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| | 28. april 2010
ANNOUNCEMENT NO. 5 - 2010 |
| | |
| | Annual General Meeting in TORM A/S on 28 April 2010 |
| | At the Annual General Meeting the following took place: |
| | The Annual Report 2009 was approved, cf. the item 2 of the |
| | agenda. |
| | The proposal that the result for the year be carried forward |
| | was approved, cf. item 3 of the agenda. |
| | Nicos Zouvelos was re-elected as board member for a 4-year |
| | period, cf. item 4 of the agenda. |
| | Deloitte Statsautoriseret Revisionsaktieselskab was |
| | re-appointed as the Company's auditor, cf. item 5 of the |
| | agenda. |
| | The Board of Directors' proposal to amend the Articles of |
| | Association, primarily as a consequence of the new Danish |
| | Companies Act, was approved, cf. items 6a - 6b and items 6d - |
| | 6o of the agenda. |
| | The Board of Directors' proposal that it be authorised to |
| | issue convertible debt instruments for a total amount of up |
| | to DKK 700,000,000 and to effect the capital increase |
| | relating thereto by up to a total nominal amount of DKK |
| | 50,000,000 new shares by the inclusion of a new Article 2.6 |
| | in the Articles of Association was approved, cf. item 6c of |
| | the agenda. |
| | The Board of Directors' proposal to renew its authorisation |
| | to let the company acquire own shares in the period until the |
| | next ordinary general meeting within 10 per cent of the |
| | issued share capital was approved, cf. item 6p of the agenda. |
| | The Board of Directors' proposal that it be authorised to |
| | apply for registration with the Danish Commerce and Companies |
| | Agency, the Danish Financial Supervisory Authority, NASDAQ |
| | OMX Copenhagen A/S or any other public authority was |
| | approved, cf. item 6q of the agenda. |
| | At a Board meeting held immediately after the Annual General |
| | Meeting, the Board of Directors appointed Mr N. E. Nielsen |
| | Chairman and Mr Christian Frigast Deputy Chairman. |
| | Accordingly, the Board of Directors is composed as follows: |
| | N. E. Nielsen (Chairman) |
| | Christian Frigast (Deputy Chairman) |
| | Bo Jagd |
| | Jesper Jarlbæk |
| | Stefanos-Niko Zouvelos (Nicos Zouvelos) |
| | Gavriil Panayotides (Gabriel Panayotides) |
| | Angelos Papoulias |
| | Niels Peter Abildgaard Nielsen (elected by the employees) |
| | Lennart Arnold Johan Arrias (elected by the employees) |
| | Margrethe Bligaard (elected by the employees) |
| Contact: | N. E. Nielsen, Chairman of the Board, +45 72 27 00 00 |
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| About | TORM is one of the world's leading carriers of refined oil |
| TORM | products as well as a significant participant in the dry bulk |
| | market. The Company runs a fleet of approximately 140 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 NASDAQ OMX Copenhagen (ticker: TORM) and on NASDAQ |
| | in New York (ticker: TRMD). For further information, please visit |
| | www.torm.com. |
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| Safe | Matters discussed in this release may constitute forward-looking |
| Harbor | statements. Forward-looking statements reflect our current views |
| Forward | with respect to future events and financial performance and may |
| Looking | include statements concerning plans, objectives, goals, |
| Statemen | strategies, future events or performance, and underlying |
| ts | 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. |
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