Frontline is delisting from the London Stock Exchange, cancelling all of its ordinary shares of $1.00 each with effect from the opening of the market on November 2 this year.“The company believes that, given the limited liquidity of the ordinary shares, the costs and administrative burden of maintaining the listing on the Official List and admission to trading on the Main Market are disproportionate to the benefits thereof,” Frontline said in a release.
The decision by the John Fredriksen-backed shipping giant is another blow to London’s ship finance claims. Maritime London, the UK shipping promotional body, has been frustrated at the lack of progress from the London Stock Exchange in getting more into shipping.
“We have been totally left behind by the NYSE,” Harry Theochari, global head of transport at law firm Norton Rose told delegates attending a Maritime London event held at Trinity House as part of London International Shipping Week on September 9. Theochari said that Maritime London had been lobbying the LSE for three years to no avail.