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On November 15, 2012, High Liner Foods announced the redemption of all outstanding non-voting equity shares (“Non- Voting Shares”) issued by it, in exchange for common shares (“Common Shares”) of High Liner Foods, with one Common Share being issued for each Non-Voting Share redeemed. On November 15, 2012, related parties of High Liner Foods held 382,420 Non-Voting Shares, or 21.7% of Non-Voting Shares. The redemption did not materially affect the voting position of any such individual related party. The redemption was approved on November 15, 2012 by a committee of the board that was appointed by the board of High Liner Foods on November 8, 2012 to consider the Non-Voting Shares and, if it determined appropriate, the potential redemption of the Non-Voting Shares. There were no contrary or dissenting views expressed by members of the board or committee. The transaction was exempt from the valuation and shareholder approval requirements of Multilateral Instrument 61-101 because the fair market value of the transaction was below 25% of High Liner Foods’ market capitalization. 

## 4.4 Business Acquisition, Integration and Other Expenses 

## 4.3 Amortization of Intangible Assets 

This category consists of amortization of intangible assets, brands, and customer relationships over their estimated useful lives. The final purchase price accounting for the Icelandic USA Acquisition was completed in 2012. The purchase price accounting for the American Pride Acquisition will be finalized in 2014. Intangible assets resulting from this acquisition are expected to be nominal in value and therefore, no amortization has been recorded in 2013. 

Amortization expense was $5.3 million in 2013 and $5.6 million in 2012. Amortization of intangible assets is recorded on the income statement in “Selling, General and Administrative Expenses”. 

As required by accounting pronouncements, we performed goodwill and indefinite life intangible asset impairment tests in both fiscal 2013 and 2012, which showed that goodwill is not impaired. 

In 2012 and 2013, we incurred acquisition, integration and other costs related to the Icelandic USA and American Pride Acquisitions. The following table shows the financial impact of various items related to: the acquisition efforts related to the American Pride Acquisition in 2013, including investment banking, legal, accounting, due diligence and similar transaction costs; and the integration efforts and related impairments associated with the Icelandic USA Acquisition. As part of optimizing our supply chain after the Icelandic USA Acquisition, we announced in Q2 2012, that we were closing two of our production facilities, which resulted in accelerated depreciation and impairment of property, plant and equipment at these facilities in 2012. 

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