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. 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 and Nasdaq NY on that day will be entitled to dividends
17.04.2020 - Ex-dividend date
Shares purchased on Nasdaq CPH and Nasdaq NY on that day will not be entitled to dividends
20.04.2020 - Record date
With two days settlement on Nasdaq CPH and Nasdaq NY, shares purchased on 16.04.2020 are owned from this day
06.05.2020 - Dividend payment date
Payment to shareholders on Nasdaq CPH and Nasdaq NY will be conducted in local currency
||Dividend per share USD