TORM files for US Nasdaq listing

Print
| Source: TORM Plc
multilang-release

TORM plc plans to file a registration statement with the U.S. Securities and Exchange Commission later today in connection with its direct share listing on the Nasdaq Stock Market in New York, which TORM expects to complete before the end of 2017.

Following the listing, TORM's Class A common shares will be listed for trading on both Nasdaq Copenhagen under the symbol "TRMD A" and Nasdaq New York under the symbol "TRMD".

The purpose of a dual listing is to provide our investors with the ability to trade their Class A common shares on a USD-denominated exchange and to improve the liquidity in TORM's Class A common shares over time. TORM believes that a dual listing will attract further investor interest and provide stronger visibility towards an international investor community, which will strengthen TORM's strategic and financial flexibility. No new TORM securities will be issued in connection with the direct share listing on Nasdaq New York.  

"In 2016, we took the first step towards a US listing when we implemented the Corporate Reorganization and established TORM plc. A US listing is the natural next step for TORM. We remain committed to expanding our investor footprint in the US, and the dual-listing underlines this ambition," says Executive Director Jacob Meldgaard.

Detailed information on how to trade and settle TORM share transactions between the two exchanges will follow once the registration statement becomes effective.

                                                                 ***
A registration statement on Form 20-F relating to TORM's Class A common shares will be filed with the U.S. Securities and Exchange Commission later today, but has not yet become effective. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of TORM, including those covered by the registration statement, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

  

CONTACT TORM plc
Christopher H. Boehringer, Chairman, tel.: +45 3917 9200 Birchin Court, 20 Birchin Lane
Jacob Meldgaard, Executive Director, tel.: +45 3917 9200 London, EC3V 9DU, United Kingdom
Christian Søgaard-Christensen, CFO, tel.: +45 3917 9200 Tel.: +44 203 713 4560
Christian Mens, IR, tel.: +45 3917 9231 www.torm.com
   

   

ABOUT TORM
TORM is one of the world's leading carriers of refined oil products. The Company operates a fleet of 77 modern vessels with a strong commitment to safety, environmental responsibility and customer service. TORM was founded in 1889. The Company conducts business worldwide. TORM's shares are listed on Nasdaq Copenhagen (ticker: TRMD A). For further information, please visit www.torm.com.

SAFE HARBOR STATEMENTS AS TO THE FUTURE
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 statements other than statements of historical facts. The words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions generally identify forward-looking statements.

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 the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee 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 the world economy and currencies, changes in charter hire rates and vessel values, changes in demand for "ton 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 the regulation of shipping operations, 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, political events or acts by terrorists.

In light of these risks and uncertainties, you should not place undue reliance on forward-looking statements contained in this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/ddfb92c4-e155-42e7-85ff-c5f61ded2117