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TORM plc finalizes USD 100m private placement
TORM plc hereby announces that the previously announced Private Placement (cf. company announcements no. 2 of 22 January 2018 and no. 3 of 23 January 2018) has successfully settled today, 26 January 2018.
TORM has issued a total of 11,920,000 new Class A common shares (par value USD 0.01) (the "New Shares") at a price of USD 8.39 (corresponding to DKK 51.00) per New Share. The related capital increase has today been filed with the UK Companies House.
"I am very pleased that TORM has attracted investors who share our belief in the product tanker market and in the One TORM platform. With this transaction, we are able to invest in very attractively priced vessels and at the same time retain firepower for other opportunities," says Executive Director Jacob Meldgaard.
In VP Securities, New Shares have been delivered in book-entry form in the temporary ISIN DK0060951515 against payment of the subscription price in DKK. The temporary ISIN code is expected to be merged with the existing permanent ISIN code for the existing shares, GB00BZ3CNK81, on 31 January 2018. The temporary ISIN code will not be listed on Nasdaq Copenhagen, but will only be registered with VP Securities for use in connection with subscription for New Shares.
The first day of trading and official listing for the New Shares on Nasdaq Copenhagen (ISIN GB00BZ3CNK81) will be 30 January 2018. All New Shares may be traded immediately on Nasdaq Copenhagen following the listing.
The New Shares have been approved for listing on NASDAQ New York under the existing CUSIP number for TORM's Class A common shares, G89479 10.
TORM hereby announces that its share capital as of today amounts to a total nominal value of USD 742,188.48 divided into 74,218,846 Class A common shares of USD 0.01 each, one Class B share of USD 0.01 and one Class C share of USD 0.01.
Following the Private Placement, TORM has assessed that certain terms of its warrants require an adjustment. As of 30 January 2018, TORM will adjust certain terms of its warrants outstanding so that the Company has a total of 4,838,827 warrants outstanding with a strike price of DKK 95.24. In addition to this announcement, TORM will notify its warrant holders directly.