Notice to the Oslo Stock Exchange
Press release from Frontline Ltd. 25.09.1997
Frontline Ltd.
Frontline Ltd. has, in order to further strengthen its equity base to support its bid for ICB, raised NOK 172 million on September 24, through a private placement of 4.5 million shares at a subscription price of NOK 38.25 per share.
Frontline has also exercised the remaining shares under its clawback arrangement with Goldtec. A total of 1.1 million shares have been called with a net profit to Frontline of approximately USD 2.5 million.
There are after this no more outstanding shares under the clawback-arrangement. The arrangement has yielded a total profit to Frontline of approximately USD 6.4 million on a sale of 4.45 million shares. The gain will be booked in the Company's 3rd quarter results.
Contact person: Tom E. Jebsen, CFO, +47-23-11-40-00
