Atlantic Airways to buy the privately owned shares in the company

The board of directors in the Faroese airline Atlantic Airways, which is two-thirds government-owned, wants to buy the remaining third, which is privately held, back from the private shareholders.

The board offers to buy the privately owned shares at a share price of 210 - equivalent to 71 millions DKK.If the private shareholders accept the offer, the Faroese government again will be the sole owner of the airline. This will imply that Atlantic Airways will be delisted from the stock exchanges in Copenhagen and Reykjavik.
The offer from the company to the private shareholders will be subject to following conditions:

1) The Faroese Parliament decides to amend the act on privatization of Atlantic Airways, so that the statutory provision that the company shall be listed will be deleted.

2) At least two thirds of the shareholders on an extraordinary general meeting of the company adopt the proposal that the company buys its own shares.

3) The Company´s offer to purchase shares will be accepted by the private shareholders representing at least 24 per cent of the company´s total share capital.

4) The offer from the company should be agreed in writing by shareholders representing at least 24 per cent of the company´s total share capital within seven days after the extraordinary general meeting has been held.

For further information please contact Niels Mortensen, Chairman of the board of directors on tel.: +298 21 69 28

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