DS Torm, the listed Danish product tanker company that has just completed restructuring its business, has published a listing prospectus to shares that were issued as part of the restructuring.
The prospectus covers the more than 95 million A shares with a nominal value of DKK 0.01 (USD0.0015) eachthat have already been issued. “The Listing Shares were issued through VP Securities A/S and registered with the Danish Business Authority on 13 July 2015 in connection with completion of the restructuring,” Torm said.
The restructuring, which was completed earlier this summer, comprised six parts: a write-down of debt to current asset values against issuance of warrants; a conversion of debt into new A shares in Torm; a contribution by OCM Njord Holdings, OCM (Gibraltar) Njord Midco in exchange for new A shares in Torm; the provision of new working capital facility; implementation of new corporate governance provisions, including issuance of one B share and one C share each against cash payment of DKK 10; and the admission to trading and official listing of the new A shares on Nasdaq.
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As a result of the restructuring, Torm’s share capital was increased by more than DKK 950 million from DKK 7.3 million to DKK 958 million by issuing the listing shares as well as one B share with special administrative rights and one C share with special voting rights, both non-listed and without liquidation or dividend rights, the company said.
The restructuring was the second the company has undergone since the economic downturn and it left existing shareholders owning about 2% of the company. Oaktree, the US-based private equity fund, became Torm’s biggest shareholder.
The company intends to hold an extraordinary general meeting in August to elect a new board of directors and implement share consolidation.