Måsøval AS: Contemplated private placement and listing on Euronext Growth Oslo

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UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

Sistranda, June 10, 2021 - Måsøval AS ("Måsøval" or the "Company"), a pioneer in
salmon farming, announces today a contemplated private placement of up to
approximately NOK 825 million in new and existing shares of the Company (the
"Private Placement") and a subsequent listing of the Company's shares on
Euronext Growth Oslo (the "Listing").

Måsøval AS, has engaged Carnegie, DNB Markets, a part of DNB Bank ASA ("DNB
Markets") and SpareBank 1 Markets as Joint Global Coordinators and Joint
Bookrunners in respect to the Private Placement and Listing (the "Joint Global
Coordinators" or the "Managers").

The Private Placement:

The price per Offer Share in the Private Placement has been set to NOK 32.90
(the "Offer Price"), equivalent to a pre-money equity value of the Company of
approximately NOK 3,250 million based on the 98,800,000 shares outstanding in
the Company.

The Private Placement will consist of i) a primary offering of up to 9,118,541
new shares, raising gross proceeds to the Company of up to approximately NOK 300
million (the "Primary Offering") (the "New Shares") and ii) a secondary offering
of up to 13,677,812 existing shares by the parent company, Måsøval Eiendom AS,
(the "Sale Shares"). There will also be an over-allotment option of up to
2,279,635 existing shares, (equal to approximately 10% of the total number of
New Shares and Sale Shares in the Private Placement) (the "Additional Shares"
and, together with the New Shares and the Sale Shares, the "Offer Shares") to
facilitate price stabilization activities in a period of 30 days from the first
day of Listing.

The net proceeds from the Private Placement will be used to fund the Company's
growth plan, including (i) investments to utilize recently acquired capacity,
(ii) acquisitions in Q1-2021 (described below), (iii) a new post-smolt facility
and (iv) general corporate purposes.

The Company has experienced strong investor interest during pre-sound meetings,
and three cornerstone investors, have, subject to certain conditions, undertaken
to subscribe for and be allocated shares for approximately NOK 450 million at
the Offer Price as follows;

(i) ODIN Forvaltning for NOK 250 million;
(ii) Handelsbanken Fonder for NOK 125 million; and 
(iii) Songa Asset Management for NOK 75 million

In addition, the sellers of Pure Norwegian Seafood AS and Stokkøy Skjell AS have
pre-commited to subscribe for and be allocated Offer Shares for a minimum of NOK
40 million (maximum NOK 100 million) and NOK 18 million (maximum approx. NOK 21
million), respectively. The seller of Gunnar Espnes Fiskeoppdrett AS, have an
option to subscribe for and be allocated Offer Shares for a maximum of NOK 30
million.

Timeline and application period:

The application period in the Private Placement will commence today, 10 June
2021 at 09:30 CEST and close on 14 June 2021 at 16:30 CEST. The Managers and the
Company may, however, at any time resolve to close or extend the application
period. If the application period is shortened or extended, any other dates
referred to herein may be amended accordingly.

Måsøval has applied for, and will, subject to successful completion of the
Private Placement and the necessary approvals from the Oslo Stock Exchange, list
the shares of Måsøval AS on Euronext Growth Oslo. The first day of trading on
Euronext Growth Oslo is expected to be shortly after completion of the Private
Placement, and is currently expected to be on or about 17 June 2021.

Måsøval Eiendom AS is expected to grant DNB Markets, on behalf of the Managers
(the "Stabilisation Manager"), an option to acquire at the Offer Price a number
of shares equal to the number of Additional Shares to cover short positions
resulting from any over-allotments made. Such option must be exercised by the
Stabilisation Manager no later than the 30th day following commencement of
trading on Euronext Growth Oslo. The Stabilisation Manager may (but will be
under no obligation to) effect stabilisation activities in accordance with
Commission Delegated Regulation (EU) 2016/1052, as implemented into Norwegian
law by Section 3-1 of the Norwegian Securities Trading Regulation, in a period
of 30 days from the first day of trading on Euronext Growth Oslo in order to
support the market price of the shares. However, stabilisation action may not
necessarily occur and may cease at any time. Any stabilisation action may begin
on or after the date of commencement of trading of the shares on Euronext Growth
Oslo and, if begun, may be ended at any time, but it must end no later than 30
days after that date. Stabilisation may result in a price of the shares that is
higher than might otherwise prevail, and the price may reach a level that cannot
be maintained on a permanent basis.

