Fewer than 1% of investors in Pan Fish, the Norwegian fish-farming company, have taken up their pre-emptive rights in the firm's NKr200m (€27m) rights issue after its share price fell to half the subscription offer price.

The firm tried to place 400 million shares in a one-for-one offer at NKr0.5 per share with existing shareholders and bondholders in order to repay bank loans. The rights issue was announced on January 20 without any discount to the market price of NKr0.5, and the share price swiftly dropped. Shares were trading at NKr0.25 on Friday afternoon.