10/10/2023 | Press release | Distributed by Public on 10/10/2023 14:58
(1) |
EuronavNV, a public limited liability company incorporated in Belgium with registration number 0860.402.767 at the Crossroads Bank for Enterprises (RLE Antwerp, division Antwerp), having its registered address at De Gerlachekaai 20, 2000 Antwerp, Belgium (hereinafter Euronav or the Seller);
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(2) |
Frontline plc, a public limited company organized and existing under the laws of Cyprus, having its registered office at 8, John Kennedy Street, Irish House, Off. 740B, Limassol, Cyprus 3106 and registered with the company register under number HE442213 (hereinafter Frontline or the Purchaser).
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(A) |
This Agreement sets forth a framework between the Parties for the sale and purchase of 24 vessels between Euronav (as seller) and Frontline (as purchaser). The relevant vessels (a Vessel and together the Vessels) are listed in Schedule 1 to this Agreement (the Transaction).
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(B) |
For each of the Vessels, Euronav and Frontline (through its wholly-owned subsidiary Frontfleet Ltd. or a special purpose vehicle nominated by Frontfleet Ltd.) have entered into a memorandum of agreement, (each a MOA), and a heads of agreement that contains certain overarching and coordinating terms for such MOAs (the HOA).
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(C) |
On the date of this Agreement, Frontline and Famatown Finance Limited, a limited company incorporated in Cyprus with company register number HE294555, having its registered address at John Kennedy, Iris House, 7th Floor, Room/Office 740 B, CY-3106 Limassol, Cyprus (Famatown) (as sellers) and CMB NV, a public limited liability company organized and existing under Belgian law, with registered office at De Gerlachekaai 20, 2000 Antwerp, Belgium and registered with the Crossroads Bank for Enterprises (RLE Antwerp, division Antwerp) under number 0404.535.431 (CMB) (as purchaser) have entered into a share purchase agreement (the SPA) with regard to shares in Euronav (the Share Sale). The Transaction set forth in this Agreement is subject to completion of the Share Sale as further detailed in this Agreement. The Transaction and the Share Sale form part of an integrated solution to the current strategic and structural deadlock within Euronav in which each of the Parties, CMB and Famatown have a vested interest.
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(D) |
On 10 July 2022, Euronav and Frontline entered into a combination agreement (the Combination Agreement). On 9 January 2023, Frontline terminated the Combination Agreement with immediate effect. On 28 January 2023, Euronav filed a request for arbitration on the merits with CEPANI against Frontline, Famatown, Hemen Holding Limited, a limited company incorporated in Cyprus with company register number HE87804, having its registered address at John Kennedy, Iris House, 7th Floor, Room/Office 740 B, CY-3106 Limassol, Cyprus (Hemen) and Geveran Trading Co. Limited, a limited company incorporated in Cyprus with company register number HE37780, having its registered address at John Kennedy, Iris House, 7th Floor, Room/Office 740 B, CY-3106 Limassol, Cyprus (Geveran), (CEPANI reference number 221138) (the Arbitration Proceedings) in relation to the termination of the Combination Agreement. On the date of this Agreement, Euronav, Frontline,
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(E) |
The Agreement, the Transaction, the Share Sale and the Settlement Agreement form part of an integrated solution to the current strategic and structural deadlock within Euronav in which each of the Parties, CMB and Famatown have a vested interest (the Integrated Solution).
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(F) |
By entering into this Agreement, the Parties wish to establish a framework for the Transaction and to agree on the conditionality and co-ordinated entering into effect of certain provisions of the MOAs, the Settlement Agreement and the completion of the Share Sale.
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(G) |
This Agreement is the outcome of thorough negotiations between the Parties, which are professional parties assisted by professional advisers, and reflects all elements that the Parties deem important pursuant to such negotiations. The Parties acknowledge and agree (i) to have received all relevant information for entering into this Agreement, (ii) that they have all been given the opportunity to negotiate each of the terms and conditions set forth in this Agreement, (iii) that this Agreement reflects all elements which they deem important pursuant to such negotiations and (iv) that this Agreement reflects a fair and appropriate balance between the rights and obligations of all Parties.
