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TheStreet Open House

Results From TORM's Extraordinary General Meeting On 9 January 2013

COPENHAGEN, Denmark, Jan. 9, 2013 (GLOBE NEWSWIRE) -- At the Extraordinary General Meeting the following took place:

  • The Board of Directors' proposal to delete the authorizations in Section 2.3 to 2.14 of the Articles of Association in their entirety as a consequence of the restructuring agreement was approved, cf. item 2.a of the agenda.
  • The Board of Directors' proposal to amend Section 5.6 of the Articles of Association as a result of the name change of the Danish Business Authority was approved, cf. item 2.b of the agenda.
  • The Board of Directors' proposal to amend Section 10.2 of the Articles of Association in order to establish certain minority protection rights in connection with an increase of the share capital was approved, cf. item 2.c of the agenda. The additional proposal that only the same qualified majority vote can change the new items (i) and (ii) of the amended Section 10.2 was also approved, cf. item 2.c of the agenda.
  • The Board of Directors' proposal to amend Section 10.3 of the Articles of Association, on special quorum and voting requirements, as a consequence of proposal 2.c, was approved, cf. item 2.d of the agenda.
  • The Board of Directors' proposal to amend Section 10.5 of the Articles of Association, for qualified approval requirements for decisions at a subsequent general meeting where a quorum requirement has not been met at the first general meeting at which the proposal was for treatment, as a consequence of proposal 2.c was approved, cf. item 2.e of the agenda.
  • The Board of Directors' proposal to amend Section 12.2 of the Articles of Association to change the election period for members of the Board of Directors was approved, cf. item 2.f of the agenda.
  • Mr. Olivier Dubois, Mr. Alexander Green, Mr. Flemming Ipsen, and Mr. Jon Syvertsen were elected as new members of the Board of Directors in accordance with Section 12.1 and 12.2 of the Articles of Association, cf. item 3 of the agenda. For information about the above mentioned persons' managerial positions see Appendix 2, cf. Section 120, paragraph 3 of the Companies Act. Mr. N.E. Nielsen, Mr. Christian Frigast, and Mr. Jesper Jarlbaek had prior to the Extraordinary General Meeting informed the Company that they offered their mandates as members of the Board of Directors, cf. item 3 of the agenda.

At a Board meeting held immediately after the Extraordinary General Meeting, the Board of Directors appointed Mr. Fleming Ipsen Chairman and Mr. Olivier Dubois Deputy Chairman. Accordingly, the Board of Directors is composed as follows:

  • Fleming Ipsen (Chairman)
  • Olivier Dubois (Deputy Chairman)
  • Alexander Green
  • Jon Syvertsen
  • Kari Millum Gardarnar (elected by the employees)
  • Rasmus Johannes Hoffmann (elected by the employees)

Contact TORM A/S Jacob Meldgaard, CEO, tel.: +45 3917 9200 Roland M. Andersen, CFO, tel.: +45 3917 9200 C. Soegaard-Christensen, IR, tel.: +45 3076 1288

Tuborg Havnevej 18 DK-2900 Hellerup, Denmark Tel.: +45 3917 9200 / Fax: +45 3917 9393 www.torm.com

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 110 modern vessels in cooperation with other respected shipping companies sharing TORM's commitment to safety, environmental responsibility and customer service.

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