Dias Aquaculture SA has reached an agreement in principle for a major investment into the company from Dutch private equity group Linnaeus Capital Partners BV.
Linnaeus will subscribe for the full amount of the convertible bond loan of €15 million ($18.8 million) as approved by the AGM of 25 June 2010. The bond will have a conversion price of €1.80 ($2.26) and maturity of three years. The bond will be mandatorily converted into shares at maturity (if it has not been converted earlier at the option of the bondholder).
The final documents for the convertible bond loan issue are currently being negotiated with a target of finalising the agreements as soon as possible, said a statement from Dias.
Dias΄ executive chairman Stelios Pitakas said: "Our partnership with a substantial strategic investor, who also shares our vision, is a significant and exciting step for the company and will enable us to rapidly progress and realise the full potential of our current and future projects."
Linnaeus΄ managing partner Anita Hamilton added: "We see tremendous opportunity in the aquaculture industry and believe Dias is well placed in this sector to capitalise on future growth and opportunities."
Dias is one of Greece΄s largest aquaculture operators specialising in seabass and seabream production. In 2009, its volumes were 20,000 tonnes.
Linnaeus is an Amsterdam based independent and partner-owned private equity fund that is providing development capital across a range of growth sectors.
Axia Ventures Group Ltd acted as exclusive advisor to Linnaeus in relation to this transaction.
