TORM plc Acquires Eight Additional MR Vessels, Boosting Fleet Capacity

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  • Capital Increase of 417,026 Shares Following Vessel Acquisition.
  • USD 4,170.26 Capital Increase Linked to USD 12.75 Million Loan Note Settlement.
  • New Shares Issued Without Pre-emption Rights for Existing Shareholders.

TORM has issued 417,026 new shares in connection with acquiring eight second-hand MR vessels bought last year. The capital increase totals USD 4,170.26 and comes after the sixth vessel of the eight acquired was delivered, reports TORM.

Financial Terms of Capital Increase

The new shares relate to the settlement of a loan note for USD 12.75 million allocated. This loan note was released in relation to vessel delivery. The new A-share has a nominal value of USD 0.01 and was priced at USD 30.57.

Shareholders’ Rights and Lock-up Period

The capital increase has been carried out without pre-emption rights for the existing shareholders or any third parties.

Lock-up Period: The shares issued at the offering are subject to a lock-up period of 40 days from and including the date on which they are issued. Shares issued at the offering may be resold outside the United States relying on Regulation S of the Securities Act of 1933, meaning they can be sold on Nasdaq Copenhagen. In the United States, selling is restricted during such a lock-up period.

Share Characteristics

The new shares issued under this capital increase have the following attributes:

  1. Ordinary Shares: The shares are ordinary with no special rights and are negotiable instruments.
  2. Dividend and Other Rights: They grant holders rights to dividends and other shareholder benefits as of the issuance date.
  3. Trading and Listing: These shares are expected to be listed and available for trading on Nasdaq Copenhagen promptly following issuance.

Updated Share Capital and Voting Rights

Post capital increase, TORM’s share capital structure is as follows:

  • Total Share Capital: USD 968,447.62
  • Share Division: 96,844,760 A-shares of USD 0.01 each, along with one B-share and one C-share, each also valued at USD 0.01.
  • Voting Rights: A total of 96,844,760 votes are assigned to the A-shares. Both the B-share and the C-share carry distinct voting rights.

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Source: TORM