#London #United Kingdom #Annual General Meeting #TORM plc #Capital Reduction

Torm PLC Embraces Strategic Changes at AGM 2025

On March 17, 2025, Torm PLC issued a formal notice for their Annual General Meeting (AGM) scheduled for April 16, 2025, at 12:00 noon BST. This announcement follows the company's commitment to enhance its financial strategies, most notably through proposed capital reduction measures aimed at maintaining competitive advantages in the maritime industry.

The AGM will take place at Torm's registered office located at 120 Cannon Street, London, EC4N 6AS, and shareholders are encouraged to participate in person or finalize their voting through the company’s established Proxy form. The option to vote via the Q4 platform underscores Torm's dedication to shareholder engagement, allowing for flexibility in attending the meeting.

Key Proposals for Consideration

The focal point of the upcoming AGM revolves around two significant proposals: the Share Premium Reduction and the Cancellation of Treasury Shares.

• - Share Premium Reduction: Torm is proposing a reduction of its Share Premium Account by $180 million. This strategic move aims to enhance flexibility for future dividends and potential share buybacks, which are contingent upon having adequate distributable reserves. The directors believe that this measure will empower the company to provide more consistent dividends to shareholders, reflecting Torm's strong financial position and growth prospects.

• - Cancellation of Treasury Shares: In conjunction with the above, Torm seeks to address technical compliance issues related to prior share buybacks. By canceling approximately 493,371 treasury shares valued at $4,933.71, Torm intends to rectify these discrepancies while not affecting the rights associated with other outstanding shares. The directors unanimously advocate for this resolution as a means to maintain the integrity of Torm's share handling process.

Governance and Voting Strategies

Torm's board includes seasoned leaders such as Christopher H. Boehringer, and all members will be standing for reappointment during the AGM. Each director recommendation is coupled with the approval of remuneration reports, ensuring transparent and accountable governance.

Shareholder participation is crucial; thus, a mix of ordinary and special resolutions will be on the agenda, requiring varied levels of majority support. Ordinary resolutions merely need a simple majority, while the special resolutions concerning capital reduction must achieve a 75% approval threshold to pass. Shareholders are invited to submit their voting instructions through the Proxy form by April 14, 2025, at 11:00 p.m. BST, to facilitate their participation.

The AGM will also address the annual reports, and opinions surrounding the directory's performance are expected to be a focal point during discussions. Torm is encouraging shareholders to raise questions in advance to ensure a thorough discussion and provide clarity on matters that concern them.

Conclusion

As Torm PLC approaches this pivotal AGM, its proposals reflect a proactive stance in navigating the complexities of the maritime transportation industry. These strategic changes are designed not only for immediate financial optimization but also to align with long-term growth objectives and shareholder expectations. The April 16 gathering will be more than just a meeting; it will be a showcase of Torm’s commitment to transparency, adaptability, and shareholder value enhancement in the years ahead.

For additional information or to access documents related to the AGM, shareholders are encouraged to visit Torm’s official website or contact company representatives directly. Your vote and engagement can help shape the future of Torm PLC.