FRO – Termination of Combination Agreement with Euronav
Regulated information. This press release contains inside information within the meaning of Regulation (EU) no 596/2014 of the European Parliament and the Council of 16 April 2014 on market abuse (Market Abuse Regulation).
Frontline plc (“Frontline”) (NYSE: FRO – OSE: FRO), formerly Frontline Ltd., refers to its announcement on July 11, 2022 regarding the combination between Frontline and Euronav NV ("Euronav") and subsequent updates, and announces that it no longer pursues a combination between Frontline and Euronav. Frontline has terminated the combination agreement it entered into with Euronav in this respect.
As a result, Frontline will not make a voluntary conditional exchange offer for all outstanding Euronav shares. Frontline will also no longer seek a listing on Euronext Brussels. Frontline has simultaneously with this notice published a separate notice withdrawing its intention to such voluntary conditional exchange offer.
Mr. Lars H. Barstad, CEO of Frontline said: “We regret that we could not complete the merger as envisaged in July 2022, as that would have created the by far largest publicly listed tanker company. At the same time, both companies have independently very large fleets of crude oil and product tankers, and are already enjoying economies of scale as evidenced by our respective recent financial reports.
Frontline will with its efficient operations continue to capture value as this cycle unfolds, and remain focused on maximizing dividend capacity per share.”
January 9, 2023
The Board of Directors
Questions should be directed to:
Lars H. Barstad: Chief Executive Officer, Frontline Management AS
+47 23 11 40 00
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 00
Frontline considers that the information included in this announcement constitutes inside information pursuant to article 7 of the Market Abuse Regulation and this information is publicly disclosed in accordance with article 17 of the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act. The announcement was published by the contact persons at 22:55 CET on January 9, 2023.
Matters discussed in this announcement may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which 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.
Frontline and its subsidiaries, desire to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. This announcement and any other written or oral statements made by Frontline or its behalf may include forward-looking statements, which reflect its current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this document, the words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect” and similar expressions, terms or phrases may identify forward-looking statements.
The forward-looking statements in this announcement are based upon various assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and data available from third parties. 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 Frontline’s control, it cannot assure you that Frontline will achieve or accomplish these expectations, beliefs or projections. Frontline undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. In addition to these important factors and matters discussed elsewhere herein, important factors that, in Frontline’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include important factors described from time to time in the reports and other documents, including filings with the U.S. Securities and Exchange Commission.
NO OFFER OR SOLICITATION
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, sell, or solicit any securities or any proxy vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Nikkiso Clean Energy & Industrial Gases Group Announces Expansion of Service for Middle East and Northern Africa30.1.2023 23:49:26 CET | Press release
TEMECULA, Calif., Jan. 30, 2023 (GLOBE NEWSWIRE) -- Nikkiso Clean Energy & Industrial Gases Group (“Group”), a part of the Nikkiso Co., Ltd (Japan) group of companies, is proud to announce yet another expansion of their manufacturing and service capabilities for the Middle East and Northern Africa markets. With this expansion, they will be providing pump and turboexpander aftermarket repairs of their full line, including J.C. Carter pumps. Their new state-of-the-art service center will allow repairs to be made locally rather than the need to ship elsewhere. The new facility, based in the Sharjah Free Zone, was established to provide expanded support for the Middle East and Northern Africa markets. They have added field service support, and shop technicians specifically trained to support Marine, J.C. Carter, Nikkiso Cryogenic Pumps (ACD and Nikkiso Cryo) and Turboexpanders. In addition to in-shop and on-site repairs, they will provide aftermarket service. “With this facility, we will b
Constellation Brands Prices Offering of Senior Notes30.1.2023 22:40:18 CET | Press release
VICTOR, N.Y., Jan. 30, 2023 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ), a leading beverage alcohol company, announced today that it priced the public offering of $500.0 million aggregate principal amount of 5.000% Senior Notes due 2026 (the “notes”) for a public offering price of 99.829% of the principal amount of the notes. The notes will be senior obligations that rank equally with all of Constellation’s other senior unsecured indebtedness. Closing of the offering is expected to occur on February 2, 2023. Constellation intends to use the net proceeds from the offering for general corporate purposes, including the repayment of a portion of its indebtedness outstanding under the delayed draw three-year term loan facility of its term loan credit agreement, dated as of August 9, 2022, as amended on October 18, 2022. BofA Securities, Inc., Goldman Sachs & Co. LLC, and J.P. Morgan Securities LLC are acting as the joint book-running managers of the offering. The notes are be
Nokia Corporation: Repurchase of own shares on 30.01.202330.1.2023 20:00:00 CET | Press release
Nokia Corporation Stock Exchange Release 30 January 2023 at 21:00 EET Nokia Corporation: Repurchase of own shares on 30.01.2023 Espoo, Finland – On 30 January 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL279,9364.37CEUX20,9634.38AQEU7,9574.36TQEX6,3444.39Total315,2004.37 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia’s Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 5 April 2022 started on 2 January 2023
Mendus AB: Mendus announces request for conversion of convertible bonds by Negma Group30.1.2023 18:00:00 CET | Press release
Mendus AB (“Mendus” publ; IMMU.ST), a biopharmaceutical company focused on immunotherapies addressing tumor recurrence, today announced that Negma Group (“Negma”) has by notice to Mendus requested the conversion of convertible bonds that have been issued to Negma in accordance with the financing agreement announced by Mendus through press releases on 26 August and 26 October 2022. Negma has requested conversion of two (2) convertible bonds issued on 3 January 2023, corresponding to SEK 50,000 of the convertible loan amounting to a total of SEK 13,700,000, into 20,325 shares. Upon registration at the Swedish Companies Registration Office, Mendus’ total share capital will amount to SEK 9,971,046.20 and the total number of shares and votes will amount to 199,420,924. The conversion price per share is SEK 2.46, equivalent to 92% of the second lowest closing volume weighted average share price (VWAP) of the 10 consecutive trading days preceding the issuance of conversion request by Negma. F
Mendus AB: Mendus tillkännager begäran från Negma Group om konvertering av konvertibla skuldebrev30.1.2023 18:00:00 CET | Pressemelding
Mendus AB (“Mendus” publ; IMMU.ST), ett bioläkemedelsföretag fokuserat på immunterapier mot tumöråterfall, tillkännager idag att Negma Group (”Negma”) genom meddelande till Mendus har begärt konvertering av konvertibla skuldebrev som utfärdats till Negma i enlighet med det finansieringsavtal som Mendus tillkännagivit genom pressmeddelanden den 26 augusti och 26 oktober 2022. Negma har begärt konvertering av två (2) konvertibla skuldebrev som emitterades den 3 januari 2023, motsvarande 50 000 kronor av det konvertibla lånet som uppgår till totalt 13 700 000 kronor, till 20 325 aktier. Efter registrering hos Bolagsverket kommer Mendus totala aktiekapital att uppgå till 9 971 046,20 kronor och det totala antalet aktier och röster kommer att uppgå till 199 420 924. Konverteringspriset per aktie är 2,46 kronor, motsvarande 92% av det näst lägsta dagliga volymvägda genomsnittliga aktiekursen (VWAP) under de 10 på varandra följande handelsdagarna före konverteringsbegäran från Negma. För ytte