ANNOUNCEMENT NO. 21 - 2007
31 August 2007
Decision to distribute interim dividend
The Board of directors of A/S Dampskibsselskabet TORM has decided to exercise
the authorisation under article 3.8 of the Articles of Association adopted
pursuant to section 109a of the Danish Public Companies Act at the
extraordinary general meeting of shareholders held on 14 August 2007.
The decision of the Board of directors involves the distribution of a total of
DKK 2,002 million in cash corresponding to DKK 27.50 per share in TORM of a
nominal value of DKK 5.
The dividend settlement will be effected by the Danish VP Securities Services
(VP) on Wednesday, 5 September 2007 on the basis of the shareholdings
registered on VP accounts following an update at the end of the trading day.
Share purchases which are settled no later than Wednesday, 5 September 2007
will thus entitle the purchaser to dividends, whereas share sales which are
settled no later than 5 September 2007 will not entitle the seller to
dividends. This means that trades taking place up until and including today
will be settled inclusive of divi-dends, whereas trades effected as from
Monday, 3 September 2007 will be settled exclusive of dividends (subject to the
conventional three settlement days).
As regards TORM's ADRs trades up until and including today will be settled
inclu-sive of dividends, whereas trades effected after today will be settled
exclusive of dividends.
Dividends will be available to the shareholders on Thursday, 6 September 2007,
whereas it is expected that dividends in relation to ADRs will be available on
Thursday, 13 September 2007.
Contact Klaus Kjærulff, CEO, tel.: +45 39 17 92 00.
About TORM
TORM is one of the world's leading carriers of refined oil products as well as
being a signifi-cant participant in the dry bulk market. The Company operates a
combined fleet of more than 100 modern vessels, principally through a pooling
cooperation with other respected shipping companies who share TORM's commitment
to safety, environmental responsibility and customer service.
TORM was founded in 1889. The company conducts business worldwide and is
headquar-tered in Copenhagen, Denmark. TORM's shares are listed on the
Copenhagen Stock Ex-change (ticker TORM) as well as on the NASDAQ (ticker
TRMD). For further information, please 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 future 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.
