English
Published: 2014-04-09 15:48:39 CEST
Atlantic Petroleum P/F
Decisions of general meeting

Result of Annual General Meeting 9th April 2014

Tórshavn, Faroe Islands, 2014-04-09 15:48 CEST --

  1. Petur Even Djurhuus was elected Chairman of the Meeting.
  2. The Chairman of the Board presented the Board of Director’s statement of the Company’s activity during 2013. The CEO gave an operations review (see attached pdf).
  3. The audited Annual Accounts were presented and approved by the General Meeting.
  4. The General Meeting approved the remuneration to the Board in A: 2013 and B: in 2014.
  5. It was decided to carry forward the result from 2013 to the next year.
  6. The General Meeting approved the proposed changes in the Company’s Articles of Association. The proposed changes were:

 

A.To insert the following addendum at the end of §22 of the Articles of Association of the Company:

 

“When legislation permits the Company’s annual report will be prepared and filed in English.”;

 

      but otherwise §22 of the Articles of Association will remain unchanged.

 

B.To insert the following addendum: “…in Oslo, Norway…” into §6.2, after which this provision will be as follows:

 

“The Company’s General Meetings are to be held at the Company’s domicile in the municipality of Tórshavn, Faroe Islands, in the municipality of Copenhagen, Denmark, in Oslo, Norway or in London, England.”

 

      but otherwise §6 of the Articles of Association will remain unchanged.

 

7. According to the Articles of Association all Members of the Board are up for election for a period of one year, namely: Birgir Durhuus, Jan E. Evensen, Barbara Yvonne Holm, Diana Leo and David A. MacFarlane.

 

Birgir Durhuus, Jan E. Evensen, Barbara Yvonne Holm, Diana Leo and David A. MacFarlane all seek re-election and the Board proposes that they will be re-elected.

 

All Board members were re-elected.

 

8. As proposed it was decided to elect P/F Januar løggilt grannskoðaravirki, Hoyvíksvegur 5, 100 Tórshavn, as auditors, for the period until the next Annual General Meeting.

 

9. The General Meeting approved the proposed changes to the Board of Directors of the Company to buy own shares. The proposed changes were:

 

”The Board of Directors is in the period from 9th April 2014 to 8th March 2019 authorized to buy own shares. The Board can, on behalf of the Company, buy own shares up to a maximum of 10% of the nominal value of the Company’s shares, and at a price which can not deviate more than 10% from the share’s price on NASDAQ OMX in Copenhagen at the time of the deal.”

 

At a Board Meeting held immediately after the Annual General Meeting, the Board constituted itself with Birgir Durhuus as Chairman and Jan Edin Evensen as Deputy Chairman.

 

The Articles of Association in Faroese and the English translation will be available on the Company website later.

 

Attached to this announcement is the presentation from the Annual General Meeting.

 

Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 350100 (ben.arabo@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.

 

On the website, it is also possible to sign up for the Company’s e-mail newsletter.

 

Announcement no.17/2014

Issued 09-04-2014

         P/F Atlantic Petroleum
         Yviri við Strond 4
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands
         
         Telephone +298 350 100
         Fax +298 350 101
         Website: www.petroleum.fo
         E-mail: petroleum@petroleum.fo


17-2014 AGM 2014 presentation.pdf