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1. |
INTERPRETATION
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2. |
SALE AND PURCHASE
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3. |
CONDITIONS PRECEDENT
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3.1 |
Conditions precedent
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(a) |
the necessary clearance decisions, consents, waivers or non-objection certificates for the Transaction with respect to the Regulatory Approvals by the relevant Governmental Authorities having been obtained, or expiry or early termination of any applicable waiting periods without any investigation or proceeding having been initiated (the Regulatory Condition);
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(b) |
the resolutions by Euronav's shareholders' meeting approving the conditionality of the Transaction and the Settlement Agreement on the Share Sale pursuant to article 7:151 CCA having been filed with the clerk's office of the enterprise court in Antwerp (the Shareholder Approval Condition); and
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(c) |
closing of the Share Sale as defined in the SPA shall have occurred.
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3.2 |
Covenants with respect to the Conditions Precedent
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(a) |
Regulatory Condition
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(i) |
With respect to the Regulatory Condition, Frontline shall, as soon as practicable after the date of this Agreement, file or cause to be filed all necessary notifications, applications, and submissions with any Governmental Authorities that are required to obtain the Regulatory Approvals.
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(ii) |
Frontline shall use its best efforts to obtain the Regulatory Approvals as promptly as possible and shall (i) provide Euronav with copies of all material communications with the Governmental Authorities (whereby commercially sensitive information shall be blacklined), (ii) consult with Euronav and consider in good faith Euronav's views and suggestions regarding the strategy and content of such communications, (iii) keep Euronav informed of the status and progress of the Regulatory Approvals, and (iv) promptly notify Euronav of any requests, inquiries, objections, or challenges from the Governmental Authorities relating to the Regulatory Approvals. Euronav shall provide all reasonable assistance in this respect, including providing all information and documents in connection with the preparation, filing, and pursuit of such Regulatory Approvals. Euronav furthermore agrees that Frontline may provide CMB with the same information with respect to the Regulatory Condition as it provides to Euronav, pursuant to Frontline's covenants under the SPA with respect to the condition precedent to the Share Sale that Frontline must confirm to CMB that the Regulatory Condition as set out in and defined in this Agreement has been satisfied or waived.
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(iii) |
Frontline shall, at its sole cost and expense, take any and all actions and agree to any and all conditions, undertakings, divestitures, or remedies (collectively, the Remedies) that are necessary or advisable to obtain the Regulatory Approvals and to avoid or eliminate any impediments or objections that may be asserted or threatened by the Governmental Authorities under applicable laws, regardless of the impact or effect of such Remedies on the value, benefits, or prospects of Frontline, Euronav or any of its Affiliates. Frontline shall not, without the prior written consent of Euronav, (i) withdraw, amend, or modify any notifications, applications, or submissions filed with the Governmental Authorities, (ii) extend any statutory or agreed-upon deadlines or waiting periods, or (iii) consent to or enter into any settlement, agreement, or order with any Governmental Authority that would impose any Remedies or limit the Seller's or the Purchaser's rights or obligations under this Agreement.
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(b) |
Shareholder Approval Condition
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(c) |
Fulfilment and waiver
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(d) |
No retroactive effect
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4. |
EFFECTIVE DATE
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4.1 |
Subject to the Conditions Precedent being fulfilled or waived, the Effective Date will occur subject to and simultaneously with the closing of the Share Sale in accordance with the terms of the SPA.
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4.2 |
If the Effective Date does not occur at the latest on the Long Stop Date, each Party will have the right to terminate this Agreement by written notice.
