Call for extraordinary general meeting in Powel ASA – proposal related to delisting of the company’s share at Oslo Børs, and transformation from public corporation (ASA) to private limited company (AS).

The Board of Powel ASA has today considered proposal related to delisting of the company’s share from Oslo Børs.

The Board is of the opinion that the company no longer is suited for listing.  This is based on weak liquidity in the share, low free flow of shares based on concentrated ownership structure, and low capitalized value.
 
Based on this, the Board has decided to call for an extraordinary general meeting December 16th 2009 for decision of the proposed delisting.  The call for general meeting will be sent to the shareholders.  If the proposal related to delisting is approved by the general meeting with necessary majority, an application related to delisting will be sent Oslo Børs ASA.

At the general meeting there will be a proposal of transformation from public corporation (ASA) to private limited company (AS).  This is based on the accept of delisting from the general meeting, and that Oslo Børs consent to the company’s application of delisting, and that there following such transformation still will be free trade of the company’s shares.

For questions, please contact:

Chairman of the Board Richard O. Aa, mob: +47 957 44 633
CEO Bård Benum, mob: +47 481 64 670

Trondheim, 24th November, 2009