Marine Harvest Group (MHG)

[gfp927z]

Wikast, The move to the OTC was to save money since only 3% of their worldwide trading volume occurs in the US, and it costs the company a lot more to be listed on the NYSE than on the OTC -


>>> Only about 3 percent of the worldwide trading volume in the Shares (in the form of Shares or ADSs) in the past 12 months occurred in the United States while the costs of maintaining a NYSE listing and a registration under the Exchange Act are significant. The Board of Marine Harvest has therefore concluded that it is in the best interest of the shareholders to discontinue the US listing and terminate its reporting obligations in the US. <<<




>>> Marine Harvest ASA (OSE:MHG, NYSE:MHG): Intention to terminate New York Stock Exchange listing and deregister under the U.S. Securities Exchange Act of 1934


GlobeNewswire

February 15, 2017



http://finance.yahoo.com/news/marine-harvest-asa-ose-mhg-053348660.html



Marine Harvest ASA's Board of Directors resolved on 14 February 2017 to delist the Marine Harvest's American Depositary Shares ("ADSs"), each representing one ordinary share ("Share") of Marine Harvest, from the New York Stock Exchange ("NYSE") and to terminate the registration of the ADSs and Shares under the U.S. Securities Exchange Act of 1934 ("Exchange Act"). In the future, the Shares will continue to be listed on the Oslo Stock Exchange only.

Only about 3 percent of the worldwide trading volume in the Shares (in the form of Shares or ADSs) in the past 12 months occurred in the United States while the costs of maintaining a NYSE listing and a registration under the Exchange Act are significant. The Board of Marine Harvest has therefore concluded that it is in the best interest of the shareholders to discontinue the US listing and terminate its reporting obligations in the US.


Marine Harvest Chief Financial Officer Ivan Vindheim said: "The delisting and deregistration will enable us to simplify financial reporting processes, while maintaining the same high-quality IFRS compliant financial reporting and disclosures. Corporate governance will not be affected, as important governance bodies such as the Board Audit Committee will remain, in addition to an adequate level of internal controls. We will also maintain the same strong focus on serving our US investor base as we have had in the past."

Following the delisting and deregistration, Marine Harvest will continue to be subject to the rules of the Oslo Stock Exchange and other Norwegian and European Union financial market regulations.

Marine Harvest intends to initiate the delisting process promptly after the date of this stock exchange release. Subject to applicable laws and the NYSE rules, Marine Harvest intends to complete the delisting and deregistration as promptly as practicable thereafter.

Marine Harvest intends to maintain its ADR program as a Level 1 Sponsored program and Citibank will remain as the Depositary. Accordingly, following delisting, Marine Harvest's ADSs will be traded in the US over-the-counter. Marine Harvest has not arranged for the listing of its ADSs or the Shares on another national securities exchange in the US or for the quotation of its ADS's or the Shares in a quotation system in the US.

For further information, please contact:
Ivan Vindheim, CFO, Mobile: [phone]
Kim Galtung Døsvig, IR Officer & Head of Treasury. Mobile: [phone]

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act.

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