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5. |
NO RESCISSION AND TERMINATION
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5.1 |
The Parties explicitly and irrevocably waive (and procure, as applicable, that their Affiliates shall waive) to the fullest extent permitted by law any and all rights, remedies and causes of action it or any of its Affiliates may have in connection with this Agreement, under any law, to seek the unilateral annulment, cancellation, dissolution or termination of this Agreement other than as provided in this Agreement, to invoke any defect of consent or to invoke any of the remedies set out in articles 5.59, 5.74 and 5.90 of the Civil Code, without prejudice to the remedies as set out in this Agreement, the HOA or in the MOAs.
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5.2 |
Upon termination of this Agreement pursuant to Clauses 3.2(c), 4.2, or this Clause 5 (i) this Agreement shall cease to have any effect, except for the provisions of Clause 7 (Miscellaneous) and this Clause 5, which shall survive the termination of this Agreement and (ii) neither Party shall have any further rights or liabilities under this Agreement.
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6. |
SETTLEMENT OF ARBITRATION PROCEEDINGS
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7. |
MISCELLANEOUS
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7.1 |
Confidentiality:
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(a) |
The existence, subject and contents of this Agreement are confidential. Except as explicitly provided otherwise in this Agreement and subject to Clause 7.1(b), each Party is prohibited from disclosing all or any part of this Agreement or its existence at any time.
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(b) |
Clause 7.1(a) shall not prohibit disclosure or use of any information if and to the extent that:
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(i) |
the disclosure or use is required in order to allow any Party to comply with any legal or regulatory requirement (including under Article 7:116 CCA and any requests made by the FSMA in this respect) to make a public announcement or filing or to provide information to any Governmental Authority (including the FSMA, Finanstilsynet and the SEC) or stock exchange (including Euronext Brussels, the Oslo Stock Exchange and NYSE), in which case such Party may disclose only that portion of information it is required to disclose, it being understood and agreed that the existence, subject and contents of this Agreement may be disclosed by a Party in an amendment to such Party's Schedule 13D and that this Agreement may be publicly filed in its entirety as an exhibit thereto, in each case at any time after the execution and delivery hereof;
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(ii) |
the disclosure or use is required for the purposes of any judicial or arbitration proceedings arising out of or in connection with this Agreement;
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(iii) |
the disclosure is made to professional advisers of any Party or to the credit institutions financing the Transaction, on condition that such professional advisers or credit institutions undertake or are bound by professional rules of conduct to comply with obligations substantially similar to the provisions of this Clause 7.1;
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(iv) |
the disclosure is made (i) in the context of Euronav's shareholders' meeting in view of the Shareholder Approval Condition or (ii) to CMB in view of any disclosures to be made by it in the context of its mandatory public takeover bid on Euronav, including as part of the prospectus, Schedule TO or Schedule 13E-3 or any document contained therein or filed as an exhibit thereto, or any other offer documentation, as well as in any Schedule 13D filing, press releases to be issued by CMB in relation to the announcement of (its intention to launch) such takeover bid and in any other communication related thereto and within the framework of such takeover bid proceedings or (iii) by Frontline in the context of the Share Sale contemplated in the SPA;
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(v) |
the disclosure is made in the context of the settlement of the Arbitration Proceedings in accordance with this Agreement and the Settlement Agreement;
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(vi) |
the information is or becomes publicly available (other than as a result of a breach of this Agreement).
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7.2 |
Relationship between this Agreement and the HOA and MOAs: This Agreement intends to co-ordinate the entering into effect of certain provisions of the MOAs, especially in relation to (i) the application of the Conditions Precedent and (ii) the co-ordination with completion of the Share Sale. Without prejudice to the generality of the foregoing:
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(a) |
This Agreement does not replace the terms and conditions of the HOA and the MOAs, except as expressly provided herein. In the event of any conflict or inconsistency between this Agreement and the HOA or MOAs, the provisions of this Agreement shall prevail to the extent of such conflict or inconsistency, unless otherwise agreed by the Parties in writing.
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(b) |
The Parties shall, and shall cause their Affiliates that are a party thereto (such as Frontfleet Ltd.) to, perform their respective obligations under the HOA and MOAs in accordance with their terms and conditions, subject where relevant to the Effective Date having occurred.
