ANNOUNCEMENT NO. 7 - 2007
17 April 2007
Annual General Meeting in A/S Dampskibsselskabet TORM 17 April 2006
At the Annual General Meeting the following took place:
· Annual Report 2006 was approved.
· A dividend of DKK 11.5 per DKK 10 share (150%) as recommended by the Board of
Directors was approved.
· Information on the share-buy-back-programme of DKK 2 billion (USD 364
million), which is planned to be started in the second quarter of 2007.
· The Board members recommended
N. E. Nielsen
Christian Frigast
Ditlev Engel
Gabriel Panayotides
were re-elected.
· Deloitte Statsautoriseret Revisionsaktieselskab was re-elected.
· Authorization to change the denomination of the Company's shares from DKK
10.00 to DKK 5.00 was given.
· Authorization to increase the share capital with up to DKK 182,000,000
corre-sponding to 50% was renewed until 1 April 2012.
· The appointment of VP Investor Services A/S as keeper of the Company's
Register of Shareholders was given.
· Authorization to purchase the Company's own shares was renewed.
The expectations for the 2007 result before tax of USD 780-800 million (DKK
4.3-4.4 billion) were maintained. In addition comes any gains or losses from
sale of vessels.
At the Board of Directors meeting immediately following the Annual General
Meeting, the Board of Directors then elected Mr. N. E. Nielsen as Chairman and
Mr. Christian Frigast as Deputy Chairman.
Accordingly, the Board of Directors is made up of the following persons:
N. E. Nielsen (Chairman)
Christian Frigast (Deputy Chairman)
Ditlev Engel
Gabriel Panayotides
Nicos Zouvelos
Peter Abildgaard (elected by the employees)
Lennart Arnold Johan Arrias (elected by the employees)
Margrethe Bligaard (elected by the employees).
Contact N. E. Nielsen, Chairman, tel.: +45 72 27 00 00.
About TORM
TORM is one of the World's leading carriers of refined oil products and has
significant activi-ties in the bulk market. The Company operates close to 100
modern and secure vessels, most of them in pool co-operation with other
respected shipping companies, sharing TORM's commitment to safety,
environmental responsibility and customer service.
TORM was founded in 1889 and has constantly adapted itself and benefited from
the signifi-cant changes characterizing shipping. The Company conducts business
all over the World and is headquartered in Copenhagen, Denmark. TORM's shares
are listed in Copenhagen (ticker TORM) as well as on NASDAQ (ticker TRMD). For
more information, visit www.torm.com.
SAFE HARBOUR STATEMENT - FORWARD LOOKING STATEMENTS
Matters discussed in this release may constitute forward-looking statements.
Forward-looking statements reflect our current views with respect to future
events and financial performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of historical
facts.
The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical operating
trends, data contained in our records and other data available from third
parties. Although TORM believes that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control, TORM cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies and currencies, changes in charter hire rates and
vessel values, changes in demand for “tonne miles” of crude oil carried by oil
tankers, the effect of changes in OPEC's petroleum production levels and
worldwide oil consumption and storage, changes in demand that may affect
attitudes of time charterers to scheduled and unscheduled dry-docking, changes
in TORM's operating expenses, including bunker prices, dry-docking and
insurance costs, changes in governmental rules and regulations including
requirements for double hull tankers or actions taken by regulatory
authorities, potential liability from pending or fu
ture litigation, domestic and international political conditions, potential
disruption of shipping routes due to accidents and political events or acts by
terrorists.
Risks and uncertainties are further described in reports filed by TORM with the
US Securities and Exchange Commission, including the TORM Annual Report on Form
20-F and its reports on Form 6-K.
