Aker Seafoods : Norway Seafoods to be developed as a separate company

October 21, 2011 11:48
The board of Aker Seafoods ASA proposes to split up the ownership of the company's two business areas. The shares in Norway Seafoods will be distributed to the shareholders in Aker Seafoods. This is in accordance with the plan effectuated and communicated in the first half-year 2010.

- Norway Seafoods will be developed as a separate company. The board's proposal is to distribute the shares of Norway Seafoods to the shareholders in Aker Seafoods. Each shareowner in Aker Seafoods then becomes a directe owner of Norway Seafoods. The cultivation of two separate companies is a natural continuation of the work to improve both harvesting and processing, says Thomas Farstad, CEO, Aker Seafoods. Norway Seafoods is a a company specialising in processing, sales and marketing of whitefish. The boards proposal to distribute Norway Seafoods will be discussed on an extraordinary general meeting of Aker Seafoods ASA, November 4th, 2011. Norway Seafoods will apply for a listing on the OTC-list, the Norwegian Securities Dealers Association's market place for trading unlisted shares. Four out of five in the Aker Seafoods corporate management team will form the management team in Norway Seafoods: Thomas Farstad, CEO, Gunnar V. Aasbø-Skinderhaug, CFO, Johannes Palsson, Group Director Production and Frode H. Mikkelsen, Group Director Sales & Marketing. Olav Holst-Dyrnes, Director of Aker Seafoods Harvesting, will take on the role as CEO for the publicly listed harvesting company Aker Seafoods when the transaction is completed. - Norway Seafoods' ambition is to become the leading whitefish company within our markets through our operations in Norway, Denmark and France. Norway Seafoods will be a partner for our customers, a company with good working conditions and a profitable investment for our shareholders, says Thomas Farstad. Aker Seafoods will work to create a more flexible system in order to be able to fish from the company's quota basis. The objective is to contribute to the raw-material supply to the processing industry which ensure both the fishing- and processing industry in a more optimal way. The creation of an industrial quota where vessels and tools can be chosen freely is one such alternative. - We see it as positive that Aker Seafoods so clearly signals that they wish to contribute to the development of the processing industry in Norway. An establishment of a new industry quota system based on parts of Aker Seafoods' quota basis will be an important contribution towards secure and good workplaces in the future. We will need help from the authorities and others in order to make this a success, says Bjarne Kristiansen, group employee representative Aker Seafoods ASA. - Norway Seafoods compete in an international market with low-cost countries such as China, says Thomas Farstad. So we need to find new ways to become competitive. We will invite for dialogue to get good proposals and necessary measures, and we will cooperate with the employee representatives, the authorities, politicians and organisations in order to create future-oriented jobs. Our aim is to create a competitive industry in the North. Aker Seafoods will continue as a listed company to pursue for sustainable and efficient harvesting of whitefish (cod, saithe and haddock). The separation of the two companies will have no consequences for neither the trawlers delivery obligations nor other licences conditions.
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