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7.3 |
Financing: Frontline represents and warrants to Euronav that it has obtained sufficient funding to comply with its obligations in respect of the Transaction. Frontline agrees and undertakes to indemnify Euronav, on a dollar-for-dollar basis, for any Loss incurred by Euronav which would not have been incurred by it if Frontline's representation in the previous sentence had been true, accurate and not misleading.
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7.4 |
Further assurances: Each of the Parties shall from time to time execute such documents and perform such acts and things as any other Party may reasonably require in order to give a Party the full benefit of this Agreement.
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7.5 |
No Assignment: No Party may assign all or part of its rights and obligations under this Agreement to any third party (through a sale, a contribution, a donation or any other transaction, including the sale or contribution of a division or of a business as a whole, a merger or a demerger) without the prior written consent of the other Party (which consent shall not be unreasonably withheld or delayed). As long as such consent has not been obtained, the assigning Party shall continue to be liable for all obligations that it intended to assign (without prejudice to any other right or remedy that the other Parties may have for breach of this Clause). Subject to the assignment restrictions set out in this Clause, the provisions of this Agreement shall inure to the benefit of and shall be binding upon the Parties and their respective heirs, successors and assigns.
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7.6 |
Costs and expenses: Each Party shall bear all costs and expenses incurred or to be incurred by it or its Affiliates that are a party thereto (such as Frontfleet Ltd.) in connection with the negotiation, execution and performance of this Agreement, the HOA and the MOAs.
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7.7 |
Severability: If any provision in this Agreement is held to be illegal, invalid or unenforceable, in whole or in part, under any applicable Law, then such provision or part of it shall be deemed not to form part of this Agreement, and the legality, validity or enforceability of the remainder of this Agreement shall not be affected. In such case, each Party shall use its best efforts to immediately negotiate in good faith a valid replacement provision that is as close as possible to the original intention of the Parties and has the same or as similar as possible economic effect.
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7.8 |
Counterparts: This Agreement may be executed in any number of counterparts, all of which, taken together, shall constitute one and the same agreement, and any Party may enter into this Agreement by executing a counterpart. This Agreement shall not be effective until each Party has executed at least one counterpart. The Parties therefore expressly agree that the signing of this Agreement by a Party by means of a scan or digitized image of a signature (e.g. a scan in PDF format) or an electronic signature (e.g. via DocuSign) will have the same binding force and effect as an original signature for purposes of validity, enforceability and admissibility. Issue of a signed copy via e-mail or via an electronic signature system will have the same binding force and effect as the issue of an original physical copy.
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7.9 |
Governing Law and arbitration
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(a) |
This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed and interpreted in accordance with the laws of Belgium.
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(b) |
Any dispute between the Parties (including non-contractual disputes) arising from, related to or in any way connected with this Agreement, shall be exclusively and definitively settled in accordance with the CEPANI arbitration rules applicable as of the date of this Agreement (the CEPANI Rules), by three arbitrators appointed in accordance with the CEPANI Rules. Euronav on the one hand and Frontline on the other shall nominate an arbitrator. The Party-nominated arbitrators shall then have 30 calendar days as from the last of either their respective appointments (or such further time as the Parties may agree by valid variation) to jointly nominate the third member of the arbitration tribunal, who shall be proposed for appointment as its chairperson. If the Party-nominated arbitrators are unable to jointly nominate a chairperson within 30 calendar days, the chairperson's appointment shall be made in accordance with the CEPANI Rules.
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(c) |
The provisions of this Clause 7.9 are without prejudice to the governing law and arbitration provision of the HOA and the individual MOA's. Without prejudice to the generality of the foregoing, it is agreed that any dispute between the Parties (i) relating to any termination of
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(d) |
The place of arbitration shall be Brussels, Belgium and the language of the proceedings shall be English.
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(e) |
Notwithstanding this Clause 7.9, the Parties shall have the right to have recourse to the ordinary courts of Belgium for interim and/or conservatory measures.
