Morpol ASA - Approval to have Morpol ASA as the new parent company

The general meeting of Morpol ASA has resolved to reduce the share capital from NOK 1,000,000 to NOK 0 and subsequently to increase the share capital against contribution in kind by Morpol ASA acquiring approximately 99.94% of the shares in Morpol S.A. against issuing consideration shares in Morpol ASA to the shareholders in Morpol S.A. transferring their shares, reports www.megafishnet.com with reference to Morpol. 

The transfer of shares in Morpol S.A. to Morpol ASA has been carried out in accordance with continuity for accounting purposes (in Norwegian: Regnskapsmessig kontinuitet).  The new share capital of Morpol ASA is NOK 10,000,000 divided on 100,000,000 shares at a par value of NOK 0.10. The share capital increases are expected to be registered in the Norwegian Register of Business Enterprises on 7 June 2010. The Company will issue a separate press release when the share capital increases has been registered.

The extraordinary general meeting on 5 June 2010 also resolved an authorisation to the Company's Board of Directors pursuant to which the Board of Directors may, in one or more rounds, increase the share capital by a total of up to NOK 5,000,000. The authorisation may be used for issuing shares in connection with the initial public offering, consideration shares under incentive schemes, consideration shares in acquisition of businesses within the Company's purpose and for necessary strengthening of the Company's equity. The authorization shall be valid until the ordinary general meeting in 2011, but no later than June 30, 2011.

The steps taken above are made to facilitate an IPO on the Oslo Stock Exchange, with the listing application due to be considered at the 16 June 2010 board meeting of the Oslo Børs. ABG Sundal Collier Norge ASA, DnB NOR Markets and Pareto Securities AS are acting as Joint Lead Managers and Joint Bookrunners  in the IPO process for Morpol.

For further information, please contact:

Steven Rafferty (Chief Financial Officer), phone +47 97 66 41 04

About Morpol

The Morpol Group is engaged in salmon processing as well as sale and distribution of finished salmon products. The Morpol Group's main products are: cold and hot smoked salmon, gravadlax, fresh salmon fillets, frozen salmon portions, organic salmon, wild salmon and salmon specialties. The Morpol Group had revenue of approximately EUR 340 million in 2009.

Founded in 1996 in Ustka on the Baltic coast of Poland, the company employs over 3,000 people in eight countries. Morpol Group is the world leader in smoked salmon. The company has achieved its world leading position through the efficiency of processing activities, a constant focus on product quality and service provided to retail and food service customers.  Morpol serves customers across Europe, in Japan and the United States by offering value for money.