ANNOUNCEMENT NO. 8 - 200822 April 2008Annual General Meeting in A/S
Dampskibsselskabet TORM 22 April 2008At the Annual General Meeting the
following took place:· Annual Report 2007 was approved.· A dividend of DKK 4.50
per DKK 5 share as proposed by the Board of Directors was approved.· Mr. Bo
Jagd and Mr. Michael Steimler were elected to the Board of Directors for a
period of four years.· Deloitte Statsautoriseret Revisionsaktieselskab was
re-elected.· Authorization to increase the share capital with up to DKK
182,000,000 was renewed until 1 April 2013.· The overall guidelines for the
incentive scheme to members of the Board of Directors and the Management Board
proposed by the Board of Directors was adopted.· Authorization to purchase the
Company's own shares was renewed.The expectations for the 2008 result before
tax of USD 210-230 million were maintained. In addition comes any gains from
sale of vessels.At the Board of Directors meeting immediately following the
Annual General Meeting, the Board of Directors appointed Mr. N. E. Nielsen as
Chairman and Mr. Christian Frigast as Deputy Chairman.Accordingly, the Board of
Directors is composed as follows:N. E. Nielsen (Chairman)Christian Frigast
(Deputy Chairman)Bo JagdGabriel PanayotidesMichael SteimlerNicos ZouvelosPeter
Abildgaard (elected by the employees)Lennart Arnold Johan Arrias (elected by
the employees)Margrethe Bligaard (elected by the employees).
Contact A/S Dampskibsselskabet TORM Telephone: +45 72 27 00 00Tuborg Havnevej
18 N. E. Nielsen, Chairman of the BoardDK-2900 HellerupDenmark
About TORM TORM is one of the world's leading carriers of refined oil products
as well as being a significant participant in the dry bulk market. The Company
operates a combined fleet of 128 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 headquartered in
Copenhagen, Denmark. TORM's shares are listed on the Copenhagen Stock Exchange
(ticker TORM) as well as on the NASDAQ (ticker TRMD). For further information,
please visit www.torm.com.
Safe HarborForward 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 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.Forward looking statements are based on
management's current evaluation, and TORM is only under obligation to update
and change the listed expectations to the extent required by law.
