Frontline Ltd. Agreed to Buy Euronav N.V. from Certain Shareholders

Source: www.gulfoilandgas.com 6/10/2022, Location: South America

Frontline Ltd. (FRO) has agreed to acquire a total of 7,708,908 Euronav shares, representing 3.82 percent of Euronav's outstanding shares, in privately negotiated transactions with certain shareholders of Euronav N.V. (EURN) ("Euronav"), in exchange for a total of 10,753,924 Frontline shares, equating to 1.395 Frontline shares for every one Euronav share.

Settlement is expected to take place on or about 14 June 2022 by delivery of existing Frontline shares through a share lending arrangement with Frontline's main shareholder Hemen Holding Ltd. ("Hemen"). Under the share lending agreement, Frontline will issue a total of 10,753,924 new shares to Hemen as a result of these transactions.

Following completion of the issue of the new Frontline shares, Frontline will have a total of 222,622,889 shares issued and outstanding.


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