Received Notice of Conversion and Disclosure of Large Shareholding

In December 2012, the Scottish Salmon Company PLC (the "Company") restructured its financing facility with its main lender DNB Bank ASA and entered into a new £30m revolving credit facility to allow the Company to fulfil its future growth targets.   As part of this restructuring, the Company received a £5m unsecured loan from its majority shareholder Northern Link Ltd.  The terms of this loan include an interest rate of 200bps above the primary lender's rate and certain repayment restrictions in relation to the Company's gearing ratio, as defined within its financing facility with the primary lender.  The loan and accrued interest is convertible in whole or part into shares of the Company at the closing market price on 19 December 2012 of NOK 2.45 per share. 

On Friday 16 January 2015, the Company received a conversion notice from Northern Link Ltd and will issue 26,636,437 new fully paid common shares in lieu of the entire outstanding principal and accrued interest to date, in accordance with the terms of its current loan agreement.

As a result of the conversion, Northern Link Ltd's shareholding in the Company will increase to 133,125,109 shares, constituting an increase of Northern Link's shareholding and votes from 63.8% to 68.8%.

Following registration of the new shares, the issued share capital of the Company will be divided into 193,482,271 shares each with a nominal value of NOK 0.9. The registration of the new shares is expected to take place on or about 16 February 2015.