The Board of Directors of Frontline Ltd. and London and Overseas Freighters Limited (LOF) today announced that they will call for Shareholders` meetings in the two mentioned companies to approve the amalgamation of the same.
The Shareholders` meetings will be held in Bermuda on May 11, 1998, and the amalgamation will, based on shareholder approval, be effective immediately thereafter.
The Prospectus for the amalgamation (Joint Proxy Statement) on form F-4, was approved by the US Securities and Exchange Commission on Monday April 13. The document is in the process of being mailed to the shareholders of both companies.
If approved by the Shareholders` meetings, LOF and Frontline will amalgamate, with LOF as the surviving entity. Frontline shareholders will receive approximately 3.26 LOF shares for each Frontline share. LOF is currently listed on NASDAQ and the London Stock Exchange. The amalgamated company will in addition replace Frontline on the Oslo Stock Exchange. The name of the amalgamated company will ultimately be changed to Frontline Ltd.