AI assistant
Atlantic Petroleum P/F — AGM Information 2020
Apr 1, 2020
8209_iss_2020-04-01_29b0cc65-cf27-41b1-9113-5c32ce087ec0.html
AGM Information
Open in viewerOpens in your device viewer
Summons for the Annual General Meeting of P/F Atlantic Petroleum
Summons for the Annual General Meeting of P/F Atlantic Petroleum
Summons for the Annual General Meeting of P/F Atlantic Petroleum
The Annual General Meeting of P/F Atlantic Petroleum is hereby called. The
meeting will be held at the premises of Advokatfelagið, Lucas Debesargøta
8, 100 Tórshavn, Faroe Islands.
on Thursday 30th April 2020 at 15:00 (Faroese time)
with the following agenda:
1. Election of Chairman of the Meeting.
2. The Board of Directors' statement of the Company's activity
during the previous accounting year.
3. Presentation of audited Annual Accounts for approval.
3A Approval of the remuneration to the Board in 2019 and 2020.
A. Approval of the remuneration to the Board in 2019.
The Board proposes approval of the actual remuneration in 2019 of DKK
510,483.82.
B. Approval of the basis for the remuneration to the Board in 2020.
The Board proposes that the basis for the remuneration to the Board in 2020
will be:
·The basic remuneration to the Board Members will be DKK
60,000.00.
·The Chairman of the Board receives the basic remuneration x 2
·The Deputy Chairman receives the basic remuneration x 1.5
·An ordinary Board Member receives the basic remuneration x 1
·The Chairman for the Audit Committee receives the basic
remuneration x 0.5 in addition to his/her general Board remuneration.
4. Decision on how to use profit or cover loss according to the
approved Accounts and Annual report.
The Board of Directors recommends that the result according to the approved
Accounts is carried forward to next year.
5. Election of Board of Directors.
According to the Articles of Associations three members are to be elected to the
Board of Directors. All Members of the Board are up for election for a period of
one year, namely: Ben Arabo, Kaj Johannesen and Mourits Joensen.
The present board memebers have accepted to be re- nominated thus reelection of
the present board members is proposed.
More information on the proposed candidates can be found on the Company's
website www.petroleum.fo.
6. Election of auditor, who will sit until the next Annual General
Meeting is held.
The present auditor of the Company is P/F Januar løggilt grannskoðaravirki,
Óðinshædd 13, 100 Tórshavn. The Board proposes re-election of P/F Januar løggilt
grannskoðaravirki, for the period to the next Annual General Meeting.
7. The AGM's approval to de-list the shares of the Company from the
secondary listing on the OSLO BØRS.
Presently a portion of the Company's shares are listed on OSLO BØRS. These
shares are secondary to the, primary listing of Company shares on the Copenhagen
stock Exchange (NASDAQ OMX Copenhagen).
As the trade in the secondary Company shares listed on the OSLO BØRS is small
and the business activity of the Company has decreased radically over the last
few years with the Company ceasing business in Norway, the Board of Directors
consider it inappropriate to have Company shares listed on OSLO BØRS. Therefore,
the Board of Directors proposes to de-list from the secondary listing on OSLO
BØRS.
Consequently, the Board of Directors proposes to the AGM that
"The Annual General Meeting of the Company approves the de-listing of the
secondary listed shares of the Company from the OSLO BØRS and authorises the
Board of Directors of the Company to take any and all steps and measures
necessary in relation to this."
The General Meeting of the Company has previously decided this, but de-listing
did not take place on that occasion. To handle an application on de-listing the
stock exchange needs a decision not older than 12 months and do to that a new
decision is to be made on the issue.
8. AOB
- - - 0 - - -
Quorum.
Proposals on the agenda for the meeting can be adopted by majority vote.
Requisition of admission card, voting paper and the voting procedure.
The shareholder's right to participate at the General Meeting and to vote
according to his/her shares will be according to the number of shares, which the
shareholder owns at the register date. The register date is Thursday 23(th)
April 2020.
A shareholder, his/her proxy and the press can participate at the General
Meeting on the condition that he/she has given notice to the Company hereof at
the latest by Monday 27(th) April 2020 via the website of the Company
www.petroleum.fo (http://www.petroleum.fo/) or at the office of the Company,
Lucas Debesargøta 8, 100 Tórshavn, or on telephone no. +(298) 59 16 01 or on the
email address [email protected] (mailto:[email protected]).
If a shareholder cannot participate in the General Meeting he/she can in writing
give a written proxy to a third person to represent him/her at the meeting.
Proxy - forms to be used for this purpose are available on the website of the
Company www.petroleum.fo (http://www.petroleum.fo/) and at the office of the
Company, Lucas Debesargøta 8, 100 Tórshavn. Shareholders with access to the
Investor Portal through the Company's website can give their proxy instructions
via this portal.
The voting - except the voting by letter ballot - will be executed at the
General Meeting. The shareholder (or his/her proxy) who have in due time given
notice that he/she wishes to attend the Annual General Meeting, will meet at the
General Meeting and cast their votes. Admission cards and voting papers will be
handed out at General Meeting entrance.
Letter ballot.
The shareholders can vote by letter ballot - that is cast their votes in writing
prior to the day of the Annual General Meeting. On the Company's website
www.petroleum.fo shareholders can download a letter ballot form. Letter ballot
must be received at the Company's premises, Lucas Debesargøta 8, 100 Tórshavn or
on the email address [email protected] (mailto:[email protected]) at the
latest Wednesday 29(th) April 2020.
The shareholder's right to bring forward questions.
Shareholders can, prior to the General Meeting, bring forward to the
Board/Management of the Company questions regarding matters that have relevance
to the 2019 Annual Report and to the Company's general position or are regarding
the decisions that are to be made at the General Meeting. If a shareholder
wishes to use this right he/she can send his question in a letter to P/F
Atlantic Petroleum, Lucas Debesargøta 8, 100 Tórshavn, or to the email address
[email protected] (mailto:[email protected]).
At the General Meeting shareholders can also bring forward questions to the
Board/Management of the Company regarding the mentioned matters.
Documents for the General Meeting, including the 2019 Annual Accounts and agenda
with the complete proposals.
Documents relevant for the General Meeting, including (1) the 2019 Annual
Accounts with the Auditor's Report and Annual Report (2) agenda, (3) complete
proposals for the General Meeting (4) information on the Company's total number
of shares and votes at the day of the summons and (5) proxy documents and letter
ballot form are available at the Company's office at the address, Lucas
Debesargøta 8, 100 Tórshavn (tel no. + (298) 59 16 01) at the latest 3 weeks
prior to the General Meeting. The mentioned documents will also be available on
the Company's website www.petroleum.fo (http://www.petroleum.fo/).
Share capital, voting rights and financial institute holding accounts on behalf
of the Company.
The share capital of the Company is DKK 3,697,860 divided into shares of DKK
1,- or multipla hereof.
According to § 5 sub clause 1 of the Articles of Association of the Company,
each shareholder has one vote for each DKK 1,- they hold in share capital.
Number of shares is: 3,697,860 and number of votes is: 3,697,860.
The Company has appointed P/F Betri Banki as holder of accounts. Shareholders
can contact this financial institute at Yviri við Strond 2, 100 Tórshavn or on
the website www.eik.fo (http://www.eik.fo/) or on telephone no. +298 348 000 to
exercise their financial rights in the Company.
Tórshavn 1(st) April 2020
P/F Atlantic Petroleum
The Board of Directors