Fosnavåg, 14th.of April 2019
Havyard Group ASA (the “Company” or the “Seller”) has today signed a Head of Terms(“HoT”) for the sale of its 75% shareholding in MMC First Process AS to a consortium of First Process Holding AS and Credo Partners as buyers (the “Buyers”). As part of the transaction, Havyard Group ASA will purchase from MMC First Process AS its 77% shareholding in MMC Green Technology AS (together the “Transaction”).
MMC First Process AS is a company delivering innovative solutions for handling and cooling of seafood onboard fishing vessels, live fish carriers and on-shore plants.
MMC Green Technology AS is a company focusing on environmental protective solutions for the maritime industry, hereunder ballast water treatment systems.
The Transaction is based on a valuation of MMCFP that, upon completion, is expected to provide a significant effect on the Company’s booked equity, and will also free up a substantial amount of liquidity for the Company. The Company and the Buyers will provide updates on the terms and the effects of the Transaction upon signing of the SPA, which at the latest will be signed by the 15th of June.
The Transaction remain subject to execution of share purchase agreements and Buyers customary due diligence.
Fearnley Securities is acting as financial advisor to the Company in connection with the Transaction and has been engaged to assist the Company in its effort to implement a sustainable long-term capital structure.
Contacts;
Havyard Group
Geir Johan Bakke, CEO
Tel: +47 48 18 00 11
E-mail: GeirJohan.Bakke@havyard.com
MMC First Process AS
Petter Leon Fauske, CEO
Tel: +47 97 08 03 39
E-mail: Petter.Leon.Fauske@mmcfp.no
Credo Partners
Pål Brynsrud, Senior Partner
Tel: +47 92 26 56 56
E-mail: brynsrud@credopartners.no
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act