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Frontline plc
/s/ Lars Barstad
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Name:
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Lars Barstad
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Title:
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Attorney-in-fact
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Euronav NV
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Name:
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Grace Reksten Skaugen
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Title:
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Special Proxyholder
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Name
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Type
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Flag
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Building year
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DWT
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Shipyard
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Scrubber
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AMUNDSEN
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VLCC
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French
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2017
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298.991
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Hyundai
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AQUITANE
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VLCC
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Belgian
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2017
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298.767
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Hyundai
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ARDECHE
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VLCC
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Belgian
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2017
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298.642
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Hyundai
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ALBORAN
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VLCC
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Liberian
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2016
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299.000
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Hyundai
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ALEX
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VLCC
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Belgian
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2016
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298.991
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Hyundai
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ALICE
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VLCC
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Belgian
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2016
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299.300
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Hyundai
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CAMUS
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VLCC
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Belgian
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2023
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299.158
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HSHI
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Yes
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CASSIUS
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VLCC
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Belgian
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2023
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299.158
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HSHI
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Yes
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DALIS
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VLCC
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Liberian
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2020
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299.995
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Okpo Shipyard
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Yes
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DELOS
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VLCC
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Belgian
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2021
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300.200
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Daewoo
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Yes
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DERIUS
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VLCC
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Liberian
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2019
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299.995
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Okpo Shipyard
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Yes
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DICKENS
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VLCC
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Belgian
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2021
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299.550
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Daewoo
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Yes
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DIODORUS
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VLCC
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Belgian
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2021
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300.200
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Daewoo
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Yes
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DOMINICA
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VLCC
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Liberian
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2016
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299.999
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Daewoo
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DORIS
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VLCC
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Belgian
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2021
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300.200
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Daewoo
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Yes
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DRENEC
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VLCC
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Liberian
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2016
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299.999
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Daewoo
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HATTERAS
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VLCC
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Liberian
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2017
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297.363
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Hanjin Subic
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HERON
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VLCC
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Liberian
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2017
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297.363
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Hanjin Subic
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CLOVIS
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VLCC
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Belgian
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2023
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299.158
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HSHI
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Yes
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ANDAMAN
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VLCC
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Liberian
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2016
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299.392
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Hyundai
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ANNE
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VLCC
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French
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2016
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299.533
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Hyundai
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ARAFURA
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VLCC
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Belgian
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2016
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298.991
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Hyundai
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ARAL
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VLCC
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Belgian
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2016
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299.999
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Hyundai
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DESIRADE
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VLCC
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French
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2016
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299.999
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Daewoo
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1. |
DEFINITIONS
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Affiliate
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means, in relation to any person, any other person which, directly or indirectly, controls, is under common control with, or is controlled by, such person, and, in the case of a trust, (i) any trustee, settlor or protector of such trust, as well as (ii) any person which, directly or indirectly, controls, is under common control with, or is controlled by such trustee, settlor or protector (excluding, for the avoidance of doubt, any beneficiary of such trust).
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Agreement
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means this agreement.
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Business Day
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means any day on which banks in Belgium are open to the public, excluding Saturdays and Sundays.
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CCA
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means the Belgian Code of Companies and Associations (Wetboek van vennootschappen en verenigingen).
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CEPANI Rules
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has the meaning set forth in Clause 7.9.
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Civil Code
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means the Belgian Civil Code (Burgerlijk Wetboek).
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CMB
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has the meaning given thereto in Recital (C).
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Condition(s) Precedent
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has the meaning attributed thereto in Clause 3.1.
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Effective Date
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has the meaning attributed thereto in Clause 2.
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Famatown
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has the meaning given thereto in Recital (C).
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Frontline
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has the meaning given thereto in the Parties' section.
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FSMA
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The Belgian financial services and markets authority ("Autoriteit voor financiële diensten en markten").
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HOA
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has the meaning set forth in Recital (B).
