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Morpol and Marine Farms to Merge

Salmonids Economics +2 more

NORWAY - As part of the simplification and optimisation of Morpol ASA's company and decision structure in the Morpol group, and to reduce the group`s operational and administration costs, Morpol and Marine Farms AS have signed a merger plan whereby Marine Farms AS is merged with Morpol ASA, with Morpol as the surviving entity.

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Marine Farms AS is currently 100 per cent owned by the Morpol. The merger is proposed carried out as a parent-subsidiary merger without consideration, in accordance with the Norwegian Public Limited Companies Act section 13-24.

The merger plan with appendices will be published on Morpol's website, in addition to a notification of the publication of the merger plan being sent to the Morpol's shareholders.

One month after the notification is sent, the board of directors of Morpol and Marine Farms AS will resolve whether to carry out the merger or not.

The merger will be implemented upon expiry of the two month's creditor notice period following registration of the respective boards' decision to carry out the merger, expected mid to late December 2012.