The restructuring will convert Måsøval into a streamlined holding company.
Shareholders of Frøya-based salmon farmer Måsøval have given the green light to a proposed demerger and subsequent triangular merger involving the company’s subsidiaries, as per the plan adopted by the boards on 10 September.
The restructuring, aiming to convert Måsøval into a streamlined holding company, received unanimous approval at an extraordinary general meeting held on Monday 25 September.
The comprehensive reorganization sees commercial aquaculture licenses isolated in Pure Farming while certain operational equipment and assets will be transferred to Aqua Farms Vartdal. The demerger and merger, being executed consecutively, involve asset, rights, and liability transfers categorised as “Licenses and Biomass” and “Operations”.
Upon legal commencement, Måsøval’s share capital will be reduced to NOK 7.3 million ($680,000), equating to over 122 million shares each with a nominal value of NOK 0.06. Both moves are conditioned upon approval and will be registered with the Norwegian Register of Business Enterprises and the shares with the Norwegian Central Securities Depository.
The shareholders of Måsøval Hjelpeselskap Lisens and Drift are set to receive remuneration through a share capital increase in Måsøval, aligning with the nominal value elevation corresponding to the reduction amount initiated by the demerger.
The rearrangement aligns with Måsøval’s objective of internal reorganization to enhance operational efficiency and is expected to be documented with the Euronext Growth (Oslo Bors) stock exchange.