ANNOUNCEMENT NO. 2 - 2007
27 March 2007
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA OR JAPAN.
TORM's shareholding in NORDEN
TORM has decided to investigate a private placement of its shareholding in
Dampskibssel-skabet “NORDEN” A/S (NORDEN) by way of a book-building process
managed by SEB En-skilda and Kaupthing/FIH.
Contact A/S Dampskibsselskabet TORM Telephone +45 39 17 92 00
Tuborg Havnevej 18 Klaus Kjærulff, CEO
DK-2900 Hellerup - Denmark
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
close to 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 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.
UNITED STATES SECURITIES ACT OF 1933
This announcement does not constitute, or form part of, an offer or
solicitation of an offer to purchase or subscribe for Norden shares referred to
in this press release in the United States or any other jurisdiction. The
Norden shares referred to in this press release have not been and will not be
registered under the U.S. Securities Act of 1933 (the "Securities Act") or the
securities laws of any state of the United States. The Norden shares may not be
of-fered or sold in the United States or to U.S. persons (as defined in
Regulation S under the Securities Act) unless such shares are registered under
the Securities Act, or an exemption from the registration requirements of the
Securities Act is available. Prospective purchasers of the Norden shares are
hereby notified that sale of the Norden shares in the United States or to U.S.
persons is subject to certain transfer restrictions.
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 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.
