TORM maintains US listing of ADS on NASDAQ
6/27/2012 2:08 PM EST
TORM A/S
Company Announcement
TORM maintains US listing of ADS on NASDAQ
With reference to announcement no. 1 dated 4 January 2012, TORM’s American
Depository Shares (ADS) are not in compliance with the minimum bid price of USD
1.00 per share set by the NASDAQ Stock Market LLC (“NASDAQ”).
TORM has obtained additional 180 calendar days until 24 December 2012 to regain
compliance. The Company intends to monitor the bid price and will consider the
available options to resolve the deficiency and regain compliance with the
NASDAQ minimum bid price requirement.
The Company's ADS will continue to trade on NASDAQ under the symbol "TRMD" and
will be listed on NASDAQ Capital Market.
Contact TORM A/S Tuborg Havnevej 18
Jacob Meldgaard, CEO, tel.: +45 3917 9200 DK-2900 Hellerup,
Roland M. Andersen, CFO, tel.: +45 3917 9200 Denmark
C. Søgaard-Christensen, IR, tel.: +45 3076 1288 Tel.: +45 3917
9200 / Fax: +45
3917 9393
www.torm.com
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About TORM
TORM is one of the world’s leading carriers of refined oil products as well as a
significant player in the dry bulk market. The Company runs a fleet of
approximately 140 modern vessels in cooperation with other respected shipping
companies sharing 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 NASDAQ OMX
Copenhagen (ticker: TORM) and on NASDAQ in New York (ticker: TRMD). 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
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 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 “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 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 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 an obligation to update and change the listed expectations
to the extent required by law.