Frontline Ltd. announces that it has agreed to acquire in privately negotiated transactions with certain shareholders of Euronav N.V. (NYSE: EURN & Euronext: EURN) (“Euronav”) a total of 7,708,908 shares in Euronav, representing 3.82% of the outstanding shares in Euronav, in exchange for a total of 10,753,924 shares in Frontline, which is equivalent to 1.395 Frontline shares for every one share of Euronav.

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.
Source: Frontline Ltd.