Frontline Ltd. and London & Overseas Freighters Limited complete Amalgamation. Resulting Company to be named Frontline Ltd.
Press release from Frontline Ltd. 11.05.1998
Frontline Ltd. and London & Overseas Freighters Limited announced that at special general meetings held today, their respective shareholders have voted to approve the previously announced amalgamation between the two companies. The amalgamation has since been declared effective by the Registrar of Companies in Bermuda. The resulting company will operate under the name Frontline Ltd. with effect from today. LOF`s ADRs will continue to be traded on the NASDAQ National Market (new symbol effective May 12, 1998 - `FRONY`), and its ordinary shares will continue to trade on the London Stock Exchange (new symbol effective May 13, 1998 - `FRO`) and are in the process of being listed on the Oslo Stock Exchange (symbol - `FRO` effective May 12, 1998). LOF shareholders will retain their LOF ordinary shares and each Frontline ordinary share will be canceled in exchange for (1) 3.2635 LOF ordinary shares and (2) 0.1902 of a newly issued LOF warrant to purchase one LOF ordinary share at a price of $1.591 per share. Current Frontline shareholders will own approximately 97% of the LOF ordinary shares outstanding following the amalgamation.
LOF today announced the resignation of two members of its Board of Directors resulting in the reduction in the number of directors to four. The LOF Board members resigning are Miles Kulukundis and Ian McGrath.
The combined company will operate a modern fleet of 26 vessels consisting of nine Oil/Bulk/Ore carriers, five Very Large Crude Carriers (VLCCs), nine Suezmax tankers and three woodchip carriers, in addition to five Suezmax tankers and five VLCCs on order. The total tonnage of the existing fleet equals approximately 4.4 million dwt.
Hamilton, Bermuda May 11, 1998
London & Overseas Freighters Limited Kate Blankenship: Company Secretary + 1 (441) 295-9500
Frontline Ltd. London & Overseas Freighters Limited John Fredriksen: Chairman Tor Olav Trøim: Director +1 (441) 295-6935
Tom Jebsen: CFO, Frontline Management AS +47 (23) 11 40 00.0