CHA-CHING!!!!
* * *
Published: 16:24 02.10.2007 GMT+2 /HUGIN /Source: Frontline Ltd /OSE:
FRO /ISIN: BMG3682E1277
FRO - Extraordinary dividend
As announced earlier today, Frontline Ltd. ("the "Company" or
"Frontline") has on Tuesday October 2, 2007 sold its entire holding of
34,976,500 shares in Dockwise Ltd. ("Dockwise"). The shares were sold
at a gross price of NOK 25 per share, with net proceeds of
approximately $157 million. Frontline is expected to record a gain of
approximately $49 million in the fourth quarter of 2007 as a result of
this sale. In the second quarter of 2007, Frontline recorded a gain on
the issuance of shares by Dockwise of $43.7 million.
Instead of keeping these funds until the payment of the ordinary
dividend payment for third quarter of 2007, the Board has in a meeting
on October 2, 2007, decided to declare an interim extraordinary
dividend of $1.75 per share resulting from the cash generated from the
sale of the Dockwise shares. This interim dividend will in combination
with the relative weak spot market in third quarter reduce the normal
dividend for third quarter of 2007.
The record date for the dividend is October 12, 2007, ex dividend date
is October 10, 2007 and the dividend will be paid on or about October
24, 2007.
October 2, 2007
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
God bless this company. LOL They make money? Their number one priority is to reward the shareholders. It's in their financial outlook reports they send out. Number one strategy is to attract shareholders by paying consistent high dividend rates. And by god, over the last 2 years that's just what they've done.
Gotta love this business.