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Frontline Ltd (FRO.N)

FRO.N on New York Stock Exchange

6.78USD
22 Mar 2017
Change (% chg)

$-0.06 (-0.88%)
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Latest Key Developments (Source: Significant Developments)

Frontline CEO sees more options after failed DHT bid
Tuesday, 28 Feb 2017 09:28am EST 

Frontline Management CEO Robert Hvide Macleod said: there are plenty of options in the market, there are other things we could do than the DHT deal . we are surprised and disappointed DHT turned down our offer, we are considering our next step . there have been some conversations with DHT but no negotiations, there is where it stands . we think earnings will be lower in 2017 than we saw in 2016 due to peak in newbuildings . we believe market will start tightening in 2018 when lower order book and old vessels are retiring . many customers want vessels that are no more than 15 years old at the most; Chinese clients have that preference and it's more and more difficult to find employment for vessels that are older ... this trend will definitely contribute to a stronger market in 2018 and 2019 Further company coverage: [DHT.N][FRO.OL] (Reporting by Ole Petter Skonnord, editing by Terje Solsvik) ((terje.solsvik@thomsonreuters.com;)).  Full Article

Frontline reiterates case for DHT takeover despite rejection
Thursday, 9 Feb 2017 08:30am EST 

Frontline Ltd said in a statement: Acknowledges that the Board of DHT Holdings has publicly rejected the company's proposal to effectuate a business combination between the Company and DHT . Believes a combination of Frontline and DHT would be better positioned to participate in a market recovery than either company would on a stand-alone basis . Says we believe that our offer to DHT shareholders is highly compelling since it provides a meaningful upfront premium, while also giving all shareholders the opportunity to realize the full benefit of the significant synergies and attractive upside that a combined company would create . Says rather than engaging in discussions with Frontline with the aim of achieving the highest possible offer to create maximum shareholder value, the Board of Directors of DHT adopted a one-year shareholder rights plan and has since continued to refuse to enter into any discussions . Says DHT also stated that the proposed offer represented an opportunistic attempt to acquire DHT at a low point in the cycle, which Frontline finds irrelevant given the all-share offer .Frontline still holds a 16.4 percent stake in DHT.  Full Article

DHT Holdings board unanimously rejects Frontline offer
Monday, 6 Feb 2017 12:51am EST 

Dht Holdings Inc says: DHT Holdings board unanimously rejects unsolicited proposal from Frontline . . the DHT board concluded that the "Frontline proposal is wholly inadequate and not in the best interests of DHT or its shareholders" . "We believe that Frontline's proposal substantially undervalues our company and represents an opportunistic attempt to acquire DHT at a low point in the cycle," said Erik Lind, Chairman of DHT. . Says "We are confident that DHT will generate significantly more value to shareholders as an independent company than the prospects afforded by this proposal." . Says: The execution of DHT's strategic plan will continue to drive significant and sustainable value for DHT shareholders . The Frontline proposal would not properly value DHT's contribution to a combined company and would result in unacceptable dilution to DHT's shareholders. .About DHT Holdings, Inc.  Full Article

DHT Holdings board unanimously rejects Frontline offer
Sunday, 5 Feb 2017 04:53pm EST 

Dht Holdings Inc says: DHT Holdings board unanimously rejects unsolicited proposal from Frontline . . the DHT board concluded that the "Frontline proposal is wholly inadequate and not in the best interests of DHT or its shareholders" . "We believe that Frontline's proposal substantially undervalues our company and represents an opportunistic attempt to acquire DHT at a low point in the cycle," said Erik Lind, Chairman of DHT. . Says "We are confident that DHT will generate significantly more value to shareholders as an independent company than the prospects afforded by this proposal." . Says: The execution of DHT's strategic plan will continue to drive significant and sustainable value for DHT shareholders . The Frontline proposal would not properly value DHT's contribution to a combined company and would result in unacceptable dilution to DHT's shareholders. .About DHT Holdings, Inc.  Full Article

DHT Holdings recieves offer from Frontline to acquire all of its outstanding shares
Sunday, 29 Jan 2017 06:33pm EST 

Dht Holdings Inc : DHT Holdings, inc. Announces receipt of non-binding proposal, adopts one-year shareholder rights plan . DHT Holdings -received a non-binding, from Frontline to acquire all of outstanding shares of common stock of DHT in a stock-for-stock transaction . Says Frontline has proposed a ratio of 0.725 of a Frontline share for each share of DHT .Says board has unanimously adopted a one-year shareholder rights plan.  Full Article

