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Stock Market & Financial Investment News

News Breaks
February 22, 2013
05:32 EDTFROFrontline sees Q1 operating results lower than Q4
Based on results achieved so far in Q1, the current outlook and the early termination of the time charter out contracts on the two OBO carriers, Front Guider and Front Viewer, the board expects the operating result in Q1 to be weaker than in Q4.
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July 2, 2015
05:32 EDTFROFrontline and Frontline 2012 agree to merger
Frontline and Frontline 2012 entered into an agreement and plan of merger, pursuant to which the two companies have agreed to enter into a merger transaction, with Frontline as the surviving legal entity and Frontline 2012 as a wholly-owned subsidiary. Subsequent to the merger, this subsidiary is expected to merge into the Surviving Company which will retain the Frontline Ltd. name. After the merger is completed the combined company expects to become one of the world's leading tanker companies with a total fleet of approximately 90 vessels, consisting of approximately 25 VLCCs, 17 Suezmax tankers, 16 MR product tankers and 10 LR2 Aframax tankers. This includes approximately 20 vessels on time charter in or under commercial management. The combined company will also have a newbuilding program of approximately 22 vessels, which are scheduled to be delivered in the period 2015 - 2017. Shareholders in Frontline 2012 as of the time the merger is completed will receive shares in Frontline as merger consideration. Pursuant to the Merger Agreement, one share in Frontline 2012 will give the holder the right to receive 2.55 shares in Frontline. The exchange ratio is based on June 30, 2015 NAV broker estimates for Frontline and Frontline 2012. Frontline is expected to issue a total of approximately 584 million shares to shareholders in Frontline 2012 following cancellation of treasury shares held by Frontline 2012 and Frontline 2012 shares held by Frontline. Completion of the merger is subject to the execution of certain definitive documents, customary closing conditions and regulatory approvals. The merger is also subject to approval by the shareholders of Frontline and Frontline 2012 in special general meetings expected to be held in the fourth quarter of 2015 and the merger is expected to close as soon as possible thereafter.

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