Faroese government looking to take full control of Atlantic Airways

Atlantic Airways announced (10-Feb-2014) its board is offering to purchase the third of the airline's shares which remain in private hands at a price of DKK210 per share, valuing the 33% stake at DKK71 million (EUR9.52 million). The government of the Faroe Islands currently owns the remaining two-thirds of the carrier's shares and will become the sole shareholder if private investors accept the board's offer. Atlantic Airways would be subsequently de-listed from exchanges in Copenhagen and Reykjavik. The offer is subject to the following conditions:

• The Faroese Parliament decides to amend the act on privatisation of Atlantic Airways, so that the statutory provision that the company shall be listed will be deleted;
• 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;
• The company's offer to purchase shares will be accepted by the private shareholders representing at least 24% of the company's total share capital;
• The offer from the company should be agreed in writing by shareholders representing at least 24% of the company's total share capital within seven days after the extraordinary general meeting has been held. [more - original PR]