March 4, 2019 Hamilton, Bermuda
Flex LNG Ltd. (the “Company”), hereby announces that the Board of Directors has resolved to carry out a 10-to-1 reverse share split of the Company’s ordinary shares (the “Reverse Split”).
Upon effectiveness of the Reverse Split, every ten shares of the Company’s issued and outstanding ordinary shares par value USD 0.01 per share will automatically be combined into one issued and outstanding ordinary share par value USD 0.10 per share. This will reduce the number of outstanding ordinary shares from 541,043,903 to a maximum of 54,104,390 (depending on fractions).
The effective date of the Reverse Split will be March 11, 2019, and the Company’s ordinary shares will begin trading on a split-adjusted basis on the Oslo Stock Exchange (“OSE”) as of the opening of trading on the effective date under the existing trading symbol “FLNG”. The new ISIN number for the ordinary shares after the Reverse Split is BMG359472021.
No fractional shares will be issued in connection with the Reverse Split. Shareholders who would otherwise hold a fractional share of the Company’s ordinary shares will receive a cash payment equal to the closing price per share for the Company’s shares on the OSE at the end of the last trading day prior to the effective date.
Øystein M. Kalleklev, CEO of Flex LNG Management AS, commented: “As Flex LNG is in the process of seeking a US listing we are doing a reverse split of the share in order to comply with the required share price level in the US. Our aim is to conclude a direct listing of Flex LNG in the second quarter of 2019.”
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.