No agreement between Wilbo and Morpol

2012-01-11



Fish company Wilbo published a letter of intent signed on 19 December 2011 by its representatives and Jerzy Malek, head of Morpol, a leading global salmon processor based in Ustka (Pomorskie voivodship). They were negotiating the terms of an investment agreement in which Morpol would take over shares comprising about 46% of Wilbo’s capital and provide the latter with a PLN 7m (€1.6m) loan. The entities did not come to an agreement and the letter of intent expired on 6 January 2012.
Wilbo also stated that at the same time it was in talks with other companies interested in becoming investors, but not further information was disclosed.
In Q1-Q3 2011, Wilbo had revenues of PLN 110.1m (€24.7m), up 3% year on year, and a net loss of PLN 20m (€4.5m), compared to a PLN 11.3m (€2.5m) loss in the same period of 2010. In 2010, revenues totalled PLN 188.7m (€42.3m), a 9.7% year-on-year increase, and the company had a net loss of nearly PLN 9m (€2m), compared to a PLN 904,000 (€203,000) net profit in 2009.