Torm plans to raise approximately 100 million dollar of new share capital through a fully underwritten discounted rights issue. The rights issue is expected to be launched in the second half of 2011, Maritimedanmark.dk reports.
"Torm is pleased to strengthen the Company’s financial position with the planned rights issue and that the three largest shareholders have expressed their support to TORM and the Company’s strategy", says Torm CEO Jacob Meldgaard.
Torm will publish a prospectus stating all offer terms and the offer period for the rights issue. The Board of Directors will take the final decision to proceed when all necessary arrangements have been made.
Beltest Shipping Company Ltd., Menfield Navigation Company and Dampskibsselskabet Torms Understøttelsesfond, which together represent 58.5% of the share capital, have informed that they intend to subscribe for their proportionate shares of the offering upon completion of the above.
"Torm is pleased to strengthen the Company’s financial position with the planned rights issue and that the three largest shareholders have expressed their support to TORM and the Company’s strategy", says Torm CEO Jacob Meldgaard.
Torm will publish a prospectus stating all offer terms and the offer period for the rights issue. The Board of Directors will take the final decision to proceed when all necessary arrangements have been made.
Beltest Shipping Company Ltd., Menfield Navigation Company and Dampskibsselskabet Torms Understøttelsesfond, which together represent 58.5% of the share capital, have informed that they intend to subscribe for their proportionate shares of the offering upon completion of the above.