TORM A/S - Notice and Complete Proposals for Extraordinary General Meeting
COPENHAGEN, Denmark, Dec. 13, 2012 (GLOBE NEWSWIRE) -- As agreed in connection
with the Restructuring as further described in the company announcements no.
31 dated 2 October 2012 and no. 32 dated 5 November 2012, TORM hereby convenes
an Extraordinary General Meeting (EGM) on Wednesday 9 January 2013.
The purpose of the EGM is among others to amend the articles of association,
including adopting certain minority protection rights, pursuant to which the
Company's issuance of shares against conversion of debt or issuance of shares
without pre-emptive rights for existing shareholders require consent from
shareholders representing 90% of the Company's share capital and voting
rights. In addition, it is proposed to hold an election to the Board of
Directors. Chairman N.E. Nielsen, Deputy Chairman Christian Frigast, and Mr.
Jesper Jarlbaek have notified the Company that they relinquish their mandates
as members of the Board of Directors at the Extraordinary General Meeting. Mr.
Olivier Dubois, Mr. Alexander Green, Mr. Flemming Ipsen and Mr. Jon
Syvertsenhave all been proposed to be elected as new members of the Board of
Enclosed please find the notice of and the complete proposals for the EGM of
TORM to be held on Wednesday 9 January 2013.
Two of TORM's major banks, Danske Bank and Nordea, state in this connection:
"We would like to express our appreciation of the dedicated and competent work
that has been carried out during the restructuring process by TORM's
organization, Management, and the Board of Directors. The constructive efforts
from the board members have been pivotal in completing the restructuring and
securing TORM as a going concern under continued difficult freight market."
Contact TORM A/S
Jacob Meldgaard, CEO, tel.: +45 3917 Tuborg Havnevej 18
9200 DK-2900 Hellerup, Denmark
Roland M. Andersen, CFO, tel.: +45 3917 Tel.: +45 3917 9200 / Fax: +45 3917
C. Søgaard-Christensen, IR, tel.: +45 www.torm.com
TORM is one of the world's leading carriers of refined oil products as well as
a significant player in the dry bulk market. The Company operates a fleet of
approximately 110 modern vessels in cooperation with other respected shipping
companies sharing TORM's commitment to safety, environmental responsibility
and customer service. TORM was founded in 1889. The Company conducts business
worldwide and is headquartered in Copenhagen, Denmark. TORM's shares are
listed on NASDAQ OMX Copenhagen (ticker: TORM) and on NASDAQ in New York
(ticker: TRMD). For further information, please visit www.torm.com.
Safe Harbor statements as to the future
Matters discussed in this release may constitute forward-looking statements
and may be more detailed than regular practice. Forward-looking statements
reflect our current views with respect to future events and financial
performance and may include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying assumptions and
statements other than statements of historical facts. The forward-looking
statements in this release are based upon various assumptions, many of which
are based, in turn, upon further assumptions, including without limitation,
management's examination of historical operating trends, data contained in our
records and other data available from third parties. Although TORM believes
that these assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and contingencies which
are difficult or impossible to predict and are beyond our control, TORM cannot
guarantee that it will achieve or accomplish these expectations, beliefs or
projections. Important factors that, in our view, could cause actual results
to differ materially from those discussed in the forward- looking statements
include, the strength of the world economy and currencies, changes in charter
hire rates and vessel values, changes in demand for "tonne miles" of oil
carried by oil tankers, the effect of changes in OPEC's petroleum production
levels and worldwide oil consumption and storage, changes in demand that may
affect attitudes of time charterers to scheduled and unscheduled dry-docking,
changes in TORM's operating expenses, including bunker prices, dry-docking and
insurance costs, changes in the regulation of shipping operations, including
requirements for double hull tankers or actions taken by regulatory
authorities, potential liability from pending or future litigation, domestic
and international political conditions, potential disruption of shipping
routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by TORM with
the US Securities and Exchange Commission, including the TORM Annual Report on
Form 20-F and its reports on Form 6-K.
Forward-looking statements are based on management's current evaluation, and
TORM is only under an obligation to update and change the listed expectations
to the extent required by law.
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