Lighthouse Caledonia restructuring as the Scottish Salmon Company

The Scottish Salmon Company Ltd (SSC) has applied for admission to be listed on Oslo Axess.  SSC is a 100 per cent subsidiary of Lighthouse Caledonia ASA and registered in Jersey.  As a consequence of the restructuring, SSC will ultimately become the new parent company of the group, with a continuous listing on Oslo Axess.  

The main reason for the re-domiciliation is that the new structure will provide increased flexibility for the group's future investments, growth, stability, competitiveness and strong marketing focus, the company said in a statement.  In addition the restructuring will obtain a de facto re-domiciliation but still maintain a listing on Oslo Axess.

The listing will be conditional on SSC launching simultaneously an exchange offer for the shares in Lighthouse. All existing shareholders of the company will be offered to convert their shares into new shares in SSC to be listed on Oslo Axess. The Exchange Offer is likely to include a mechanism to consolidate the shares in a ratio of 10:1, i.e., replacing 10 existing shares of Lighthouse Caledonia with one new SSC share.  

If and when the exchange offer and the listing of SSC are completed, Lighthouse will become a subsidiary of SSC without any business and thus be dormant. In such case, an application for delisting of Lighthouse Caledonia will be submitted, provided that the general meeting adopts such resolution.  

This development does not have any operational implications for the group, and the effect of the group balance remains unchanged.