HAMILTON, BERMUDA – December 3, 2015
In connection with the previously announced closing of the merger between Frontline Ltd. (NYSE/OSE: FRO) (the “Company”) and Frontline 2012 Ltd. (“Frontline 2012”), the Company will today cancel 307 common shares, which account for the fractional shares that will not be distributed to Frontline 2012 shareholders as merger consideration. Also, as previously disclosed, the Company plans to distribute cash in lieu of the fractional shares to shareholders of Frontline 2012 as of November 30, 2015, as registered in the shareholder register of Frontline 2012 on December 2, 2015.
Following the cancellation of shares, the Company will have 781,937,649 common shares outstanding, each with a par value of USD 1.00.
Matters discussed in this press release may constitute forward-looking statements. Forward-looking statements 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, but not limited to “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, many of which are based, in turn, upon further assumptions. Although Frontline believes 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 the control of Frontline, Frontline cannot assure you that they will achieve or accomplish these expectations, beliefs or projections. The information set forth herein speaks only as of the date hereof, and Frontline disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.