Euronav NV hereby informs its shareholders, with reference to the Company’s press releases dated 10 and 11 January, that on 17 January 2023 it has filed an application request for urgent interim and conservatory measures in relation to Frontline’s (NYSE: FRO & OSE: FRO) unilateral action in pursuing the termination of the combination agreement of July 10, 2022.
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 (as disclosed in the Company’s press release dated 16 January 2023) 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. After careful consideration, the Supervisory Board, entirely composed of independent directors, has considered that this decision is in the corporate benefit of Euronav. Euronav continues to communicate and maintain a constructive dialogue with its shareholders and will update the market in accordance with applicable regulations.