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Stock Market & Financial Investment News

News Breaks
March 10, 2014
09:26 EDTVLCCF, FROKnightsbridge Tankers to purchase six Capesize bulk carriers from Frontline
Knightsbridge Tankers (VLCCF) and Frontline (FRO) announced that they and Karpasia Shipping, a company controlled by a trust established by John Fredriksen for the benefit of his immediate family have agreed for Knightsbridge to acquire five fuel efficient 180,000 DWT Capesize bulk carrier newbuildings from Frontline and one Capesize bulk carrier built in 2013 from Karpasia. The newbuildings were ordered by Frontline from Shanghai Waigaoqiao Shipbuilding in China and have expected deliveries of between May 2014 and September. Knightsbridge has agreed to pay $61M for each of the five Capesize newbuildings and $55M for the Capesize built in 2013. Of the total consideration of $360M, $186M will be paid in shares of Knightsbridge at $10 per share, $150M in absorption of remaining newbuilding CapEx and $24M in cash. Accordingly, Knightsbridge has agreed to issue 15.5M shares to Frontline and 3.1M shares to Karpasia, or another company controlled by trusts established by John Fredriksen for the benefit of his immediate family, on closing of the transaction. Knightsbridge will seek to raise around $30M in bank debt per vessel.
News For VLCCF;FRO From The Last 14 Days
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August 28, 2014
08:55 EDTFROOn The Fly: Pre-market Movers
HIGHER: Digital Ally (DGLY), up 16% after announcing order from Michigan State Police for over $1.1M... EnteroMedics (ETRM), up 12.4% after reporting three-year data from Maestro RC system... Repros (RPRX), up 0.8% after Androxal achieves superiority in both co-primary endpoints in a study... Synthetic Biologics (SYN), up 2.7% after Pfizer (PFE) was granted FDA Fast Track designation for its investigational Clostridium difficile vaccine candidate. Synthetic Biologics announced earlier this week that SYN-004, the company's lead anti-infective product candidate for the prevention of the effects of C. difficile, will be presented in October... Signet (SIG), up 3.9% after Q2 revenue tops consensus. DOWN AFTER EARNINGS: Abercrombie & Fitch (ANF), down 5.7%... Guess (GES), down 8.3%... Frontline (FRO), down 7%. ALSO LOWER: Williams-Sonoma (WSM), down 10.9% after downgraded at Morgan Stanley following the company's Q2 earnings report... GT Advanced (GTAT), down 2% after downgraded at Raymond James... Sungy Mobile (GOMO), down 20.1% following earnings report, CFO resignation, downgrade of stock at Oppenheimer... Genesco (GCO), down 7.7% after cutting fiscal year forecast.
05:44 EDTFROFrontline considering financing alternatives to repay convertible bond loan
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05:40 EDTFROFrontline reports Q2 EPS ex-items (23c), consensus (27c)
August 26, 2014
11:08 EDTVLCCFKnightsbridge Tankers seen as merger target, TradeWinds reports
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