Benchmark’s fish health and genetics business could be sold in whole or in part, the group’s board said.
Benchmark has its headquarters in the UK, but its operations are worldwide with a strong emphasis on Norway and other major fish farming countries.
The board of Benchmark Holdings, the group’s parent company, said today in an Oslo Stock Exchange announcement that it believes the current share price significantly underestimates the overall value of the businesses and the company’s long-term prospects, which may at least partly due to illiquid shares.
It added: “After consulting with the company’s major shareholders, the board unanimously decided to conduct a formal review of the company’s strategic opportunities.”
Among these possibilities is a sale of all or part of the company.
Benchmark Holdings has a market valuation of NOK four billion (around £300m) and reported revenues of almost £170m last year.
The board said the current share price materially undervalues” the combined value of Benchmark’s businesses and the company’s long-term prospects.
As a result, after consulting with the company’s major shareholders, the board decided to conduct a formal review of the company’s strategic options including the sale of the company as a whole, or the sale of one or more individual business units .
Whether any of those options are pursued will depend, the announcement said, on “…whether there is a bidder or bidders willing to offer value for the company or its individual business units that are considered of the Board that is attractively related to the Board’s view of intrinsic value.”
The board emphasized: “Shareholders are advised that there is no assurance that an offer for the company will be made or a sale of individual business units, or the terms on which any offer or sale will be made.”
Benchmark has three main divisions, all focused on aquaculture: Benchmark Genetics, Benchmark Animal Health and Benchmark Advanced Nutrition.
Benchmark Genetics is one of the leading providers of breeding and genetics for the fish farming industry worldwide, with a particular emphasis on salmon and shrimp.
Since Benchmark Health was founded, it has supported salmon farmers around the world to manage sea lice with its Salmosan® Vet treatment.
Two years ago it launched Ectosan® Vet – the first sea lice veterinary medicinal treatment introduced to the Norwegian salmon market in over a decade.
Used exclusively with CleanTreat®, its award-winning water purification system, the new solution has been a breakthrough for the company.
Benchmark Health supports fish farmers in the UK, Norway, Faroe Islands, Canada, and Chile.
CleanTreat technician, Benchmark Group
