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Torm | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC announcement ·  Mar 19 16:35
Summary by Moomoo AI
TORM plc, a leading carrier of refined oil products, announced on March 19, 2024, a capital increase through the issuance of 744,668 new Class A common shares. This increase is attributed to two separate events: the delivery of the sixth LR2 product tanker vessel from an eight-vessel acquisition announced in November 2023, which accounted for 698,590 shares, and the exercise of Restricted Stock Units (RSUs) as part of the company's incentive program, adding 46,078 shares. The capital raised from the new shares, which are expected to be listed on Nasdaq Copenhagen, will be used to settle a $22.1 million loan note issued for the vessel delivery and to subscribe for shares in cash by employees exercising RSUs. The new shares are subject to a 40-day lock...Show More
TORM plc, a leading carrier of refined oil products, announced on March 19, 2024, a capital increase through the issuance of 744,668 new Class A common shares. This increase is attributed to two separate events: the delivery of the sixth LR2 product tanker vessel from an eight-vessel acquisition announced in November 2023, which accounted for 698,590 shares, and the exercise of Restricted Stock Units (RSUs) as part of the company's incentive program, adding 46,078 shares. The capital raised from the new shares, which are expected to be listed on Nasdaq Copenhagen, will be used to settle a $22.1 million loan note issued for the vessel delivery and to subscribe for shares in cash by employees exercising RSUs. The new shares are subject to a 40-day lock-up period, with certain conditions for resale, especially outside the United States. Following the capital increase, TORM's share capital stands at $920,944.82, divided into 92,094,480 A-shares. The company also granted additional RSUs to certain employees as an adjustment for dividends paid since the original grant date. TORM, with a fleet of approximately 90 vessels, is committed to safety, environmental responsibility, and customer service, and is listed on both Nasdaq Copenhagen and New York.

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