Frontline raises $100 mln in share sale, Fredriksen's stake cut to 48.4 pct
Friday, 9 Dec 2016 02:42am EST 

Frontline Ltd : USD 100 million share offering fully subscribed . Hemen will own an aggregate of 82,145,703 shares in company upon completion of offering, equalling approximately 48.4 pct of company's shares and votes, down from about 52 pct . Due to very strong demand, the company's largest shareholder, John Fredriksen's Hemen Holding, has agreed to be allocated 1,342,281 new shares in offering, corresponding to 10 per cent of offering . Net proceeds from offering will be used to opportunistically fund growth opportunities through vessel acquisitions and for general corporate purposes . The new shares will not give right to receive the USD 0.10 dividend declared by the Company on 28 November 2016 .The subscription price in the offering will be USD 7.45 per new share (equalling NOK 62.80 at a USD/NOK exchange rate of 8.43), equivalent to a 2.1 pct discount to the closing price of the company's shares on the New York Stock Exchange on December 8 when adjusted for the USD 0.10 dividend.  Full Article

Frontline Ltd files for ordinary shares offering of up to $100 mln
Thursday, 8 Dec 2016 04:50pm EST 

Frontline Ltd :Frontline Ltd files for offering of up to $100 million of its ordinary shares - SEC filing.  Full Article

BRIEF-Frontline Q2 results and dividend weaker than expected, sees weaker second half
Wednesday, 31 Aug 2016 02:32am EDT 

Tanker firm Frontline Ltd : Frontline q2 net result $14.3 million (Reuters poll $44.4 million) vs $23.2 mln in Q2 2015 . Frontline q2 operating profit $37.0 million (Reuters poll $58.3 million) vs $82.2 mln in Q2 2015 . Frontline takes q2 impairments of vessels at $25.5 million . Frontline announces a cash dividend of $0.20 per share for the second quarter (Reuters poll $0.25) . In q2 tanker market experienced a downward pressure on rates which has continued into q3 . Spot market is currently at a 24 month low, and although we expect rate environment to improve from current levels, second half of 2016 will be significantly weaker than first half of year . Frontline says almost 100 VLCC’s are still to be delivered over the next two years and this is expected to put pressure on the tanker market . On the other side a weakness in the market may also encourage scrapping of older tonnage, a factor which has been virtually absent for the last two years . Frontline remains focused on maintaining competitive breakeven levels and strong balance sheet . Frontline's scale, strong shareholder base and cost-effective operations are significant strengths that position us well in tanker market . Frontlines says secured bank financing of up to $548 million and is in the final stages of obtaining approval for further bank financing of up to $325 million.  Full Article

Frontline Q2 results and dividend weaker than expected, sees weaker second half
Wednesday, 31 Aug 2016 02:24am EDT 

Tanker firm Frontline Ltd : Frontline q2 net result $14.3 million (Reuters poll $44.4 million) vs $23.2 mln in Q2 2015 . Frontline q2 operating profit $37.0 million (Reuters poll $58.3 million) vs $82.2 mln in Q2 2015 . Frontline takes q2 impairments of vessels at $25.5 million . Frontline announces a cash dividend of $0.20 per share for the second quarter (Reuters poll $0.25) . In q2 tanker market experienced a downward pressure on rates which has continued into q3 . Spot market is currently at a 24 month low, and although we expect rate environment to improve from current levels, second half of 2016 will be significantly weaker than first half of year . Frontline says almost 100 VLCC’s are still to be delivered over the next two years and this is expected to put pressure on the tanker market . On the other side a weakness in the market may also encourage scrapping of older tonnage, a factor which has been virtually absent for the last two years . Frontline remains focused on maintaining competitive breakeven levels and strong balance sheet . Frontline's scale, strong shareholder base and cost-effective operations are significant strengths that position us well in tanker market . Frontlines says secured bank financing of up to $548 million and is in the final stages of obtaining approval for further bank financing of up to $325 million.  Full Article

-Frontline to acquire VLCC newbuilding contracts
Thursday, 9 Jun 2016 05:21pm EDT 

Frontline Ltd : Deal for purchase price of $84 million each . Vessels are due for delivery in September and November 2016 . Has also secured options for two additional sister vessels with delivery in January and March 2017 at a purchase price of $85 million each .Acquisition of VLCC newbuilding contracts.  Full Article

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