Frontline Ltd. announces delisting from London Stock Exchange
29 September 2015 - 4:44PM
Frontline Ltd. (the "
Company" or "Frontline") announces
today that it has requested the UK Listing Authority (the
"
UKLA") to cancel the listing of all of its ordinary shares
of USD$1.00 each (LSE: FRO) ("
Ordinary Shares") listed on
the standard listing segment of the Official List of the UKLA
("
Official List") and admitted to trading on London Stock
Exchange plc's main market for listed securities ("
Main
Market") with effect from the opening of the market on 2
November 2015.
The Company believes that, given the limited
liquidity of the Ordinary Shares, the costs and administrative
burden of maintaining the listing on the Official List and
admission to trading on the Main Market are disproportionate to the
benefits thereof.
Accordingly, the last day of dealings in the
Company's Ordinary Shares on the Main Market will be 30 October
2015.
Important Information for Investors and
Shareholders
This communication does not constitute an offer
to sell or the solicitation of an offer to buy any securities or a
solicitation of any vote or approval. In connection with the
proposed transaction between Frontline and Frontline 2012 Ltd.
("Frontline 2012"), Frontline has filed relevant materials
with the Securities and Exchange Commission (the "SEC"),
including a registration statement of Frontline on Form F-4 (File
No. 333-206542), filed on August 24, 2015, that includes a joint
proxy statement of Frontline 2012 and Frontline that also
constitutes a prospectus of Frontline. The registration
statement has not yet become effective. After the
registration statement is declared effective by the SEC, a
definitive joint proxy statement/prospectus will be mailed to
shareholders of Frontline 2012 and Frontline. INVESTORS AND
SECURITY HOLDERS OF FRONTLINE 2012 AND FRONTLINE ARE URGED TO READ
THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT WILL
BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Investors and security holders will be able
to obtain free copies of the registration statement and the joint
proxy statement/prospectus (when available) and other documents
filed with or furnished to the SEC by Frontline through the website
maintained by the SEC at http://www.sec.gov. Copies of the
documents filed with or furnished to the SEC by Frontline will be
available free of charge on Frontline's website at
http://www.frontline.bm. Additional information regarding the
participants in the proxy solicitations and a description of their
direct and indirect interests, by security holdings or otherwise,
will be contained in the joint proxy statement/prospectus and other
relevant materials to be filed with or furnished to the SEC when
they become available.
Forward -Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. Forward-looking
statements 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, but not limited to, "believe,"
"anticipate," "intends," "estimate," "forecast," "project," "plan,"
"potential," "may," "should," "expect," "pending" and similar
expressions identify forward-looking statements.
Forward-looking statements include, without
limitation, statements regarding:
- The effectuation of the transaction between Frontline and
Frontline 2012 described above;
- The delivery to and operation of assets by Frontline;
- Frontline's and Frontline 2012's future operating or financial
results;
- Future, pending or recent acquisitions, business strategy,
areas of possible expansion, and expected capital spending or
operating expenses; and
- Tanker market trends, including charter rates and factors
affecting vessel supply and demand.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, examination of historical operating trends, data
contained in records and other data available from third parties.
Although Frontline believes 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 the control of Frontline,
Frontline cannot assure you that they, or the Combined Company (as
defined in Frontline's press release of 2 July 2015), will achieve
or accomplish these expectations, beliefs or projections. In
addition to these important factors, other important factors that
could cause actual results to differ materially from those
discussed in the forward-looking statements, including the strength
of world economies and currencies, general market conditions,
including fluctuations in charter rates and vessel values, changes
in demand for tanker shipping capacity, changes in the Combined
Company's operating expenses, including bunker prices, drydocking
and insurance costs, the market for the Combined Company's vessels,
availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
vessels breakdowns and instances of off-hires and other factors.
Please see Frontline's filings with the SEC for a more complete
discussion of these and other risks and uncertainties. The
information set forth herein speaks only as of the date hereof, and
Frontline disclaims any intention or obligation to update any
forward-looking statements as a result of developments occurring
after the date of this communication.
29 September 2015 Frontline Ltd. Hamilton,
Bermuda
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
HUG#1955067
CONTACT: Inger Marie Klemp (CFO), +47 23 11 40 00
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