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Torm Issues New Shares for USD 100mln

Torm Issues New Shares for USD 100mln
The shipping company Torm has completed the sale of new shares for 100 million dollar, which the company will use for a possible expansion of the fleet.

In a notice to the stock exchange, the company states that the directed issue has now been completed. "TORM has issued a total of 11,920,000 new Class A common shares (par value USD 0.01) (the "New Shares") at a price of USD 8.39 (corresponding to DKK 51.00) per New Share. The related capital increase has today been filed with the UK Companies House," it said.
"I am very pleased that TORM has attracted investors who share our belief in the product tanker market and in the One TORM platform. With this transaction, we are able to invest in very attractively priced vessels and at the same time retain firepower for other opportunities," says Executive Director Jacob Meldgaard.
In VP Securities, New Shares have been delivered in book-entry form in the temporary ISIN DK0060951515 against payment of the subscription price in DKK. The New Shares have been approved for listing on NASDAQ New York under the existing CUSIP number for TORM's Class A common shares

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