Golar LNG Seeks Delisting From Oslo Stock Exchange
April 27, 2012 at 06:50 AM EDT
LONDON -- (Marketwire) -- 04/27/12 -- Golar LNG Limited ("Golar LNG" or the "Company") has maintained a dual listing for several years. The Company's shares were originally listed on the Oslo Stock Exchange in July 2001 and were subsequently listed on NASDAQ in the US in December 2002. Throughout this period the Board has continuously monitored the benefit of having two separate listings.
It has been observed in recent years that an increasing part of the trading in the Company's stock has taken place in New York, while only limited volumes have traded in Norway. The concentration in the US is further supported by the fact that less than 18 % of the total shares, excluding World Shipholding, are currently held in the Norwegian VPS system.
The Board has concluded, supported by these facts, that there are limited benefits in continuing with two separate listings. It is clear that a single listing on NASDAQ and a delisting from Oslo Stock Exchange will lead to significant cost reductions, clearer regulatory requirements, a simplified filing process and most likely increased trading volume in the US as a function of the concentration of trading.
The Board of Golar LNG will in the near term call for an extraordinary shareholder meeting ("EGM") in order to get shareholder support for a delisting from the Oslo Stock Exchange. In accordance with Oslo Stock Exchange rules, such a delisting will need support from two thirds of the shareholders present at the EGM. Golar's major shareholder, World Ship Holding which owns 45.8 %, will vote in favour of the delisting. (It is Golar LNG's intention to try to compensate any direct transaction costs that Norwegian based shareholders will have in converting their VPS shares into shares tradable in the US.)
The Board of Directors
Golar LNG Limited
April 27, 2012
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Source: Golar LNG via Thomson Reuters ONE
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