Hofseth BioCare ASA had operating revenues of MNOK 5.4 (MNOK 1.6) in the firstquarter of 2015. Total operating expenses amounted to MNOK 23.7 in the period compared to MNOK 13.7 in the first quarter 2014. Operating profit (EBIT) for the first quarter 2015 is negative MNOK 18.6 (MNOK minus 14.0). Cash flow from operations during first quarter was positive by MNOK 0.3 compared to MNOK negative 1.6 in the same quarter last year.
Total assets for the Company were MNOK 213.0 at the end of first quarter of 2015 (MNOK 211.1). Total equity amounted to MNOK 60.1 (MNOK 48.4) giving an equity ratio of 28.2 % (22.9 %) for the group.
Events after the quarter;
Hofseth BioCare ASA announced 4 May that the company's board of directors has proposed that the general meeting resolves to issue a convertible loan (5 year bond loan) with a nominal value of minimum NOK 80 million and maximum NOK 160.5 million at a subscription price of 74.73% and a private placement of minimum NOK 30 million and maximum NOK 60 at subscription price NOK 3.
The company has already received binding pre-commitments exceeding the minimum subscriptions in both the convertible bond issue and the private placement. The company is self facilitator.
Both the convertible bond issue and the private placement are open for further subscriptions in the period towards the company's annual general meeting to be held on 26 May 2015.
If the convertible bond issue is fully subscribed, the company will issue a convertible loan with nominal value of NOK 160.5 million with proceeds from the subscription of approximately NOK 120 million.
If the private placement is fully subscribed, the company will raise additional NOK 60 million in gross proceeds.
Please see HBC's Q1 2015 report attached.
For further information, please contact:
Jon Olav Ødegård, CEO Hofseth BioCare ASA
Tel: +47 936 32 966
Øystein Omvik, CFO Hofseth BioCare ASA
Tel: +47 936 99 400
E-mail: oystein.omvik@hofsethbiocare.no
About Hofseth BioCare:
Hofseth BioCare is a Norwegian biotech company that offers highvalue ingredients and finished products for humans and pets. The company is founded on the core values of sustainability, traceability and optimal utilization ofnatural resources. Through an innovative hydrolysis technology, Hofseth BioCare is able to preserve the quality of salmon oil, proteins and calcium, prepared of fresh salmon off-cuts. HBCs objective is to contribute to the efficient use of marine resources and deliver quality products for ingredients and finished consumer products in the nutrition market.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
