The Board of Directors of PSI Group ASA ("PSI") has applied for delisting of PSI's shares from NASDAQ OMX Stockholm. PSI's shares are primary listed on Oslo Børs and has been secondary listed on NASDAQ OMX Stockholm since August 2008. The secondary listing of PSI's shares on NASDAQ OMX Stockholm was a result of the merger which took place in 2008 between PSI and the previously listed Swedish company CashGuard AB.
The reason to apply for delisting is mainly that the volume of shares traded on NASDAQ OMX Stockholm is low and irregular. The dual listing is also associated with significant costs, besides the direct costs of being listed in two markets. These costs are mainly related to the administrative work, and the costs associated with complying with two sets of national laws and market regulations.
Following the delisting, the trading in the PSI share will be concentrated to one regulated market; Oslo Børs. It is the Board's aim that this shall provide PSI's current shareholders and prospective investors with a more attractive alternative than the current dual listing, and that a sole listing on Oslo Børs shall create more liquidity in, and thus a more efficient pricing of, the PSI share. In addition, a sole listing on Oslo Børs will be more cost effective.
It is the Board's assessment that the delisting from NASDAQ OMX Stockholm should not lead to any significant adverse difference for the individual shareholders, other than that the trading will only take place on Oslo Børs, instead of as today on both Oslo Børs and NASDAQ OMX Stockholm.
Shareholders having their shares in a custody account (nominee registered shareholders) does not need to take any action. Nordea Bank AB will contact the bank or securities institution to ensure that they are connected to Verdipapirsentralen ("VPS") in Norway.
Shareholders having their shares directly registered in a VP-account with Euroclear Sweden will receive a letter from Nordea Bank AB giving information on how to move their shares to a service account in Nordea Bank AB free of charge, or how to get a Norwegian VP-account through Nordea Bank Norge ASA if this is preferred. Shareholders that are Norwegian citizens, and have direct registered shares in Euroclear will not be offered a service account, but of course have the possibility to open a Norwegian VP-account.
Following the delisting in Stockholm, the Board plans to complete a voluntarily purchase of shares directed to all shareholders who holds 500 shares or less. This is expected to occur in May 2012.
An application for delisting has been submitted to NASDAQ OMX Stockholm and the last day of trading with PSI's shares on NASDAQ OMX Stockholm will be published in connection with NASDAQ OMX Stockholm's decision regarding the delisting.
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For further information, please see www.psigroup.no or contact
Anders Nilsen,
CFO PSI Group ASA,
e-mail: anders.nilsen@psi.no,
telephone +47 93 25 94 10