform\u00e9ment au R\u00e8glement relatif aux prospectus, c\u2019est-\u00e0-dire uniquement aux investisseurs qui peuvent recevoir l\u2019offre sans un prospectus homologu\u00e9 dans cet \u00c9tat membre de l\u2019EEE. L\u2019expression \u201c R\u00e8glement relatif aux prospectus \u201d d\u00e9signe le r\u00e8glement 2017\/1129, tel que modifi\u00e9, ainsi que les mesures d\u2019application applicables dans tout \u00c9tat membre. Au Royaume-Uni, cette communication est uniquement adress\u00e9e aux Investisseurs qualifi\u00e9s, tels que d\u00e9finis au paragraphe 15 de l\u2019annexe 1 du r\u00e8glement relatif aux Offres publiques et aux Admissions \u00e0 la n\u00e9gociation de 2024, et qui sont (i) des professionnels de l\u2019investissement relevant de l\u2019article 19(5) de la Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (modifi\u00e9) (\u201c l\u2019Ordonnance \u201d) ou (ii) des personnes relevant de l\u2019article 49(2)(a) \u00e0 (d) de l\u2019Ordonnance (\u201c entreprises de grande valeur nette, associations non constitu\u00e9es, etc. \u201d), (tous ces personnes \u00e9tant collectivement d\u00e9sign\u00e9es comme \u00ab Personnes concern\u00e9es \u00bb). Ces documents ne sont destin\u00e9s qu\u2019aux Personnes concern\u00e9es et aucune action ou prise de position ne doit \u00eatre prise par des personnes qui ne sont pas des Personnes concern\u00e9es. Toute op\u00e9ration d\u2019investissement ou de placement vis\u00e9e par cette communication n\u2019est disponible que aux Personnes concern\u00e9es et ne pourra \u00eatre effectu\u00e9e que par des Personnes concern\u00e9es. Les personnes qui distribuent cette communication doivent s\u2019assurer que cela est l\u00e9gal.<\/p>\n
Les informations pr\u00e9sent\u00e9es dans cette annonce peuvent contenir des d\u00e9clarations prospectives. Les d\u00e9clarations prospectives sont des \u00e9nonc\u00e9s qui ne sont pas des faits historiques et qui peuvent \u00eatre identifi\u00e9s par des expressions telles que \u201c croient \u201d, \u201c attendent \u201d, \u201c anticipent \u201d, \u201c strat\u00e9gie \u201d, \u201c pr\u00e9voit \u201d, \u201c estime \u201d, \u201c sera \u201d, \u201c peut \u201d, \u201c continuera \u201d, \u201c devrait \u201d et des expressions similaires. Les d\u00e9clarations prospectives contenues dans ce communiqu\u00e9 sont fond\u00e9es sur diverses hypoth\u00e8ses, dont beaucoup reposent \u00e0 leur tour sur d\u2019autres hypoth\u00e8ses. Bien que la Soci\u00e9t\u00e9 estime que ces hypoth\u00e8ses \u00e9taient raisonnables au moment de leur formulation, ces hypoth\u00e8ses sont intrins\u00e8quement soumises \u00e0 des risques connus et inconnus, des incertitudes, des contingences et \u00e0 d\u2019autres facteurs importants qui sont difficiles ou impossibles \u00e0 pr\u00e9voir et qui \u00e9chappent \u00e0 son contr\u00f4le.<\/p>\n
De tels risques, incertitudes, impr\u00e9vus et autres facteurs importants pourraient entra\u00eener une diff\u00e9rence substantielle entre les \u00e9v\u00e9nements r\u00e9els et les attentes exprim\u00e9es ou implicites dans cette d\u00e9claration prospectique. La Soci\u00e9t\u00e9 n\u2019offre aucune garantie que les hypoth\u00e8ses sous-tendant les d\u00e9clarations prospectives contenues dans cette annonce ne soient exemptes d\u2019erreurs, ni n\u2019accepte aucune responsabilit\u00e9 quant \u00e0 l\u2019exactitude future des opinions exprim\u00e9es dans cette annonce ou toute obligation de mettre \u00e0 jour ou de r\u00e9viser les d\u00e9clarations contenues dans cette annonce afin de tenir compte des \u00e9v\u00e9nements subs\u00e9quents. Vous ne devriez pas vous fier ind\u00fbment aux d\u00e9clarations prospectives contenues dans ce document.<\/p>\n
Les informations, opinions et d\u00e9clarations pr\u00e9visionnelles contenues dans le pr\u00e9sent communiqu\u00e9 ne sont valables qu'\u00e0 la date de celui-ci et sont susceptibles d'\u00eatre modifi\u00e9es sans pr\u00e9avis. L'entreprise ne s'engage pas \u00e0 revoir, mettre \u00e0 jour, confirmer ou publier des r\u00e9visions des d\u00e9clarations prospectives pour tenir compte d'\u00e9v\u00e9nements ou de circonstances qui surviendraient en relation avec le contenu de cette annonce.<\/p>\n
Ni la Soci\u00e9t\u00e9, ni le Gestionnaire, ni aucun de leurs affili\u00e9s respectifs ne fournissent aucune garantie quant \u00e0 l\u2019exactitude ou \u00e0 l\u2019exhaustivit\u00e9 de cette annonce, et aucun d\u2019entre eux ne saurait \u00eatre tenu responsable des informations contenues dans cette annonce ou des questions \u00e9voqu\u00e9es dans celle-ci. Cette annonce a uniquement un caract\u00e8re informatif et ne doit pas \u00eatre consid\u00e9r\u00e9e comme un substitut \u00e0 l\u2019exercice d\u2019un jugement ind\u00e9pendant. Elle n\u2019est pas destin\u00e9e \u00e0 servir d\u2019avis d\u2019investissement et, en aucun cas, elle ne doit \u00eatre utilis\u00e9e ou consid\u00e9r\u00e9e comme une offre de vente de titres ou une sollicitation d\u2019offre d\u2019achat de titres, ni comme une recommandation d\u2019achat ou de vente de titres dans la Soci\u00e9t\u00e9. Ni la Soci\u00e9t\u00e9, ni le Gestionnaire, ni aucun de leurs affili\u00e9s respectifs ne peuvent \u00eatre tenus responsables de toute responsabilit\u00e9 d\u00e9coulant de l\u2019utilisation de cette annonce.<\/p>","protected":false},"excerpt":{"rendered":"
The Company announces a restructuring with a EUR\u00a021 million private placement, of which Eyrir has committed EUR\u00a015 million, and a contemplated conversion of approximately EUR\u00a049 million under its convertible loan agreement.<\/p>","protected":false},"author":1,"featured_media":9320,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","kfs_story_extras":"","footnotes":""},"categories":[25],"tags":[],"class_list":["post-10397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investors"],"yoast_head":"\n