Euronav files request for emergency arbitration
Euronav NV on 17 January 2023 has filed an application request for urgent interim and conservatory measures in relation to Frontline’s unilateral action in pursuing the termination of the combination agreement of July 10, 2022, according to the company's release.
Euronav is requesting to suspend such termination pending a determination on the merits pursuing primarily the specific performance of the combination agreement. Another request regarding such merits of Frontline having unilaterally terminated the Combination Agreement will be filed soon.
Following the acquisition of additional shares by Famatown Finance Limited Frontline plc, Famatown Finance Limited, Hemen Holding Limited and Geveran Trading Co. Limited. could be qualified as a related party in the meaning of IAS24. As a precautionary measure the Supervisory Board has therefore taken the decision in relation to the initiation of proceedings against Frontline plc, Famatown Finance Limited, Hemen Holding Limited and Geveran Trading Co. Limited in accordance with the procedure provided for in article 7:116 of the Belgian Code of Companies and Associations.
Euronav reiterates its determination that Frontline’s unilateral action in pursuing the termination of the combination agreement has no basis under the terms of the combination agreement and that Frontline failed to provide a satisfactory reason for its decision to pursue termination. The Supervisory Board, entirely composed of independent directors, has considered that this decision is in the corporate benefit of Euronav.
Frontline, formerly Frontline Ltd., confirms that it has received from Euronav NV an emergency arbitration request for urgent interim and conservatory measures following Frontline’s decision to terminate the combination agreement as further explained in Frontline’s press release dated 9 January 2023. Frontline is currently analysing this request with its legal advisors. Frontline once again confirms that its decision to terminate the combination agreement was entirely lawful.
Frontline considers that the information included in this announcement constitutes inside information pursuant to article 7 of the Market Abuse Regulation and this information is publicly disclosed in accordance with article 17 of the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.
NV Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav’s owned and operated fleet consists of 1 V-Plus vessel, 40 VLCCs (with further two under construction), 22 Suezmaxes (with a further five under construction) and 2 FSO vessels under long term contract.
