FRO - Results from Special General Meeting
January 29 2016 - 12:46PM
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.
CONTACT: Inger Marie Klemp (CFO), +47 23 11 40 00
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