TORM has increased its share capital by 1,237,266 shares (corresponding to USD 12,372.66) in connection with the delivery of two 2010-built LR2 vessels and exercise of Restricted Share Units as part of TORM’s incentive program.

With reference to Company Announcement no. 22 dated 09 November 2023 where TORM plc (“TORM”) announced the acquisition of eight LR2 product tanker vessels, TORM plc has increased its share capital by 1,223,088 A-shares (corresponding to a nominal value of USD 12,330.88) as a result of the delivery of the fourth and fifth of the eight LR2 vessels. The new shares relate to the settlement of a USD 38.2m allocated loan note issued in connection with the vessel delivery and correspond to USD 31.23 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.

Additionally, TORM plc has increased its share capital by 14,178 A-shares (corresponding to a nominal value of USD 141,78) as a result of the exercise of a corresponding number of Restricted Share Units. All 14,178 new shares are subscribed for in cash at DKK 0.07 per A-share, with a nominal value of USD 0.01 each. Transfer restrictions may apply in certain jurisdictions outside Denmark, including applicable US securities laws.

The capital increase is carried out without any pre-emption rights for existing shareholders or others.

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 26 January 2024.

After the capital increase, TORM’s share capital amounts to USD 906,992.38 divided into 90,699,236 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 90,699,236 votes are attached to the A-shares. The B-share and the C-share have specific voting rights.
Source: TORM