Frontline will increase the offer to ICB if the acquisition of Astro Tankers is terminated
If a decision is made to terminate the non-cash share issue financing the acquisition of Astro Tankers, Frontline will increase the offer as follows:
· Frontline will offer SEK 125 per B-share.
· The offer of SEK 130 per A-share will remain unchanged.
· The increase of the offer is conditional upon the Board of ICB revoking the proposed non-cash share issue no later than Friday, October 17, 1997, or the shareholders' meeting deciding not to complete the non-cash share issue.
· If the Board revokes the proposed non-cash share issue, or if the shareholders' meeting decides not to complete the non-cash share issue, Frontline will extend the subscription period for the offer until Thursday, October 23, 1997.
· The offer otherwise remains unchanged.
Hamilton, Bermuda, October 15, 1997
Frontline Ltd Board of Directors
Questions should be directed at: Tom E. Jebsen, CFO of Frontline Management AS, Tel +47 23 11 40 00
This press release is not to be published or distributed to persons with a U.S., Canadian or Japanese address or to people residing in these countries. This press release is not be distributed to, or within, other countries requiring further registration or action beyond what is required by Swedish law or where Swedish law conflicts with such domestic legislation. The offer is not directed at such persons whose participation implies actions as described above or whose action conflicts with domestic law as described above.