FRO - Marshall Islands Lawsuit Update
(Thomson Reuters ONE) -
Frontline Ltd. (NYSE/OSE: FRO) today announced that the Marshall Islands Court
has agreed to hear its request for a preliminary injunction against DHT
Holdings on May 17, 2017. Frontline seeks an order requiring DHT to set aside
its poison pill and other improper takeover defenses DHT has erected to entrench
itself and its management against offers by Frontline and other third-party
bidders (aside from BW Group).
We continue to urge the Board of DHT to negotiate in good faith with Frontline
over its proposed offer, for the benefit of all DHT shareholders and consistent
with the Board's fiduciary duties. We will explore all available courses to
ensure DHT shareholders receive equitable treatment.
April 28, 2017
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
Additional Information
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. This
communication relates to a proposed business combination transaction with DHT
proposed by Frontline, which may become the subject of a registration statement
filed with the Securities and Exchange Commission (the "SEC"). This material is
not a substitute for the prospectus and/or proxy statement Frontline would file
with the SEC regarding the proposed transaction if such a negotiated transaction
with DHT is reached or for any other document which Frontline may file with the
SEC or send to DHT or Frontline stockholders in connection with the proposed
transaction. INVESTORS AND SECURITY HOLDERS OF Frontline AND DHT ARE URGED TO
READ ANY SUCH DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE PROPOSED TRANSACTION. Such documents would be available free of charge
through the web site maintained by the SEC at www.sec.gov
Forward-Looking Statements
Matters discussed in this communication 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 communication 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 DHT's failure to accept Frontline's proposal and
enter into a definitive agreement to effect the transaction, fluctuations in the
value of Frontline common shares issued in connection with the proposed
acquisition, 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
Frontline with the Securities and Exchange Commission.
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 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: 28.04.2017 - 17:00 Uhr
Sprache: Deutsch
News-ID 539131
Anzahl Zeichen: 5817
contact information:
Town:
Hamilton
Kategorie:
Business News
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"FRO - Marshall Islands Lawsuit Update"
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