General assembly – June 24th, 2026
Ordinary General assembly of North Atlantic Energies – notice of meeting published in the BALO on May 18th, 2026.
Latest development
By a decision of 2 June 2026, the board refused to add to the agenda two advisory resolutions filed by the Concert (related-party transparency – IAS 24; fairness of the €206m impairment – IAS 36) and two agenda items. The Concert disputes this refusal and has informed the AMF.
Section I — Accounts submitted for approval
The ordinary General assembly is notably called upon to approve the financial statements for the 2025 financial year. These accounts include a €206m asset impairment (IAS 36) which minority shareholders dispute (see Resolution C).
2025 Annual Financial Report – North Atlantic Energies (published April 29, 2026)
2025 annual financial report published by North Atlantic Energies, including the consolidated accounts, the management report and the statutory auditors' report.
Meeting documents
Resolutions and statement of reasons (May 28, 2026)
Draft resolutions filed by the Allan Green Concert ahead of the general meeting of June 24, 2026, together with the corresponding statements of reasons.
Section II — Resolutions filed
Resolution A – Appointment of a director
Add to the board a director with finance and IFRS expertise, without removing anyone (the 9th seat is available).
Resolution B – Advisory resolution (IAS 24)
Note the inadequacy of related-party disclosures (ExxonMobil) and call on the statutory auditors to give their opinion.
Resolution C – Advisory resolution (IAS 36)
Challenge the fairness of the €206m impairment and of the net book value.
Resolution D – Separate vote on each agreement
Require a vote on each of the regulated agreements (around 15) instead of a single block vote (AMF recommendation 2012-05).
Section III — Proposed agenda items
Item 1 – Agreement-by-agreement disclosure
Obtain, during the meeting, the economic detail and conflicts of interest of each regulated agreement.
Item 2 – Relationship with Citi
Have the inventory financing arrangement (around €900m) and its purpose explained.
Section IV — The board's refusal and the challenge to it
By a decision of 2 June 2026, the board placed on the agenda only resolutions A and D (recommending a vote "against") and refused to add the two advisory resolutions B and C and agenda items 1 and 2. The Allan Green Concert disputes this refusal and has informed the AMF.
Position of the board of directors of North Atlantic Energies (2 June 2026)
Board decision refusing to add advisory resolutions B and C and agenda items 1 and 2 to the agenda of the 24 June 2026 AGM.
Letter from Allan Green to the chairman of the board (11 June 2026)
Letter calling on the board to reconsider its refusal to register resolutions B and C and agenda items 1 and 2.
Letter to the Autorité des marchés financiers (11 June 2026)
Letter bringing the board's decision of 2 June 2026 to the AMF's attention.
Section V — Written questions and answers
The Allan Green Concert has submitted written questions ahead of the 24 June 2026 general meeting, which the board of directors is required to answer at the meeting. They cover, among other things, board governance, shareholding, the disposal and licensing of the brands, the annual report and the regulated agreements.
Written questions for the 24 June 2026 general meeting (18 June 2026)
List of written questions submitted by the Allan Green Concert ahead of the 24 June 2026 general meeting.
Written questions and answers from the general meeting of 24 June 2026
Written questions submitted by the Allan Green Concert and the answers given by the board of directors at the general meeting of 24 June 2026.