The Board of Directors of Codfarmers ASA (“Codfarmers” or the “Company”) has unanimously decided to propose to the general meeting of the Company that the Company applies for a delisting of its shares from Oslo Børs.

The Company has, as earlier announced, severe financial challenges. The ownership structure in the Company is concentrated as 76% of the shares are owned by board members, deputy board member, the CEO, the CFO and their respective close associates. The market value of all shares in the Company is currently less than NOK 50 million, and only around 150 shareholders own shares worth more than NOK 10,000. The liquidity in the shares is low, and the listing does currently not increase investors’ willingness to participate in the future financing of the Company. The costs relating to the listing are substantial to the Company. In the current financial situation, those costs cannot be defended by the advantages of being listed. Further, cost cutting is required in order for the Company to get through its financial challenges. The Board of Directors is thus of the view that the Company should apply for a delisting.

An extraordinary general meeting of the Company (“EGM”) will be held in the Oslo offices of the Company on Wednesday 13 March 2013 at 10 a.m. (CET) for the purpose of resolving to apply for a delisting. The EGM notice is attached to this announcement and is also available at the Company’s web site:, and will be sent to the shareholders.

The Board of Directors intend to submit the delisting application to the Oslo Børs shortly following the EGM, provided that the EGM resolves with at least two-thirds majority to approve that the Company applies for delisting. The Company will update the shareholders by stock exchange announcements as to when the delisting application is submitted and also with respect to the last day of listing if delisting is resolved by the Oslo Børs.

For additional information, please contact:

Marianne E. Johnsen, Chair of Codfarmers, telephone +47 93 66 30 00
Harald Dahl, CEO of Codfarmers, telephone +47 90 11 92 82

About Us

ABOUT CODFARMINGCOD BOOM The latest issue of “norsk Fiskeoppdrett” (#10, October 2007, focused on the development in cod farming and predicted a boom within the coming two years in this relatively new industry. The following extract of just one of the articles offers a brief background for the prediction. THE TABLE IS SET FOR COD Traditionally, the battle for fishing rights has been very hard. In recent history, it should suffice to mention the cod war between UK and Iceland, Canada throwing Portuguese and Spanish vessels out of its national waters when fishing at Grand Banks, as well as Iceland’s demand for fishing rights in what Norway considered Norwegian territorial waters. In 1987 2.1 million ton cod was caught in the North Atlantic. Since then, landings of North Atlantic cod has been reduced by more than 1.2 million tons down to 0.8 million tons in 2006. Iceland has announced a quota reduction in 2007/8 of 30% amounting to 65,000 tons of cod – this equals two years of total volume of cod caught in the Norwegian Lofoten fisheries. In the Barents Sea, quotas seem to remain stable so far. Volumes of cod from the North Atlantic appear to remain relatively stable in the medium-term and the gap between supply and demand has to be filled by aquaculture. THE MARKET Cod is no new species. With a global market of more than a million tons, the cod farmers don’t have to worry about first building the market. In Europe alone, 100,000 tons of fresh cod is sold annually. It is possible to increase this volume considerably with fresh cod and cod products without impacting prices negatively. Once can make a small comparison with the salmon farmers who produced 600 tons in 1974. They had to develop a whole new market for their products, which until then had been a small niche market. The cod farmers come to a table already set. They only need to fill it with good quality products. Extract of article in the publication “norsk FISKEOPPDRETT” Nr. 10, October 2007 (, by Stein-Ove Hansen, Analyst, Terra Securities (un-official translation by Codfarmers)


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