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Faroes’ Atlantic Airways buys back shares

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Aim is to delist company from the stock exchanges

The largest independent shareholder of the Faroese airline Atlantic Airways, Adrian Noskwith, has agreed to sell his stake of 5.6% back to the airline.

The British investor accepted an offer from the airline’s board of directors to buy his shares at a price that was higher than the share price quoted on February 10.

The board said in a statement that if all private shareholders accepted the offer, then all the shares in the national carrier would be in Faroese hands, after which it could be delisted from the stock exchanges in Copenhagen and Reykjavik.

The repurchase of privately held shares would cost around DKK 70 million (€9.4 million), which is somewhat less than the price that some were buying the shares for. The development is not exactly what was on the cards when the Faroese government decided to privatize a third of the shares in Atlantic Airways in 2007.

TTG Nordic

[pictured: Atlantic Airways Avro RJ aircraft at Vágar Airport, Faroe]

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