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Independent Tanker Company to be Spun Out in Special Dividend
Last week it was announced the Frontline was planning a spin-off of Independent Tanker Corporation (ITC). This week Frontline announced that it would begin this process with the distribution of a special dividend of 20% of the capital stock of its Bermuda subsidiary ITC; this is not unlike what initially happened with Ship Finance International. However, unlike Ship Finance ITC will be traded on the Oslo OTC Market. It will maintain its share register through the VPS, and all shareholders must hold VPS accounts.
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Tags: · BP, California Petroleum Holdings Group, Chevron, Frontline, Golden State Holdings Group, Independent Tanker Corporation, Ship Finance International, Windsor Petroleum Holdings Group
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