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ANNOUNCEMENT NO. 26 - 2008
16 December 2008
Extraordinary general meeting
An extraordinary general meeting of the shareholders of A/S Dampskibsselskabet
TORM has today been held.
The general meeting resolved to authorise the Board of Directors to decide to
distribute interim dividends pursuant to section 109a of the Danish Public
Companies Act and to insert a section 3.8 in the Articles of Association
reflecting this.
The Chairman of the Board of Directors advised at the general meeting that as
previously announced the Board of Directors intends to exercise its
authorisation the day after the extraordinary general meeting, i.e. on
Wednesday, 17 December 2008 by adopting a resolution to distribute interim
dividends in the aggregate amount of DKK 328 million in cash corresponding to
DKK 4.5 per share in TORM of a nominal value of DKK 5 each. Assuming this,
distribution of dividend is expected to be handled through the Danish VP
Securities Services (VP) on Monday, 22 December 2008 on the basis of the
shareholdings registered on VP accounts following an update at the end of the
trading day, and the dividends will be available to the shareholders on
Tuesday, 23 December 2008. For trades in TORM shares subject to customary three
trading days' settlement, Thursday, 18 December 2008 will be the first trading
day where TORM shares trade ex dividend.
The Chairman further advised that any possible later use by the Board of
Directors of the authority granted will be subject to prior approval from the
shareholders at a general meeting.
Mikael Skov, CEO, tel.: +45 39 17 92 00
Roland M. Andersen, CFO, 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 significant participant in the dry bulk market. The Company operates a
combined fleet of more than 130 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 Harbor
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 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.
