Results of the Offer for Shares in Atlantic Airways P/f

On Friday 7 March 2014, Atlantic Airways published an Offer Document.

The document related to the Board of Directors’ of Atlantic Airways’ Offer (on behalf of the Company) to acquire the outstanding shares in the Company not already owned by Vinnumálaráðið (‘Ministry of Industry’) or Atlantic Airways. The Company first announced its intention to provide the Offer on Monday 10 February 2014. Please refer to the Offer Document for further details of the Offer.

Further, in accordance with article 104 of the Icelandic Securities Transactions Act, the Board of Directors’ of Atlantic Airways on Friday 11 April 2014 provided a mandatory statement, including a Fairness Opinion from Straumur Fjárfestingabanki hf. on the terms and conditions of the Offer.

The Offer expired on Tuesday 22 April 2014 at 16.00 (Faroese time).

Atlantic Airways informs that all conditions of the Offer, as set out in the Offer Document of 7 March 2014, have been met, and that by the time of the expiration of the Offer shareholders representing 286,172 shares had accepted the Offer. Settlement of these shares is expected to take place on Tuesday 29 April 2014.

Following this acceptance, the Ministry of Industry and Atlantic Airways will combined own 95.72% of the total share capital of the Company.

On this background, and as stated in the Offer Document, the Ministry of Industry expects to initiate a compulsory acquisition of the remaining outstanding shares in Atlantic Airways in accordance to the relevant rules in §§ 69-73 in the Faroese Companies Act, and to article 110 of the Icelandic Transactions Act. Following this, Atlantic Airways is expected to be delisted from NASDAQ OMX Iceland and NASDAQ OMX Copenhagen. A timetable, and relevant documentation, of this coming expected compulsory acquisition of the remaining outstanding shares in Atlantic Airways will be announced in due course.


Yours sincerely,


Niels Mortensen, Chairman of the Board of Directors

Atlantic Airways P/f

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