TORM plc (“TORM”) has increased its share capital by 946,449 A-shares (corresponding to USD 9,464.49) as a result of the delivery of two of the three aforementioned vessels, says an article published on Cision.
The capital increase is carried out without any pre-emption rights for existing shareholders or others. The new shares have been subscribed for due to the settlement of a USD 32.3m allocated loan note issued in connection with each vessel delivery and correspond to USD 34.2 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.
The new shares
(i) are ordinary shares without any special rights and are negotiable instruments,
(ii) give right to dividends and other rights in relation to TORM as of the date of issuance and
(iii) are expected to be admitted to trading and official listing on Nasdaq Copenhagen on 24 May 2023.
Specific voting rights
After the capital increase, TORM’s share capital amounts to USD 843,953.19 divided into 84,395,317 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 84,395,317 votes are attached to the A-shares. The B-share and the C-share have specific voting rights.
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