COPENHAGEN, Denmark, July 19, 2013 (GLOBE NEWSWIRE) -- With reference to company announcement no. 11 dated June 19, 2013, TORM A/S (Nasdaq:TRMD) (the "Company"), effective as of the close of trading today (i) terminates the Deposit Agreement between the Company and Deutsche Bank Trust Company Americas (the "Depositary") dated as of May 8, 2013, as amended (the "Deposit Agreement"), and its American Depository Receipt ("ADR") Program, and (ii) delists its American Depositary Shares ("ADSs"), evidenced by ADRs, from trading on the NASDAQ Capital Market in the United States. This was authorized by the Company's shareholders at the Company's Annual General Meeting, which was held on April 11, 2013.
Pursuant to the terms and conditions of the Deposit Agreement, on June 19, 2013 the Company mailed the 30-day notice of termination of the Deposit Agreement to the registered holders of the Company's ADRs. In addition, the Company filed a Form 25 with the U.S. Securities and Exchange Commission on July 10, 2013 in connection with delisting from the NASDAQ Capital Market in the United States.
The Board of Directors has determined that terminating the Deposit Agreement and the Company's ADR program, delisting the Company's securities from the NASDAQ Capital Market in the United States and deregistering the Company's securities under the Securities Exchange Act of 1933, as amended, is in the interest of the Company due to the limited size of the ADR program, the costs involved with a listing on NASDAQ Capital Market in the United States and the reporting and filing obligations under the U.S. Securities Exchange Act.At any time prior to October 17, 2013 (that is, up to 90 days following the termination of the Deposit Agreement), ADR holders may surrender their ADRs to the Depositary in exchange for the underlying common shares of the Company, which trade on the NASDAQ OMX Copenhagen under the symbol "TORM". Holders that do not surrender their ADRs prior to October 17, 2013 may receive a cash amount. As soon as possible after that date, the Depositary will sell the ordinary shares underlying any ADRs that have not yet been surrendered. The Depositary shall thereafter hold un-invested the net proceeds of any such sale in the stock market, for the pro-rata benefit of the holders of any such outstanding ADRs.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts