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Dividends

Dividends

TORM intends to semi-annually distribute 25 to 50% of net income. The distribution policy will be periodically reviewed and considered in light of TORM’s capital structure, strategic developments, future obligations, market trends and shareholder interests. 

 

In line with TORMs distribution policy, the Board of Directors has decided to recommend a dividend of USD 7.4m, equivalent to USD 0.10 per share, for approval at the AGM on 15 April 2020. Should the dividend be approved, payment is expected on 6 May 2020 with ex-dividend date on 17 April 2020 for shareholder holders in Nasdaq Copenhagen and dividend payment on 15 May 2020 with ex-dividend date on 1 May 2020 for shareholders in Nasdaq New York. In addition, the Board has decided to conduct share repurchases up to a maximum of USD 1.4m during the first six months of 2020 in open-market transactions on Nasdaq in Copenhagen. The total distribution of up to USD 8.8m is in line with the Company’s Distribution Policy and corresponds to a maximum of 50% of net income adjusted for the impairment reversal of USD 120m for the six months ended 31 December 2019. Below is an overview of the key dates and further details of the dividend payment.

11.03.2020 - Announcement date

Dividend payment announced in connection with the Annual Report 2019 release

15.04.2020 - Annual General Meeting

The dividend is up for approval on the Annual General Meeting

16.04.2020 - Last Trading day

Shares purchased on Nasdaq CPH on that day will be entitled to dividends

17.04.2020 - Ex-dividend date DK

Shares purchased on Nasdaq CPH on that day will not be entitled to dividends

20.04.2020 - Record date DK

With two days settlement on Nasdaq CPH, shares purchased on 16.04.2020 are owned from this day

24.04.2020 – Announcement date US

Separate announcement on Nasdaq NY. Temporary share transfer suspension between Nasdaq CPH and Nasdaq NY effective until 4 May 2020

01.05.2020 – Ex-dividend date US

Shares purchased on Nasdaq NY on that day will not be entitled to dividends

04.05.2020 – Record date US

With two days settlement on Nasdaq NY, shares purchased on 30.04.2020 are owned from this day

06.05.2020 - Dividend payment date DK

Payment to shareholders on Nasdaq CPH will be conducted in local currency

15.05.2020 - Dividend payment date US

Payment to shareholders on Nasdaq NY

DIVIDEND HISTORY

Announcement date Ex-date Payment date Dividend per share USD
11.03.2020 17.04.2020 06.05.2020 0.10
16.08.2017 24.08.2017 12.09.2017 0.02
16.08.2016 24.08.2016 15.09.2016 0.40