COD – DELISTING PROPOSAL, EGM NOTICE
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: www.codfarmers.com, 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