Frontline Ltd. (the “Company“), advises that the Special General Meeting of the Shareholders of the Company was held on May 8, 2013 at 9:30 a.m. (Bermuda time) at the offices of the Company, 4th Floor, Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM08, Bermuda. The following Resolutions were passed:
1. That with effect from 12 p.m. (Bermuda time) on May 14, 2013 (the “Effective Date“), the issued and paid-up share capital of the Company be reduced from US$194,646,255 to US$77,858,502 by cancelling the paid-up capital of the Company to the extent of US$1.50 on each of the 77,858,502 ordinary shares of par value US$2.50 in the share capital of the Company in issue as at the Effective Date so that each of the 77,858,502 shares of par value US$2.50 shall from the Effective Date have a par value of US$1.00 and be treated in all respects as one (1) fully paid up share of par value US$1.00 (the “Capital Reduction“).
2. Subject to and forthwith upon the Capital Reduction taking effect, the amount of credit arising from the Capital Reduction be credited to the additional paid in capital account of the Company.
3. Subject to and forthwith upon the Capital Reduction taking effect, each of the 47,141,498 authorised but unissued ordinary shares of the Company having a par value of US$2.50 shall be redesignated as an ordinary share having a par value of US$1.00 each.
4. Subject to and forthwith upon the Capital Reduction taking effect, the authorized share capital of the Company, reduced to US$125,000,000 thereby, shall be restored to US$312,500,000 by the creation of 187,500,000 ordinary shares, of par value US$1.00 each; and
5. Subject to and forthwith upon the Capital Reduction taking effect, the register of shareholders (and each branch register and sub-register) shall be amended such that the shares in issue on the Effective Date shall be recorded as having a par value of US$1.00 each.
May 8, 2013
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.