Morpol fails to get quorum at meeting to amend senior notes due 2014

By Susanna Moon

Chicago, May 16 - Morpol ASA said there were not enough holders at the bond meeting on May 16 in Oslo to form a quorum, and the terms of its senior bonds due 2014 remain unchanged.

The proposed resolution received 87.5% of the votes cast at the meeting, however, according to a company press release.

The company announced the bond meeting on April 30 to propose to change the definition of "change of control" under the bond terms.

As noted at the time, the bonds became putable under a change-of-control clause when Marine Harvest ASA acquired 87.09% of the shares on March 25.

The company sought to change the definition of change of control to occur when a person or group, other than Friendmall Ltd. or Marine Harvest, becomes the owner of more than 50% of issued shares or voting rights of the issuer, according to a pervious notice by trustee Norsk Tillitsmann ASA.

Morpol is an Oslo-based producer of smoked salmon products.

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