Måsøval AS - The terms for demerger and triangular merger are met

28 Jun 2024 14:00 CEST

28.6.2024 14:00:01 CEST | Måsøval AS | Inside information

Reference is made to the stock exchange announcement published by Måsøval AS
(the "Company") on 10 September 2023 regarding a possible internal
reorganization where a joint plan for demerger and triangular merger was adopted
by the Board of Directors of the Company and the Company's subsidiaries Måsøval
Drift AS (formerly Aqua Farms Vartdal AS), Måsøval Lisens AS (formerly Pure
Farming AS), Måsøval Hjelpeselskap Drift AS and Måsøval Hjelpeselskap Lisens AS
(the "Internal Reorganization"). Reference is also made to the stock exchange
announcement published by the Company on 25 September 2023 regarding the
adoption of the Internal Reorganization by the Company's extraordinary general
meeting.

A condition for completion of the Internal Reorganization is that the Company
receives a binding advance tax ruling ("BFU") from the tax authorities
confirming that the Internal Reorganization can be completed with tax
continuity. On 19 January 2024 the Company received a BFU where the tax
authorities concluded that the Internal Reorganization cannot be carried out
with tax continuity if the Company requested deduction of assets acquired in
2023. Reference is made to the stock exchange announcement of the same date. The
Company requested a new BFU from the tax authorities, seeking clarification on
whether the waiver of the deduction of assets acquired in 2023 allows the
Internal Reorganization to be carried out with tax continuity. The Company has
today received a BFU where the tax authorities conclude that the Internal
Reorganization can be carried out with tax continuity. Operating assets used in
the business subject to resource tax will, however, be subject to taxation.

The Company's operating assets used in the business subject to resource tax are
of limited value, and the Company expects that the Internal Reorganization can
be implemented without any significant economic consequences.

The conditions for carrying out the Internal Reorganization are thus fulfilled,
and the participating companies will report the completion of the Internal
Reorganization in the Register of Business Enterprises.

After the Internal Reorganization has been registered in the Register of
Business Enterprises, the commercial aquaculture licenses for fish for
consumption, the biomass, and the associated assets, rights and liabilities
currently held by the Company and Måsøval Drift AS will be transferred to
Måsøval Lisens AS, and the employees and operating assets currently held by the
Company will be transferred to Måsøval Drift AS. The Company will thus become a
pure holding company.

This stock exchange release contains inside information as defined in the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Securities Trading Act.

This stock exchange release was published by Berit Fossan, Group Controller, on
28 June 2024 at 14:00 (CET).

CONTACTS

* Anders Hagestande, CFO, Måsøval AS, +47 415 82 138,
anders.hagestande@masoval.no

ABOUT MÅSØVAL AS

Måsøval is an integrated producer of Atlantic salmon with more than 50 years of
operational experience. Located in Central Norway in the region west of
Trondheim, Måsøval has both significant farming operations at sea and inhouse
smolt production. Through its majority ownership in the processing and
distribution company Pure Norwegian Seafood AS, Måsøval is processing and
exporting high quality Atlantic salmon to a global marketplace.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847731/18165091/4720/Download%20announce
ment%20as%20PDF.pdf

More information:
Access the news on Oslo Bors NewsWeb site

622695_Download announcement as PDF.pdf