Russian aquaculture announces princing ofsecondary public offering of shares 

Russian Aquaculture (“Russian Aquaculture” or “the Company”), Russia’s largest aquaculture company, announces the pricing of its secondary public offering (the “Offering”) of new ordinary shares of the Company (the “Shares”) at RUB 120 per Share following the completion of over-the counter (“OTC”) bookbuilding on 29-11-2017. 


The Company announces the pricing of the SPO at RUB 120 per Share following the completion of OTC bookbuilding on 29-11-2017.The Company expects to raise around RUB 2 billion during the Offering, selling 16.7 million Shares that are part of the new share issue that has been registered with the Central Bank of Russia.The Company’s free float will amount to approximately 22% of its total share capital.Information about the timing of the bookbuilding and the placement date of the Shares will be disclosed by the end of this week.The Offering is expected to be completed by mid-December 2017.Otkritie Bank and Gazprombank are acting as the joint global coordinators and bookrunners for the Offering. Otkritie Bank is also acting as the broker for the Offering.Russian Aquaculture CEO Ilya Sosnov said: “I think that the Board of Directors has set an attractive price that reflects the interests of both investors and the Company: investors will have the opportunity to benefit significantly from future growth of the business, while the Company will receive funds to invest in its expansion and attract high-quality investors whose involvement in the Company will have a long-term positive effect on the share price and equity story of Russian Aquaculture.
“This additional placement should also significantly increase the liquidity of the Company’s shares, which should reduce the volatility of the share price. The SPO marks an important step towards raising the Company’s valuation to be on par with its international peers.”


The Company remains committed to high standards of corporate governance and information disclosure. The Board of Directors already has two independent directors and a Norwegian aquaculture business expert.
The Company is in an active growth phase and intends to expand its access to high-quality sources of financing that are available only to open and transparent issuers. The SPO is an important step in the development of Russian Aquaculture as a publicly listed company, diversification of the shareholder structure, increasing liquidity and strengthening the Company’s investment case.


Focus on the high-margin aquaculture sector. 2016 was a watershed year in the history of Russian Aquaculture: the entire business was restructured, the composition of the Board of Directors and shareholders changed, and a new long-term strategy was approved. As part of the transformation plan, the Company sold its distribution business in order to concentrate on the most profitable segment, i.e., aquaculture.Leader on the Russian chilled fish market. Russian Aquaculture is currently the only company in Russia that farms Atlantic salmon in maritime conditions. The Company currently has an approximately 20% share of Russia’s nearly 60 ths tonne chilled salmon market. Thanks to its developed infrastructure, close proximity to sales markets, and quality control, the Company offers consumers one of the best-quality chilled fish products in Russia.Well-considered long-term growth strategy. The Company has adopted a new long-term growth strategy that aims to create Russia’s leading aquaculture company, with its own production of feedstock and fry, as well as facilities for primary processing and a diversified base of biological assets. As part of its strategy, the Company plans to increase production volumes to 25-30 thousand tonnes in the next few years, to build a smolt plant in Russia in the long term, and also to become one of the world’s largest producers of Atlantic salmon by volumes. Company’s core shareholders fully share and support Russian Aquaculture’s drive to build a high-quality new business, as well as the Company’s long-term future as a publicly listed company.ABOUT


Russian Aquaculture is one of the leaders in the production of Atlantic salmon and trout in Russia. Development of aquaculture is the Company’s strategic priority.

The Company’s core business areas include:

Commercial farming of Atlantic Salmon in the Barents Sea in the Murmansk regionCommercial farming of trout in lakes of the Republic of KareliaProducing smolt at the Company’s own facilities in NorwayThe Company’s long-term development strategy aims to make it the largest player in Russia’s aquaculture segment, including production of own fry and primary processing of the Company’s own products.


RUB mln 1H 2017 1H 2016 Change LTM[1]Sales volumes, tonnes 6,936.3 833.1 8.3x 13,417.6Revenue 3,343.4 295.8 11.3x 6,650.0Operating profit 1,651.2 13.8 119.5x 3,332.2Operating EBIT 1,363.1 -88.0 – 2,828.4EBIT/kg 196.5 – – 210.8Operating EBITDA 1,516.0 -55.0 – 3,092.7Net profit from continuing operations 57.7 -88.0 – 2,783.8Source: Company IFRS financial statements for 1H 2017, management accounts

Russian Aquaculture’s investor presentation is available on the Company’s website:

Contacts for media
MoscowDenis DenisovMobile:
Irina LogutenkovaMobile:
Moscow/LondonTom BlackwellMobile: +7-919-102-9064,
LondonMaria LevitovMobile: +44 7553 092

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