THE Scottish Salmon Company Ltd (SSC) has announced the successful completion of an exchange offer to acquire all the shares of Lighthouse Caledonia ASA (LHC).

The exchange offer is the latest step in the process of restructuring one of Scotland’s largest fish farming companies.

The terms of the exchange offer were detailed in a combined offer document and listing prospectus dated 8 June 2010 where shares in the Oslo registered company LHC were to be exchanged for shares in the Channel Isles registered company, the Scottish Salmon Company.

SSC and LHC have been advised by Pareto Securities AS, the receiving agent/manager for the Offer, that as of the expiration of the acceptance period at 17:30 (CET) on 1 July 2010, LHC shareholders had tendered in excess of 90% of the issued and outstanding shares of LHC.  The final percentage of tendered LHC shares will be announced when the final result is ready and counted.  

Settlement of the Offer, the receiving new shares in SSC in exchange for LHC shares, is expected to take place on or about 7 July 2010.  LHC shareholders who have tendered their shares into the Offer will receive 1 SSC share per 10 tendered LHC shares, based on the market price at the close of trading at Oslo Axess on 1 July 2010, being NOK 0.33 per LHC share, subject to the terms and conditions described in the Prospectus.

Listing of the SSC shares is expected to take place on or about 8 July 2010, with a corresponding delisting of the LHC shares.

As previously informed, and due to the completion of the Offer, SSC intends to initiate the compulsory acquisition (forced transfer) of any remaining, untendered LHC shares in accordance with Norwegian law.