d896913_6-k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE
SECURITIES EXCHANGE ACT OF 1934
For the
month of: June 2008
Commission
File Number: 001-16601
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Frontline
Ltd.
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|
(Translation
of registrant’s name into English)
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|
|
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Par-la-Ville
Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda
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(Address
of principal executive office)
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Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F
[X] Form 40-F
[ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)7: ___
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes
[_] No [X]
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
82-______________.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
as Exhibit 1 is a copy of the press release of Frontline Ltd. (the “Company”)
dated June 26, 2008, announcing the Company’s completion of an equity issue of
NOK 1,071 million.
Exhibit
1
FRO
- Completion of an equity issue of NOK 1,071 million
Frontline
Ltd. (the “Company” or “Frontline”) has today successfully completed a private
placement of a total of three million new shares to a subscription price of NOK
357 per share. Gross proceeds from the equity issue amounted to NOK 1,071
million (equivalent to approx. USD 210 million).
The share
capital of Frontline Ltd. following this issue amounts to USD 194,646,255
represented by 77,858,502 ordinary shares of USD 2.5 par value. Each ordinary
share in Frontline Ltd. has one vote in the company’s Shareholders
Meeting.
The net
proceeds from the private placement will be used to finance the acquisition of
the five double hull suezmax tankers and as settlement for the delivery of
shares in Overseas Shipholding Group Inc. currently covered by forward
contracts.
Hemen
Holding Limited, a company indirectly controlled by Frontline’s chairman John
Fredriksen, guaranteed the subscription of 2.3 million shares and was allocated
a total of 225,000 shares. No compensation was received for the underwriting.
Hemen Holding Limited will after this control a total of 26,304,053 shares
constituting 33.8 percent of the issued share capital in the
company.
The share
issue was lead managed by Carnegie ASA, with Fearnley Fonds ASA, DnB NOR Markets
and Dahlman Rose & Co LLC as co-lead managers.
For
further enquiries:
Inger M.
Klemp: Chief Financial Officer, Frontline Management AS, +47 23 11 40
00
Forward
Looking Statements
This
press release contains forward looking statements. These statements are based
upon various assumptions, many of which are based, in turn, upon further
assumptions, including Frontline management's examination of historical
operating trends. Although Frontline believes that these assumptions were
reasonable when made, because assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond its control, Frontline cannot give assurance that it will achieve or
accomplish these expectations, beliefs or intentions.
Important
factors that, in the Company's view, could cause actual results to differ
materially from those discussed in this press release include the strength of
world economies and currencies, general market conditions including fluctuations
in charter hire rates and vessel values, changes in demand in the tanker market
as a result of changes in OPEC's petroleum production levels and world wide oil
consumption and storage, changes in the Company's operating expenses including
bunker prices, drydocking and insurance costs, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to accidents or
political events, and other important factors described from time to time in the
reports filed by the Company with the United States Securities and Exchange
Commission.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
FRONTLINE
LTD.
(registrant)
Dated:
June 27, 2008
By: /s/ Inger M.
Klemp
Inger M.
Klemp
Principal
Financial Officer
SK 02089 0009
896913