TORM plc announced that the period for squeeze-out of remaining minority shareholders of TORM A/S expired on 24 May 2016 (cf. company announcement no. 7 of 26 April 2016). As a consequence, TORM plc will purchase 2.4% of the TORM A/S A shares for a total cash consideration of DKK 128m (USD 19m).
Investors representing 1,095,782 TORM A/S A shares (equal to 1.7% of the TORM A/S A shares) and the holder of the TORM A/S B share have accepted to exchange their TORM A/S shares for a number of corresponding shares in TORM plc. Settlement and thus delivery of TORM plc A shares is expected to take place on 27 May 2016 through the relevant custodian banks. Since 19 April 2016, TORM plc's A shares have been admitted to trading and official listing on Nasdaq Copenhagen A/S under ISIN GB00BZ3CNK81 (ticker: TRMD A).
Investors representing 931,842 TORM A/S A shares have requested to receive cash consideration for TORM A/S A shares transferred to TORM plc as part of the squeeze-out. Investors representing 591,297 TORM A/S A shares have not transferred their TORM A/S shares during the squeeze-out period. Minority shareholders receiving cash consideration will receive DKK 84.18 per TORM A/S A share. Investors who have transferred their TORM A/S A shares to TORM plc for cash consideration as part of the squeeze-out will receive payment to the account linked to the relevant share deposit on or around 31 May 2016. For investors who have not transferred their TORM A/S A shares to TORM plc as part of the squeeze-out, TORM plc will deposit the required cash amount on a deposit account with Danske Bank A/S on or around 1 June 2016.
Upon delivery of shares, payment and deposit, TORM plc will be registered as the holder of record of the remaining TORM A/S shares (excluding those held in treasury by TORM A/S).
Upon completion of the squeeze-out (and assuming delivery of all TORM A/S shares transferred to TORM plc as part of the squeeze-out), TORM plc's share capital will amount to a total nominal value of USD 622,988.48 divided into 62,298,846 A shares of USD 0.01 each, one B share of USD 0.01 and one C share of USD 0.01. In addition, the share capital comprises 50,000 redeemable shares of GBP 1.00 each.
A notice to the former minority shareholders of TORM A/S will be published through the Danish Business Authority with information on the rights for such former shareholders to require an assessment of the acquisition price by an independent expert within a three months' period. This will not affect the completion and settlement of the squeeze-out. For a further description of the procedure for an assessment of the acquisition price, reference is made to the notice of squeeze-out enclosed in company announcement no. 7 of 26 April 2016 and the notice to be published through the Danish Business Authority.
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. The Company conducts business worldwide.
All news