Business Context and Reporting Period
This Form 6-K filing by Golar LNG Ltd, dated August 20, 2012, reports on the company's decision to delist from the Oslo Stock Exchange. The last day of trading on the Oslo Stock Exchange is set for August 30, 2012. The company remains primarily listed on NASDAQ and is applying for an Over-the-Counter (OTC) listing in Norway to facilitate continued trading for Norwegian shareholders.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document is a corporate announcement regarding listing status and shareholder logistics rather than a financial performance report.
Material Changes
- Delisting: Golar LNG Ltd will cease trading on the Oslo Stock Exchange effective August 30, 2012.
- Shareholder Register: The company will maintain its Norwegian VPS sub-register for at least nine months post-delisting (until May 2013) to assist existing shareholders.
- Trading Venue: Shares will continue to trade on NASDAQ. An OTC listing in Norway is being pursued to allow Norwegian shareholders to trade without converting to the US register immediately.
Outlook, Risks, and Management Commentary
Management has outlined specific logistical arrangements to minimize disruption for Norwegian shareholders:
- Share Conversion: A pre-existing conversion program between US and Norwegian registers will continue. Conversion is not mandatory but incurs a fee (NOK 650 charged by custodian Nordea) if moving shares to a US broker account.
- Tax Implications: No tax implications exist for Norwegian investors keeping shares in the VPS system. However, converting shares to a US broker account will be treated as a realization event, triggering profit/loss reporting to Norwegian tax authorities.
- Dividends: Dividend payments and corporate actions will continue to be registered in the VPS system and reported to Norwegian tax authorities as in the past.
- Uncertainty: The company cannot commit to keeping the VPS account open beyond May 2013 but will monitor the situation.
Key Facts for Investor Verification
- Confirm the final trading date on the Oslo Stock Exchange is August 30, 2012.
- Verify the status of the OTC listing application in Norway for post-delisting trading.
- Check with brokers regarding the NOK 650 fee for converting shares to US accounts.
- Understand that moving shares to a US account triggers a taxable event in Norway, whereas holding in the VPS system does not.
- Note that the company does not guarantee the VPS sub-register will remain open beyond May 2013.