Euronav filed an application request for arbitration in relation to Frontline’s action to pursue the termination of the combination agreement of July 10, 2022.
Following recent acquisitions of additional shares by Famatown Finance Limited (as disclosed on Euronav’s website), 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 Euronav Supervisory Board has therefore taken the decision in relation to the filing of the request for arbitration on the merits 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 has assessed 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.