FRO - USD 100 MILLION SHARE OFFERING FULLY SUBSCRIBED
(Thomson Reuters ONE) -
Frontline Ltd. (NYSE/OSE: FRO) (the "Company") is pleased to announce that the
offering (the "Offering") of new shares (the "New Shares") announced on December
8, 2016, has been successfully completed at USD 7.45 per New Share (equalling
NOK 62.80 at a USD/NOK exchange rate of 8.43), raising gross proceeds of USD
100 million (approximately NOK 843 million) through the issuance of 13,422,819
New Shares. The Offering was significantly oversubscribed.
Due to very strong demand, the Company's largest shareholder, Hemen Holding Ltd.
("Hemen"), has agreed to be allocated 1,342,281 New Shares in the Offering,
corresponding to 10 per cent of the Offering. Hemen will own an aggregate of
82,145,703 shares in the Company upon completion of the Offering, equalling
approximately 48.4 per cent of the Company's shares and votes.
Notifications of allocation of New Shares will be distributed on or about
December 9, 2016. The due date for payment for allocated New Shares is expected
to be December 16, 2016.
Subject to full payment of the New Shares, delivery of the New Shares allocated
in the Offering is expected to be delivered to the subscribers in the Offering
on or about December 16, 2016 and to be registered in the Norwegian Central
Securities Depository (VPS) with the Company's ISIN BMG3682E1921 and commence to
trade under the Company's ordinary trading symbol "FRO" and become tradable on
the Oslo Stock Exchange and the New York Stock Exchange on or about December
16, 2016.
The New Shares will not give right to receive the USD 0.10 dividend declared by
the Company on 28 November 2016 with ex-date 13 December 2016 on the New York
Stock Exchange and 14 December 2016 on the Oslo Stock Exchange and payment date
on or about 22 December 2016.
Following issuance of the New Shares the Company will have 169,809,325 issued
common shares each having a par value of USD 1.00.
The net proceeds from the Offering will be used to opportunistically fund growth
opportunities through vessel acquisitions and for general corporate purposes.
This announcement does not constitute an offer to sell or the solicitation of an
offer to buy securities and shall not constitute an offer, solicitation or sale
in any jurisdiction in which such offer, solicitation or sale is unlawful. The
Offering is being made by means of an application agreement, a term sheet and a
prospectus and related prospectus supplements which form a part of the Company's
effective Registration Statement on Form F-3 (Registration No. 333-204884) that
has previously been filed with the US Securities and Exchange Commission (the
"SEC"). Copies of the offering documentation may be obtained by contacting
Arctic Securities at telephone: +47 21 01 30 40 or e-mail:
settlement(at)arctic.com.
Arctic Securities AS and Arctic Securities LLC have acted as sole manager in the
Offering.
December 9, 2016
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
Contacts:
Robert Hvide Macleod: Chief Executive Officer, Frontline Management AS
+47 23 11 40 84
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 76
***
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", "should",
"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.
In addition to these important factors and matters discussed elsewhere herein,
important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies, fluctuations in currencies and interest rates,
general market conditions, including fluctuations in charter hire rates and
vessel values, changes in demand in the dry bulk market, changes in our
operating expenses, including bunker prices, drydocking and insurance costs, the
market for our 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, political events or acts by terrorists, and other important
factors described from time to time in the reports filed by the Company with the
Securities and Exchange Commission.
This information is subject to the disclosure requirements of section 5-12 of
the Norwegian Securities Trading Act.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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
Unternehmensinformation / Kurzprofil:
Datum: 09.12.2016 - 08:43 Uhr
Sprache: Deutsch
News-ID 511876
Anzahl Zeichen: 6736
contact information:
Town:
Hamilton
Kategorie:
Business News
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