On Friday, Ole-Eirik Lerøy bought a million Marine Harvest shares from John Fredriksen for 139.3 kroner.
On the same day, he sold 1.6 million shares in the same cattle farm to NOK 179.7 each for a total of NOK 287 million.
– This must be a lucrative day?
"Now I have been in the business for almost ten years and it was a fantastic trip, I am satisfied with the purchase, I am satisfied with the sales and am satisfied with the development of the company", says Lerøy, Chairman of Marine Harvest.
The transactions are reflected in an announcement of Marine Harvest. The purchase and sale took place through the company Framar as, owned by Lerøy and the family.
Increase 40 percent
It was John Fredriksen who was the seller of the one million shares at 139.30 crowns each via Geveran Trading Co. Ltd.
If Lerøy were to buy his shares from Fredriksen for the same price he sold for Friday, he would have paid nearly NOK 180 million – or 40 million more than he had paid.
However, the shares acquired by Lerøy formed an option agreement with Geveran in October 2016. This is an agreement to buy shares at a certain price at a later date. Since the deal was completed, the share price of Marine Harvest has increased by more than 40 percent.
Lerøy explains today's trade itself as follows:
– First of all, I sold shares to finance the option agreement with Geveran. The deal is approaching the deadline and in order to realize the sale, I had to sell.
The option could be specified in the period between 24 April 2017 and 24 October 2018 and had to be fully indicated.
Has shares over
DN has previously written that the option agreement has been entered into as part of a "two-year commercial marine consultancy agreement" between Lerøys Framar and Fredriksens Geveran. Lerøy paid a million crown for the option in October 2016.
Lerøy emphasizes that Marine Harvest still represents its largest investment. After the transaction Framar now owns 1.5 million shares in Marine Harvest. This amounts to 0.31 percent of the company. (Conditions)