Marine Harvest's board has approved the mechanisms which will allow the company to take over Cermaq.
In order to acquire Cermaq, the board requested for an authority to issue the number of shares necessary.
The board thus proposes that the company’s share capital increase by up to NOK 615,000,000 through the issuance of up to 820,000,000 new shares, each with a nominal value of NOK 0.75.
Subject to this aggregate amount limitation, the authority may be used on more than one occasion.
The authority may only be used to issue shares to shareholders in Cermaq as fully or partially consideration for transfers of shares in Cermaq ASA to the company.
The subscription terms for new shares issued pursuant to this authority shall, within the limits stated herein, be set by the board.
(Source: The Fish Site)