TORM capital increase in connection with delivery of MR vessel & LR2 vessel

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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 652,768 A-shares (corresponding to USD 6,527.68) as a result of the delivery of the first of the eight LR2 vessels.

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 third of the four MR vessels. In total TORM has increased its share capital by 1,313,482 shares (corresponding to USD 13,134.82) 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 a USD 19.1m allocated loan note issued in connection with the vessel delivery and correspond to USD 29.26 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.

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 09 January 2024.

After the capital increase related to both vessels, TORM’s share capital amounts to USD 875,391.68 divided into 87,539,166 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 87,539,166 votes are attached to the A-shares. The B-share and the C-share have specific voting rights.

Source: TORM