Publicly Traded Securities
The TORM A shares are listed on Nasdaq Copenhagen (ISIN code GB00BZ3CNK81 and short name TRMD A) and Nasdaq New York (CUSIP code G89479102 and short name TRMD).
Denomination of the Shares
The Company’s A shares are registered with the Danish Securities Centre in the denomination of USD 0.01.
In addition, TORM has issued one B Share of USD 0.01 in nominal value to SFM Trustees Limited, as Minority Trustee. The B share has one vote at the general meeting, has no preemption rights in relation to any issue of new shares of other classes and carries no right to receive dividends, liquidation proceeds or other distributions from TORM. The holder of the B share has the right to elect one member to the Board of Directors (being the deputy chairman), up to three alternates, as well as one Board observer. The B share cannot be transferred or pledged, except for a transfer to a replacement trustee.
In addition, TORM has also issued one C share of USD 0.01 in nominal value to Njord Luxco. The C share represents 350,000,000 votes at the general meeting in respect of certain specified matters, including election of members to the Board of Directors (including the chairman but excluding the deputy chairman) and certain amendments to the Articles of Associations proposed by the Board of Directors. The C share has no pre-emption rights in relation to any issue of new shares of other classes and carries no right to receive dividends, liquidation proceeds or other distributions from TORM. The C share cannot be transferred or pledged, except to an affiliate of Njord Luxco.
Class of Shares
TORM has three classes of shares as can be seen above. The A shares are negotiable, may be freely traded and shall be issued in the name of each holder and shall be registered in the Company's register of shareholders in the name of each holder.
TORM has issued 74,218,846 A shares of USD 0.01 in nominal value.
Each A share of USD 0,01 entitles the holder to one vote at general meetings with exception of the B share and the C share as described above.
TORM intends to semi-annually distribute 25 to 50% of net income. In addition to dividends, TORM will also consider share repurchases.
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.