“I’m confident that it will go this way,” Baldvinsson said. “Shareholders will debate the issues at the meeting.”

Analysts have given the thumbs up to the idea of delisting the company. They say it would free the company to make tough decisions more quickly as it passes through a make-or-break period.

Icelandic, one of the world's largest publicly traded seafood firms, said Friday it will ask shareholders to vote on a motion to delist the shares in light of what it called "burdensome" reporting requirements and disclosure obligations it says benefit competitors.

The board of directors at Icelandic says it regards a delisting "to be practical and realistic, and in the best interest of the company and its shareholders."

Landsbanki analyst Snorri Thors said Icelandic is not getting the benefits of being listed. “They could make changes much faster and more efficiently, Thors said. “For the last two years, things have not been great. It’s time for some drastic changes.”

Shares of Icelandic have fallen more than 70 percent the past year alone, part of a general downward trend that began in mid-2005 with the first early problems with integration and restructuring at the firm.

“A large majority of the shareholders will want to do it,” another analyst said. “It’s make or break for them, they just have to take radical measures.”

Work on financial restructuring and cost reduction will continue, the company said Friday.

Icelandic Group reported a loss before interest and taxes (EBIT) of €14.8 million ($23.1 million). The company lost €29.3 million ($45.7 million) in 2007 on sales of €1.4 billion ($2.2 billion), down 5.9 percent compared to 2006.

Earlier last week, the company said it would seek new subordinated debt worth €41 million ($64 million) to shore up its infrastructure and improve its short-term financial outlook.

Icelandic Group is one of the largest seafood suppliers in Europe, with subsidiaries including United Kingdom-based Seachill and Germany-based frozen fish manufacturer Pickenpack Gelmer.

Icelandic CEO confident of delisting approval