TORM increases share capital in connection with delivery of vessel
With reference to Company Announcement no. 03 dated 01 March 2021 regarding the acquisition of eight 2007-2012 built MR product tanker vessels from Team Tankers Deep Sea Ltd, TORM plc (“TORM”) has increased its share capital by 782,546 A-shares (corresponding to USD 7,825.46) as a result of the delivery of the third vessel of the transaction, the MR vessel Team Cavatina.
The capital increase is carried out without any pre-emption rights for existing shareholders or others. The new shares have been subscribed for in settlement of a USD 7.2m allocated loan note issued in connection with the vessel delivery and correspond to USD 9.2 per A-share with a nominal value of USD 0.01 each. The majority of the issued shares will be subject to a lock-up for a period of 40 days.
The new shares are ordinary shares without any special rights and are negotiable instruments. The new shares give right to dividends and other rights in relation to TORM as of the date of issuance. The new shares are expected to be admitted to trading and official listing on Nasdaq Copenhagen on 26 May 2021. The new shares will be freely transferable on Nasdaq Copenhagen, but certain transfer restrictions may apply under U.S. securities laws.
After the capital increase, TORM’s share capital amounts to USD 774,685.72 divided into 77,468,570 A-shares of USD 0.01 each, one B-share of USD 0.01 and one C-share of USD 0.01. A total of 77,468,570 votes are attached to the A-shares. The B-share and the C-share have specific voting rights.
ABOUT TORM
TORM is one of the world’s leading carriers of refined oil products. The Company operates a fleet of approximately 80 modern vessels with a strong commitment to safety, environmental responsibility and customer service. TORM was founded in 1889.