Torm Plc Increases Share Capital to Support Vessel Acquisition and Growth Strategy

TORM plc Expands Share Capital Amid Strategic Vessel Acquisition

TORM plc, a prominent carrier of refined oil products, announces a substantial increase in its share capital due to the delivery of a new Long Range 2 (LR2) vessel and the exercise of Restricted Share Units (RSUs). The company issues a total of 2,395,426 shares, valued at approximately USD 23,954.26. This capital infusion follows TORM's previous announcement regarding the acquisition of a 2010-built LR2 vessel, resulting in an earlier increase of 748,569 shares. The move highlights TORM's ongoing commitment to expanding its fleet and operational capacity in the competitive maritime transportation industry.

The newly issued shares are linked to a USD 17 million loan note for the vessel delivery, with A-shares priced at USD 22.71 per share. Notably, the issued shares will be subject to a 40-day lock-up period in the U.S., though they can be traded outside the U.S. in accordance with Regulation S. This strategic maneuver allows TORM to bolster its financial foundation while enhancing shareholder value through increased operational capabilities. The recent capital increase does not grant pre-emption rights to existing shareholders, marking a significant shift in TORM's approach to capital management.

Following the vessel delivery and RSU exercises, TORM's total share capital reaches USD 1,003,478.57, comprising 100,347,855 A-shares, one B-share, and one C-share. The company's governance remains intact, with A-shares retaining full voting rights. Additionally, TORM's Board issues 840,874 adjustment RSUs to employees, reflecting dividend payments since the grant date. This strategic focus on enhancing employee engagement through RSUs demonstrates TORM's commitment to retaining talent and aligning employee interests with the company's long-term growth objectives.

In a separate announcement, CEO Jacob Balslev Meldgaard reveals that TORM also executed a capital increase from the exercise of RSUs, resulting in the issuance of 970,646 A-shares. Of these, 963,146 shares are subscribed for in cash at DKK 0.07 each, while a small portion is subscribed at DKK 140.2. This capital increase further strengthens TORM's financial position and supports its operational objectives. As TORM continues to navigate the complexities of the global shipping industry, its focus on strategic fleet expansion and employee engagement positions the company for sustained growth and success in the years ahead.