HAMILTON, Bermuda, Oct. 1, 2007 (PRIME NEWSWIRE) -- Frontline Ltd. (the "Company") advises that the 2007 Annual General Meeting of the Company was held on September 28, 2007 at 9:30 a.m. at the Fairmont Hamilton Princess, 76 Pitts Bay Road, Hamilton, Bermuda. The following resolutions were passed:
1) To re-elect John Fredriksen as a Director of the Company.
2) To re-elect Tor Olav Troeim as a Director of the Company.
3) To re-elect Kate Blankenship as a Director of the Company.
4) To re-elect Frixos Savvides as a Director of the Company.
5) To appoint PricewaterhouseCoopers AS of Oslo, Norway as auditors and to authorise the Directors to determine their remuneration.
6) To approve amendments to the Company's Bye-laws in order to ensure conformity with recent revisions to the Bermuda Companies Act 1981, as amended.
7) That the remuneration payable to the Company's Board of Directors of a total amount of fees not to exceed US$250,000.00 be approved for the year ended December 31, 2007.
8) That the Company's share premium account be reduced from US$480.8 Million to nil and that the amount resulting from the reduction be credited to the Company's Contributed Surplus account, with immediate effect.
In addition, the audited consolidated financial statements for Frontline Ltd for the year ended December 31, 2006 were presented to the Meeting.
With reference to the Interim Report April-June 2007, the Board advises that on September 28, 2007, the Board declared a dividend of $1.50 per share for the second quarter 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.
Hamilton, Bermuda
September 28, 2007