Atlantic Petroleum P/F - Fyrirtækjafréttir

Result of Annual General Meeting 12th April 2013

Tórshavn, Faroe Islands, 2013-04-12 19:06 CEST (GLOBE NEWSWIRE) -- 
  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 2012.
  3. The audited Annual Accounts were presented and approved by the General
     Meeting.
  4. The General Meeting approved the remuneration to the Board in 1: 2012 and
     in 2: 2013.
  5. It was decided to carry forward the result from 2012 to the next year.
  6. The General Meeting approved the proposed changes in Articles of
     Association of the Company. The proposed changes were:

In §16.2 of the Articles of Association of the Company to this:

“The Company's ordinary General Meeting elects the Board of Directors, and the
members are elected for 1 year at the time. Re-election is allowed. During the
transition period the Board Members up for election at the Annual General
Meeting 2013 at that time and forwards, will be elected for 1 year at the time
and the Board Members up for election at the Annual General Meeting 2014 at
that time and forward, will be elected for 1 year at the time”; 

  1. Two of five Board Members were up for election for a one year period with
     item 6 at the Annual General Meeting adopted. Birgir Durhuus and Poul R.
     Mohr were up for election. Birgir Durhuus accepted re-election but Poul R.
     Mohr did not seek re-election. Barbara Yvonne Holm had accepted nomination
     to stand for election for a position at the Board of the Company. Birgir
     Durhuus and Barbara Yvonne Holm were elected.
  2. As proposed it was decided to elect JANUAR, løggilt grannskoðaravirki P/F,
     Hoyvíksvegur 5, 100 Tórshavn as auditors, for the period until the next
     Annual General Meeting.
  3. The General Meeting approved the proposed changes to the authority 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 12th April 2013 to 11th March
2018 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.” 

10. The General Meeting approved the proposed changes in Articles of
Association. The proposed changes were: 



A. The current § 3 was changed to:

Sub clause 1.

The Annual General Meeting has decided to authorize the Company's Board of
Directors in the period up to 11th April 2018 - in one or several rounds - to
increase the Company's share capital with up to DKK 300,000,000 in nominal
value by subscription of new share capital. The increase of the share capital
will be made with pre-emptive rights for existing shareholders. The increase of
the share capital can be made in cash or fully or partially be made in other
values than cash, this including 

that the Company in connection with the increase of share capital against
consideration in shares takes over other existing enterprise, activity or
company or shares in another company (merger) 

that the Company in connection with the increase of share capital without
consideration in shares accepts such other values. 

Payment of increase in the share capital can further fully or partially be made
by way of debt conversion. 

Sub clause 2.

For subscription of new share capital based on authority in this clause the
following conditions shall apply: 

1. The share capital will have the same rights in the Company as the existing
share capital; 

2. the shares shall be made out to a named holder and are negotiable;

3. the shareholders are not obliged to redeem their shares;

4. The shares have a nominal value of DKK 100. - and multiple hereof.

5. In case of an oversubscription the Company's Board of Directors is free to
decide how the share capital offered for subscription - which is not subscribed
as of pre-emption rights of subscription - shall be divided among those, who
have offered to subscribe 



B. This new § 3 A was added:

Sub clause 1.

The Annual General Meeting has decided to authorize the Company's Board of
Directors in the period up to 11th April 2018 - in one or several rounds - to
increase the Company's share capital with up to DKK 300,000,000 in nominal
value by subscription of new share capital. The increase of the share capital
will be made without pre-emptive rights for existing shareholders and will be
at market price. The increase of the share capital can be made in cash or fully
or partially be made in other values than cash, this including 

that the Company in connection with the increase of share capital against
consideration in shares takes over other existing enterprise, activity or
company or shares in another company (merger) 

that the Company in connection with the increase of share capital without
consideration in shares accepts such other values. 

Payment of increase in the share capital can further fully or partially be made
by way of debt conversion. 

Sub clause 2.

For subscription of new share capital based on authority in this clause the
following conditions shall apply: 

1. The share capital will have the same rights in the Company as the existing
share capital; 

2. the shares shall be made out to a named holder and are negotiable;

3. the shareholders are not obliged to redeem their shares;

4. The shares have a nominal value of DKK 100.- and multiple hereof.

5. In case of an oversubscription the Company's Board of Directors is free to
decide how the share capital offered for subscription shall be divided among
those, who have offered to subscribe. 



C. Deletion of expired authorizations to the Board

In addition to these changes § 3 B, 3 C and 3 D was deleted, as these
authorizations to the Board have expired without having been exercised. 

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 presentation from the Annual General Meeting.



Further Details

Further details can be obtained from Ben Arabo, CEO, tel +298 350 100
(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. 18/2013

Issued 12-04-2013


         P/F Atlantic Petroleum
         Yviri við Strond 4
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands

Attachments:

18-2013 AGM 2013_Chairman s Presentation.pdf

18-2013 AGM 2013 CEO s Presentation.pdf