MINUTES OF EXTRAORDINARY GENERAL MEETING
[First published: Tuesday 27 June 2006 3:53:02 am]
The much anticipated merger between IMAREX, the regulated marketplace for freight derivatives, and NOS, the world`s only specialised clearing house for freight derivatives, has been fully approved by the two companies` shareholders at their Extraordinary General Meetings today.
"The merger will increase liquidity and improve transparency in the maritime derivatives market and has been welcomed with open arms by our customers," says Tom Even Mortensen, Managing Director of IMAREX. "The new organisation is expanding rapidly, and we believe we have a very strong competitive position going forward."
To comply with customer expectations and strict regulatory requirements, the trading (IMAREX market place service) and clearing services at NOS will be kept separate and operated from separate companies.
The General Meeting of International Maritime Exchange ASA therefore approved the de-merger and merger plan with the wholly owned subsidiaries Imarex 1 ASA and Imarex 2 ASA, to transfer the market place operations away from the stock listed IMAREX into a wholly owned subsidiary.
The transactions will be effective after the expiry of the two month creditor notice period and subject to the required regulatory approvals. The ambition is to complete this fully on or around 1 September 2006.
When the transactions are registered, International Maritime Exchange ASA will change its name to Imarex NOS ASA, and Imarex 2 ASA, a wholly owned subsidiary, will change its name to International Maritime Exchange ASA.
A new Board of Directors was also put in place at the Extraordinary General Meeting. The new Board of Directors of International Maritime Exchange ASA comprises:
- Leiv Askvig (Chairman)
- Christian Due (Deputy Chairman)
- Herman Alf Billung
- Cecilie Kvalheim
- Eldbjørg Sture
The Extraordinary General Meeting resolved to establish a Nomination committee, and the following members were elected:
- Ottar Ertzeid
- Mette Johnsen
- Wilhelm L. Holst (Previously Chairman of the Board of Directors)
The Minutes of the Extraordinary General Meeting are enclosed below:
For further information please contact:
International Maritime Exchange ASA:
- Tom Even Mortensen, Managing Director, Telephone +47 23 89 42 22
NOS ASA:
- Mai-Lill Ibsen, Managing Director, Telephone +47 23 25 93 03
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