ΝΗΡΕΥΣ Α.Ε.
Change in the Board of Directors of MARINE FARMS ASA.
NIREUS announces a change in the Board of Directors of the Norwegian listed company MARINE FARMS ASA, in which the group controls, directly and indirectly, 33.34%.
NIREUS, after considering that there was urgency for: a.participation and more intensive supervision of the development and implementation of the strategy and the investment plan of MARINE FARMS b.conducting a strategic review of the businesses of the company c.restructuring and expansion of the Board of Directors undertook the initiative of achieving consent among the major shareholders with respect to the aforementioned objectives and submitted a proposal to Annual General Assembly on the 28th of May 2009.
In the above General Assembly, NIREUS' proposal was adopted with an overwhelming majority of shareholders' votes. Therefore, NIREUS is represented on the new Board of Directors of MARINE FARMS ASA, that is composed of seven members, by two regular members and one alternate member. More specifically, NIREUS is represented by Mr Dimitris Loumpounis , who is an Executive Member of NIREUS' Board and Ms. Tone Bjornov, who is a Norwegian citizen with significant management experience on the financial sector. Additionally, Mr. Vasilis Theofanopoulos, NIREUS' Director of Strategy, M&A and Corporate Development, was elected as an alternate member for Mr. Dimitris Loumpounis. Finally, Dr. Panayotis Alexakis, Executive Vice Chairman of the Board of Directors of NIREUS was also elected on the newly instituted three-member Nomination Committee of MARINE FARMS, a corporate body prescribed in the Norwegian Code of Practice for Corporate Governance with a main task of submitting proposals to the General Assembly for the election of the Board members.
NIREUS believes that the election of the new Board in MARINE FARMS will be a catalyst for the further improvement of its business performance and its value to to the benefit of its clients, employees and stakeholders. It is reminded that MARINE FARMS is active in salmon farming through LAKELAND, its 100% subsidiary in Scotland, with annual capacity of 12,000 tons, seabass/bream farming through CULMAREX, its 100% subsidiary in Spain with annual capacity of 8,000 tons and in cobia farming in Vietnam and Belize. For 2008, the sales of MARINE FARMS amounted to NOK 755 mi. (euro84 mi.) and included one of the most profitable enterprises in salmon farming in Scotland the leader in fish farming in Spain, one of the largest European markets for seabass and seabream. Its 2008 EBITDA (before fair value adjustment of biomass) was NOK 76 mi. (euro 8.4 mi.). Finally, MARINE FARMS announced on Tuesday, 26 May 2009, 1st quarter results recording sales of NOK 197 mi. (euro 22 mi) and EBITDA (before fair value adjustment of biomass) NOK 21.3 mi. (euro2.3 mi), increased by +28% and +11% respectively versus the corresponding quarter of 2008.
NIREUS, after considering that there was urgency for: a.participation and more intensive supervision of the development and implementation of the strategy and the investment plan of MARINE FARMS b.conducting a strategic review of the businesses of the company c.restructuring and expansion of the Board of Directors undertook the initiative of achieving consent among the major shareholders with respect to the aforementioned objectives and submitted a proposal to Annual General Assembly on the 28th of May 2009.
In the above General Assembly, NIREUS' proposal was adopted with an overwhelming majority of shareholders' votes. Therefore, NIREUS is represented on the new Board of Directors of MARINE FARMS ASA, that is composed of seven members, by two regular members and one alternate member. More specifically, NIREUS is represented by Mr Dimitris Loumpounis , who is an Executive Member of NIREUS' Board and Ms. Tone Bjornov, who is a Norwegian citizen with significant management experience on the financial sector. Additionally, Mr. Vasilis Theofanopoulos, NIREUS' Director of Strategy, M&A and Corporate Development, was elected as an alternate member for Mr. Dimitris Loumpounis. Finally, Dr. Panayotis Alexakis, Executive Vice Chairman of the Board of Directors of NIREUS was also elected on the newly instituted three-member Nomination Committee of MARINE FARMS, a corporate body prescribed in the Norwegian Code of Practice for Corporate Governance with a main task of submitting proposals to the General Assembly for the election of the Board members.
NIREUS believes that the election of the new Board in MARINE FARMS will be a catalyst for the further improvement of its business performance and its value to to the benefit of its clients, employees and stakeholders. It is reminded that MARINE FARMS is active in salmon farming through LAKELAND, its 100% subsidiary in Scotland, with annual capacity of 12,000 tons, seabass/bream farming through CULMAREX, its 100% subsidiary in Spain with annual capacity of 8,000 tons and in cobia farming in Vietnam and Belize. For 2008, the sales of MARINE FARMS amounted to NOK 755 mi. (euro84 mi.) and included one of the most profitable enterprises in salmon farming in Scotland the leader in fish farming in Spain, one of the largest European markets for seabass and seabream. Its 2008 EBITDA (before fair value adjustment of biomass) was NOK 76 mi. (euro 8.4 mi.). Finally, MARINE FARMS announced on Tuesday, 26 May 2009, 1st quarter results recording sales of NOK 197 mi. (euro 22 mi) and EBITDA (before fair value adjustment of biomass) NOK 21.3 mi. (euro2.3 mi), increased by +28% and +11% respectively versus the corresponding quarter of 2008.