FRO - Results from Special General Meeting
January 29 2016 - 12:38PM
Hamilton, Bermuda, January 29,
2016
Frontline Ltd. (the "Company"),
advises that the Special General Meeting of the shareholders of the
Company was held on January 29, 2016 and the shareholders approved
a Capital Reorganisation including a 1-for-5 reverse stock split of
the Company's ordinary shares.
The Capital Reorganisation will
take effect, and the Company's ordinary shares will begin trading
on a split-adjusted basis on the New York Stock Exchange ("NYSE")
as of the opening of trading on Wednesday, February 3, 2016 and the
Oslo Stock Exchange ("OSE") on February 4, 2016, under the existing
trading symbol "FRO." Conversion of the Company's shares
between the NYSE and OSE will be restricted from February 1, 2016
to February 4, 2016. The new CUSIP number and ISIN number for
the ordinary shares following the reverse stock split are G3682E192
and BMG3682E1921, respectively.
When the reverse stock split
becomes effective, every five shares of the Company's issued and
outstanding ordinary shares will be automatically combined into one
issued and outstanding ordinary share. This will reduce the number
of outstanding ordinary shares from approximately 781.9 million
shares to approximately 156.3 million shares.
No fractional shares will be
issued in connection with the reverse split of the issued and
outstanding ordinary shares. Shareholders who would otherwise hold
a fractional share of the Company's ordinary shares will receive a
cash payment in lieu thereof at a price equal to that fraction to
which the shareholder would otherwise be entitled multiplied by the
closing price of the Company's ordinary shares on the NYSE on
December 29, 2015.
Shareholders with shares held in
book-entry form or through a bank, broker, or other nominee are not
required to take any action and will see the impact of the reverse
stock split reflected in their accounts on or after February 3,
2016. Such beneficial holders may contact their bank, broker, or
nominee for more information.
Shareholders with shares held in
certificate form will receive instructions from the Company's
exchange agent, Computershare, for exchanging their stock
certificates for a new certificate representing the ordinary shares
resulting from the reverse split.
Additional information about the
reverse stock split can be found in the Company's proxy statement
furnished to the Securities and Exchange Commission on January 11,
2016, a copy of which is available on the Commission's website at
www.sec.gov.
Forward-Looking
Statements
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements, which include statements concerning
plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements, which are other
than statements of historical facts. Words such as "believe,"
"anticipate," "intends," "estimate," "forecast," "project," "plan,"
"potential," "may," "expect," "pending" and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions.
Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond our control, we cannot assure
you that we will achieve or accomplish these expectations, beliefs
or projections. The information set forth herein speaks only as of
the date hereof, and we disclaim any intention or obligation to
update any forward-looking statements as a result of developments
occurring after the date of this communication.
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Frontline Ltd. via Globenewswire
HUG#1982403
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