TORM increses its share capital due to exercise of Restricted Share Units as part of the Company’s incentive program
TORM plc (“TORM”) says it increases its share capital by 12,405 A-shares (corresponding to a nominal value of USD 124.05) as a result of the exercise of a corresponding number of Restricted Share Units.
The capital increase is carried out without any pre-emption rights for existing shareholders or others. The new shares have been subscribed for in cash at DKK 53.7 per A-share with a nominal value of USD 0.01 each.
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 in Copenhagen on 20 January 2020. Transfer restrictions may apply in certain jurisdictions outside of Denmark, including applicable U.S. securities laws.
After the capital increase, TORM’s share capital amounts to USD 747,606.55 divided into 74,760,653 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 74,760,653 votes are attached to the A-shares. The B-share and the C-share have specific voting rights.
TORM was founded in 1889 and has sailed the seas for 130 years. With activities worldwide, TORM is listed on Nasdaq Copenhagen and on NASDAQ in New York. TORM’s offices are located in Copenhagen, Houston, London, Manila, Cebu, New Delhi, Mumbai and Singapore. TORM employs approximately 3,100 seafarers and 300 land-based staff.