Brief: Iceland Seafood International Invests In Processing And Coldstore Capacity In UK

Iceland Seafood Internat hf

04/03/2020 10:26

March 4 (Reuters) - Iceland Seafood International hf  ICESEA.IC :
    * REG-ICELAND SEAFOOD INTERNATIONAL HF: INVESTS IN SIGNIFICANT PROCESSING AND COLDSTORE
CAPACITY
IN THE UNITED KINGDOM AND PLANS TO MERGE ITS OPERATIONS THERE INTO ONE LEGAL ENTITY. TOTAL
INVESTMENT IN PROPERTY AND MINORITY SHARES OF ABOUT £8-9M
    * ICELAND SEAFOOD INTERNATIONAL HF - PLANS TO MERGE ICELAND SEAFOOD BARRACLOUGH LTD AND
HAVELOK
LTD INTO ONE LEGAL ENTITY - ICELAND SEAFOOD UK LTD
    * ICELAND SEAFOOD INTERNATIONAL HF - TO OWN ICELAND SEAFOOD UK LTD. 100% ICELAND SEAFOOD HAS
ACQUIRED A 33% MINORITY SHARE IN HAVELOK LTD
    * ICELAND SEAFOOD INTERNATIONAL HF - IS INVESTING IN A SIGNIFICANT PROCESSING AND COLDSTORE
CAPACITY IN GRIMSBY FOR £5.0-6.0M TO INCREASE ITS PRESENCE IN UK SEAFOOD PROCESSING MARKET
    * ICELAND SEAFOOD INTERNATIONAL HF - BOARD DECIDED THAT DURING THIS YEAR TWO UK SUBSIDIARIES
ICELAND SEAFOOD BARRACLOUGH LTD AND HAVELOK LTD WILL BE MERGED INTO ONE LEGAL ENTITY, UNDER ONE
LEADERSHIP TEAM ON A SINGLE MANUFACTURING SITE
    * ICELAND SEAFOOD INTERNATIONAL HF - TOTAL INVESTMENT FOR SITE, REFURBISHMENTS AND MACHINERY
TO
FULLY UTILIZE ITS POTENTIAL IS BETWEEN GBP 5.0-6.0 MILLION
    * ICELAND SEAFOOD INTERNATIONAL HF - IN ORDER TO BE SOLE SHAREHOLDER OF MERGED ENTITY,
ICELAND
SEAFOOD HAS ENTERED INTO A SHARE PURCHASE AGREEMENT WITH MANAGEMENT OF HAVELOK WHICH JOINTLY
HOLD 33% OF SHARES IN BUSINESS
    * ICELAND SEAFOOD INTERNATIONAL HF - POST TRANSACTION ICELAND SEAFOOD HOLDS 100% OF SHARES
IN BOTH
HAVELOK AND ICELAND SEAFOOD BARRACLOUGH
    * ICELAND SEAFOOD INTERNATIONAL HF - CONSIDERATION FOR SHARES IS GBP 3.0 MILLION TO BE PAID
HALF
WITH CASH PAYMENT AND HALF WITH SHARES IN ICELAND SEAFOOD

Source text for Eikon:  ID:nGNE5mmxMp 
Further company coverage:  ICESEA.IC 

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