Merging pelagic for human consumption with NPEL

23 Mar 2011

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Austevoll Fisk AS, a wholly owned subsidiary of Austevoll Seafood ASA (AUSS) has entered into a merger plan for integration of Austevoll Seafood ASA’s North Atlantic pelagic businesses for human consumption with Norway Pelagic

Reference is made to the stock exchange notice dated 1 February 2011 regarding the potential integration (the “Integration”) of the North Atlantic pelagic businesses for human consumption of Austevoll Seafood ASA (“AUSS”) into Norway Pelagic ASA (“NPEL”).

On 22 March 2011, following completion of satisfactory due diligence investigations, the parties resolved to proceed with the implementation of the Integration by executing a merger plan. Pursuant to the merger plan, which has been entered into by the boards of NPEL, its wholly owned subsidiary Norway Pelagic AS (“NPAS”) and Austevoll Fisk AS (“Austevoll Fisk”), the Integration shall be carried out as a statutory merger (the “Merger”) in which all assets, rights and liabilities of Austevoll Fisk, including its ownership interests in Shetland Catch Ltd., shall, upon completion, be transferred to NPAS, in exchange for a consideration consisting of 2,768,954 new shares to be issued by NPEL to AUSS.

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