TORM increases its share capital in connection with delivery of two vessels
With reference to Company Announcement no. 22 dated 09 November 2023 where TORM plc announced the acquisition of eight LR2 product tanker vessels, TORM plc has increased its share capital by 624,077 A-shares (corresponding to USD 6,240.77) as a result of the delivery of the second of the eight LR2 vessels, according to the company's release.
With reference to Company Announcement no. 23 dated 09 November 2023 regarding plc’s Q3 2023 results where TORM announced the acquisition of four MR product tanker vessels, TORM plc (“TORM”) has increased its share capital by 660,714 A-shares (corresponding to USD 6,607.14) as a result of the delivery of the last of the four MR vessels.
In total TORM has increased its share capital by 1,284,791 shares (corresponding to USD 12,847.91) in relation to the two vessels mentioned above.
The capital increase is carried out without any pre-emption rights for existing shareholders or others.
For the LR2 vessel the new shares relate to the settlement of USD 19.1m allocated loan notes issued in connection with the vessel deliveries and correspond to USD 30.61 per A-share with a nominal value of USD 0.01 each.
For the MR vessel the new shares relate to the settlement of a USD 18.5m allocated loan note issued in connection with the vessel delivery and correspond to USD 28.00 per A-share with a nominal value of USD 0.01 each.
All of the issued shares will be subject to a lock-up for a period of 40 days commencing on the date such shares are issued (the “Lock-up Period”) provided that during the Lock-up Period, the newly issued shares may be resold outside of the United States in transactions pursuant to and in compliance with Regulation S of the Securities Act of 1933, including on Nasdaq Copenhagen, but may not be resold in the United States.
After the capital increase related to both vessels, TORM’s share capital amounts to USD 888,239.59 divided into 88,823,957 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 88,823,957 votes are attached to the A-shares. The B-share and the C-share have specific voting rights.
TORM is one of the world’s leading carriers of refined oil products. TORM operates a fleet of approximately 90 product tanker vessels with a strong commitment to safety. environmental responsibility and customer service. TORM was founded in 1889 and conducts business worldwide. TORM’s shares are listed on Nasdaq in Copenhagen and on Nasdaq in New York.
