North Atlantic Energies Delays 2025 Results To April

KUALA LUMPUR, March 24 (Bernama) -- North Atlantic Energies announced it will postpone publication of its 2025 annual results to April 22, citing additional time required for year-end closing procedures following implementation of new accounting and reporting systems since Nov 28, 2025.

The company's revised financial calendar sets the annual financial report release for April 29, with the shareholders' annual general meeting scheduled for June 24, according to a statement.

North Atlantic France confirmed the delay will affect the timeline for its simplified tender offer for remaining North Atlantic Energies shares not already under its control.

The offer, initially announced Jan 30, will now be filed with the Autorité des marchés financiers (AMF) during the second quarter of 2026 following publication of the annual results and completion of independent expert review.

The tender offer follows North Atlantic France's Nov 28, 2025, acquisition of ExxonMobil France Holding's entire 82.89 per cent stake in North Atlantic Energies. The offer price stands at 28.93 euros per share, with North Atlantic France indicating intent to pursue a squeeze-out procedure if conditions permit. (1 Euro = RM4.54)

Ledouble SAS, represented by Agnès Piniot and Romain Delafont, has been appointed as independent expert to issue a fairness opinion on the offer's financial terms. The offer will proceed only after the AMF grants compliance clearance.

North Atlantic is a Canada-based energy company with a strong presence in fuel retail, distribution and convenience services across Newfoundland and Labrador, with operations extended to Nova Scotia and Prince Edward Island through a joint venture.

Meanwhile, North Atlantic Energies operates in France’s energy sector, playing a key role in refining and fuel supply, accounting for about 20 per cent of the country’s refining capacity and supporting national energy security.

-- BERNAMA