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Torm puts wheels in motion towards US IPO

Torm has completed its corporate reorganisation and expects to list A shares in Torm Plc, its newly created UK-based entity, on Nasdaq Copenhagen from April 19.

From the same date, Torm Plc will offer existing holders of shares and warrants in Denmark-based Torm AS the chance to exchange their securities for those in the UK-based company on a one-for-one basis.

Torm AS will ultimately be delisted from Nasdaq Copenhagen through a squeeze-out of minority shareholders. The last day of trading and official listing of A shares in Torm AS on the bourse is expected to be on April 25, the Danish company said today.

Torm announced plans in early March to move its corporate headquarters to the UK, saying that the UK legal system, corporate governance structure and tax regime “is more familiar and beneficial for Torm’s investor base going forward”.

Once Torm Plc has taken over as parent company of its Danish predecessor, it will also consider an initial US offering and listing its shares on the NYSE, a plan that was first mooted in November. Torm has not yet released any further details of the US offering, other than stating its timing will be determined “principally by market conditions”.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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