SHARE CAPITAL (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of weight average number of shares outstanding [Line Items]

Schedule of weight average number of shares outstanding [Table Text Block]

The weighted average number of shares outstanding for the year ended December 31, 2014 was restated for the effects of the capital reorganization and the reverse business acquisition as follows;

(Number of shares in thousands)	2014
Weighted average shares as previously reported by Frontline 2012	245,468
Share exchange ratio in reverse business acquisition	2.55
Weighted average shares, as restated for effect of reverse business acquisition	625,943
Weighted average shares, as restated for reverse business acquisition and reverse share split	125,189

Schedule of stock by class

The following table summarizes the movement in the number of shares outstanding during the two years ended December 31, 2016;

Outstanding shares at December 31, 2014 as previously reported by Frontline 2012	249,100,000
Share exchange ratio in reverse business acquisition	2.55
Outstanding shares at December 31, 2014 after giving effect to reverse business acquisition	635,205,000
Shares issued during the year prior to the reverse business acquisition	86,032,865
Cancellation of treasury shares held by Frontline 2012 (6,792,117 shares at exchange ratio of 2.55)	(17,319,898	)
Cancellation of Frontline 2012 shares held by the Company (13,460,000 shares at exchange ratio of 2.55)	(34,323,000	)
Cancellation of fractional shares	(307	)
Effect of reverse business acquisition (conversion of the Company's shares)	112,342,989
Outstanding shares at December 31, 2015	781,937,649
Outstanding shares at December 31, 2015 after giving effect to 1-for-5 reverse share split in February 2016	156,386,506
Issue of shares in December 2016	13,422,818
Outstanding shares at December 31, 2016	169,809,324