Friday, December 4, 2015

Frontline completes merger


Leading tanker owners, Frontline 2012 and Frontline Ltd have completed their merger. 
Frontline is now the surviving legal entity and Frontline 2012 is a wholly-owned subsidiary.

The merger was consummated after close of trading on the Oslo Stock Exchange and close of the NOTC on 30th November, 2015.

Trading in the new shares of Frontline issued as a merger consideration to former Frontline 2012 shareholders started on the Oslo Stock Exchange on 1st December, 2015.

Prior to completion of the merger, Frontline had 198,375,854 common shares outstanding with a par value of $1 each. Following its completion, Frontline will have up to 781,937,956 common shares outstanding.

The exact number of shares outstanding will depend on rounding for fractions in connection with the issue of merger consideration shares, the company said.

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