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Governmental Authority
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means (i) the government of any jurisdiction (or any political or administrative subdivision thereof), whether national, federal, provincial, regional, state, county, municipal, local or foreign, and any subdivision, department, ministry, agency, instrumentality, court, central bank or other authority thereof, including any entity directly or indirectly owned or controlled thereby, (ii) any public international organization or supranational body (including the European Union and the European Economic Area) and its institutions, departments, agencies and instrumentalities, and (iii) any quasi-governmental or private body or agency lawfully exercising, or entitled to exercise, any administrative, executive, judicial, legislative, regulatory, licensing, competition, foreign investment, tax or other governmental or quasi-governmental or self-regulatory authority, including any stock exchange
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Law
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means all applicable legislation, statutes, transposed directives, regulations, decrees, ordinances, instruments, decrees, codes, bylaws, rules or other legally binding guidance, orders, consents, permits, policies, restrictions or licenses or other legislative measures or decisions issued, enacted, adopted, promulgated, implemented or otherwise made effective by or under the authority of any Governmental Authority, in each case having the force of law, and treaties, conventions and other agreements between states, or between states and the European Union or other supranational authorities, and all judgments, decisions, orders, directives, recommendations, circulars and standards of any Governmental Authority.
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Long Stop Date
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has the meaning attributed thereto in Clause 3.1.
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Loss
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means any damage ("schade") within the meaning of Articles 5.86 and 5.87 (and the articles to which these clauses refer) of the Civil Code.
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MOA
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has the meaning set forth in Recital (B).
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Party
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has the meaning given thereto in the Parties' section.
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Purchaser
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means Frontline.
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Regulatory Condition
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has the meaning set forth in Clause 3.1(a).
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Regulatory Approvals
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means the following regulatory approvals: the Kingdom of Saudi Arabia.
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Remedies
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has the meaning set forth in Clause 3.2(a)(iii).
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SEC
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means the United States Securities and Exchange Commission.
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Seller
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means Euronav.
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Shareholder Approval Condition
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has the meaning set forth in Clause 3.1(b).
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Share Sale
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has the meaning given thereto in Recital (C).
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SPA
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has the meaning given thereto in Recital (C).
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Transaction
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has the meaning set forth in Recital (A).
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Vessel
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has the meaning set forth in Recital (A).
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2. |
INTERPRETATION
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2.1 |
The titles and headings included in this Agreement are for convenience only and shall not be taken into account in the interpretation of the provisions of this Agreement.
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2.2 |
The Schedules to this Agreement form an integral part hereof and any reference to this Agreement includes the Schedules and vice versa.
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2.3 |
All periods of time set out in this Agreement shall be calculated in accordance with article 1:32 CCA.
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2.4 |
In the event of any difficulty of interpretation, the rules set out in articles 5.64 and 5.65 of the Civil Code shall apply. The Parties expressly waive the application of article 5.66 of the Civil Code and article 1602 of the old Belgian civil code (Oud Burgerlijk Wetboek).
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2.5 |
Unless otherwise specified, a reference in this Agreement to:
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(a) |
the term "control" (or any derivations thereof) shall have the meaning ascribed to the term "controle" in article 1:14 CCA;
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(b) |
the terms "includes" and "including" means including but not limited to;
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(c) |
the expression "best efforts" (or any similar expression or derivation thereof) shall be construed as a "middelenverbintenis"; and
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(d) |
the expressions "shall cause" or "shall procure that" (or any similar expression or derivation thereof), shall be construed as a "sterkmaking" combined with a guarantee ("waarborg") in case of non-performance.
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PRESS RELEASE
Regulated information - This press release contains inside information within the
meaning of Regulation (EU) No 596/2014 of the European Parliament and of the
Council of 16 April 2014 on market abuse (market abuse regulation)
9 October 2023 - 08:00 a.m. CET
_______________________________________
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• |
CMB will acquire Frontline's 26.12% stake in the Company for $18.43 per share (the "Share Sale");
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• |
Frontline will acquire 24 VLCC tankers from the Euronav fleet for $2.35 billion (the "Fleet Sale");
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• |
The Company's pending arbitration action against Frontline and affiliates will be terminated (the "Settlement Agreement").