The Private Placement will be directed towards Norwegian and international
investors, in each case subject to an exemption being available from prospectus
requirements and any other filing or registration requirements in the applicable
jurisdictions and subject to other selling restrictions. The minimum application
and allocation amount have been set to the NOK equivalent of EUR 100,000. The
Company may, however, at its sole discretion, allocate shares corresponding to
an amount below EUR 100,000 to the extent applicable exemptions from the
prospectus requirement pursuant to Regulation (EU) 2017/1129, the Norwegian
Securities Trading Act and other applicable regulations are available.

Completion of the Private Placement is conditional upon (i) all necessary
corporate resolutions for consummating the Private Placement being validly made
by the Company and the selling shareholder, including without limitation
relevant approvals and resolutions by the Board of Directors and the Company's
general meeting, (ii) the allocated Offer Shares having been fully paid and
(iii) the New Shares having been validly issued (by registration of the share
capital increase pertaining to the issuance of the New Shares in the Norwegian
Register of Business Enterprises) and delivered in the VPS.

The Company reserves the right, at any time and for any reason, to cancel,
and/or modify the terms of, the Private Placement. Neither the Company nor the
Managers will be liable for any losses incurred by applicants if the Private
Placement is cancelled, irrespective of the reason for such cancellation.

Måsøval in brief:

Måsøval was founded by Edvin Måsøval and sons, Karsten and Bjørn, in 1973 and is
a pioneer in salmon farming. The Company is currently fully owned by Måsøval
Eiendom AS, who will continue as a majority shareholder also after the Listing.
The Company operates an attractive license portfolio of 12,100 tonnes maximum
allowable biomass ("MAB") in one of the best farming areas in Norway and was one
of the largest purchasers in last year's license auction, where the Company
acquired 2,000 tonnes additional MAB.   

Måsøval intends, in connection with the Listing, to raise capital to support the
financing of several organic and inorganic growth initiatives. Including, but
not limited to, the recent:

o	Acquisition and roll-up of minority stakes in the existing operated assets,
Måsøval Fishfarm AS and Gunnar Espenes Fiskeoppdrett AS
o	Acquisition of one license from Pure Farming AS
o	Acquisition of a 65% stake in an experienced sales organization and processor,
Pure Norwegian Seafood AS

Advisers:

Carnegie, DNB Markets, a part of DNB Bank ASA, and SpareBank 1 Markets are
acting as Joint Global Coordinators and Joint Bookrunners in respect to the
Offering and Listing. Advokatfirmaet Thommessen is acting as legal counsel to
the Company. Schjødt is acting as legal counsel to the Managers

For additional information please contact:
Asle Rønning (CEO), [phone]
[e-mail]

Gunnar Aftret, CFO, 
[phone], 
[e-mail]
Important information 

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. The
distribution of this announcement and other information may be restricted by law
in certain jurisdictions. Copies of this announcement are not being made and may
not be distributed or sent into any jurisdiction in which such distribution
would be unlawful or would require registration or other measures. Persons into
whose possession this announcement or such other information should come are
required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.

The Company does not intend to register any part of the offering or its
securities in the United States or to conduct a public offering of securities in
the United States. Any sale in the United States of the securities mentioned in
this announcement will be made solely to "qualified institutional buyers" as
defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Regulation" means Regulation 2017/1129 as amended together with any applicable
implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.

Actual events may differ significantly from any anticipated development due to a
number of factors, including without limitation, changes in investment levels
and need for the Company's services, changes in the general economic, political
and market conditions in the markets in which the Company operates, the
Company's ability to attract, retain and motivate qualified personnel, changes
in the Company's ability to engage in commercially acceptable acquisitions and
strategic investments, and changes in laws and regulation and the potential
impact of legal proceedings and actions. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The Company does not provide any guarantees that the
assumptions underlying the forward-looking statements in this announcement are
free from errors nor does it accept any responsibility for the future accuracy
of the opinions expressed in this announcement or any obligation to update or
revise the statements in this announcement to reflect subsequent events. You
should not place undue reliance on the forward-looking statements in this
document.

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement.

Neither of the Joint Global Coordinators nor any of their respective affiliates
makes any representation as to the accuracy or completeness of this announcement
and none of them accepts any responsibility for the contents of this
announcement or any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities in the Company. Neither the Joint
Global Coordinators nor any of their respective affiliates accepts any liability
arising from the use of this announcement.

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