The Scottish Salmon Company considers sale

Shares of The Scottish Salmon Company PLC (SSC) rose about 13% on Monday after it said it has received “several formal, non-binding expressions of interest to purchase part or all of the company” amid a review of its strategic options.

The Scottish Salmon Company is based in Edinburgh and listed on the Oslo Stock Exchange. SSC employs about 600 people.

According to the firm’s website, Switzerland-based SIX SIS AG controls almost 73% of The Scottish Salmon Company and Frode Teigen of Norway is the next biggest shareholder with 6.3%.

According to the firm’s annual report, The Scottish Salmon Company made revenue of £180 million in 2018, up from £151 million in 2017, while earnings before taxes soared to £58.3 million from £29.3 million.

SSC has 60 salmon farming sites across the West Coast of Scotland and Hebrides, producing over 30,000 tonnes of salmon and exporting to 26 countries around the world.

In a statement on the Oslo Stock Exchange, SSC said: “The Scottish Salmon Company PLC, the leading independent producer of Scottish salmon, provides the following update with regard to the review of the various strategic options available to the company in order to maximise value for its shareholders as announced on 29 April 2019.

“The review is ongoing and progressing in line with expectations.

“Among the options being considered within the framework of the review are several formal, non-binding expressions of interest to purchase part or all of the company that have been received by the company via its financial advisor Daiwa Corporate Advisory Limited.

“As part of this process, the company will allow selected parties access to non-public information.

“No assurance can be given that any specific outcome will be proposed or completed as a result of this process.

“Whilst it is envisaged that the review will be concluded by September 2019, the company does not expect to disclose further information on the development of the review until the process has been completed or terminated, or if a disclosure is required in order to comply with applicable laws and regulations.

“This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.”