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PRESS RELEASE
Regulated information - This press release contains inside information within the
meaning of Regulation (EU) No 596/2014 of the European Parliament and of the
Council of 16 April 2014 on market abuse (market abuse regulation)
9 October 2023 - 08:00 a.m. CET
_______________________________________
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i) |
CMB to purchase all Euronav shares held by Frontline
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ii) |
Frontline to acquire 24 VLCC tankers from Euronav for an aggregate purchase price of $2.35 billion,subject to completion of the Share Sale.
|
iii) |
Euronav's pending arbitration action against Frontline to be terminated.
|
PRESS RELEASE
Regulated information - This press release contains inside information within the
meaning of Regulation (EU) No 596/2014 of the European Parliament and of the
Council of 16 April 2014 on market abuse (market abuse regulation)
9 October 2023 - 08:00 a.m. CET
_______________________________________
|
PRESS RELEASE
Regulated information - This press release contains inside information within the
meaning of Regulation (EU) No 596/2014 of the European Parliament and of the
Council of 16 April 2014 on market abuse (market abuse regulation)
9 October 2023 - 08:00 a.m. CET
_______________________________________
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9 October, 2023
|
Announcement of proposed transaction
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Signature of the related contracts
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Q4 2023
|
Convening of Special General Meeting (SGM) announced
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2 November, 2023
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Euronav Q3 results
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Q4 2023
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SGM
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Q4 2023
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Share Sale completion and settlement
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Fleet Sale completion and settlement
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Q1 2024
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CMB launches mandatory offer (MTO) for Euronav (art 5)
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Q1 2024
|
Targeted approval date of MTO Prospectus
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Q1/Q2 2024
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Targeted close of acceptance period for MTO
|
PRESS RELEASE
Regulated information - This press release contains inside information within the
meaning of Regulation (EU) No 596/2014 of the European Parliament and of the
Council of 16 April 2014 on market abuse (market abuse regulation)
9 October 2023 - 08:00 a.m. CET
_______________________________________
|
Build year
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No.
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Vessels
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2015
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1
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Dominica
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2016
|
9
|
Alboran, Alex, Alice, Andaman, Anne, Arafura, Aral, Desirade, , Drenec
|
2017
|
5
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Amundsen, Aquitaine, Ardeche, Hatteras, Heron
|
2019
|
1
|
Derius
|
2020
|
1
|
Dalis
|
2021
|
4
|
Delos, Dickens, Diodorus, Doris
|
2023
|
3
|
Camus, Cassius, Clovis
|
PRESS RELEASE
Regulated information - This press release contains inside information within the
meaning of Regulation (EU) No 596/2014 of the European Parliament and of the
Council of 16 April 2014 on market abuse (market abuse regulation)
9 October 2023 - 08:00 a.m. CET
_______________________________________
|
PRESS RELEASE
Regulated information - This press release contains inside information within the
meaning of Regulation (EU) No 596/2014 of the European Parliament and of the
Council of 16 April 2014 on market abuse (market abuse regulation)
9 October 2023 - 08:00 a.m. CET
_______________________________________
|
ANNOUNCEMENT
Announcement in application of Article 7:116, §4/1 BCCA
9 October 2023 - 08:00 a.m. CET
_______________________________________
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(i) |
the sale by Frontline of all its Euronav shares to CMB , followed by a mandatory public takeover offer by CMB on all outstanding Euronav shares (the "Share Sale");
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(ii) |
the sale of part of the Euronav fleet (24 vessels) to Frontline (the "Fleet Sale");
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(iii) |
the settlement of the arbitration proceedings initiated by Euronav in connection with the termination by Frontline of the combination agreement dated 10 July 2022 (the "Settlement Agreement").
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ANNOUNCEMENT
Announcement in application of Article 7:116, §4/1 BCCA
9 October 2023 - 08:00 a.m. CET
_______________________________________
|