A/S Dampskibsselskabet TORM
Disclosure of the sale of the bulk vessel TORM Marlene – Decision by the Danish Securities Council
A/S Dampskibsselskabet TORM / Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- ANNOUNCEMENT NO. 2 - 2009 10 March 2009 Disclosure of the sale of the bulk vessel TORM Marlene - Decision by the Danish Securities Council On 25 April 2008, A/S Dampskibsselskabet TORM announced the sale of the bulk vessel TORM Marlene. Since then, TORM has corresponded with the Danish Financial Supervisory Authority about whether TORM has made a timely disclose pursuant to Section 27 of the Danish Securities Trading Act. In TORM's opinion, the Company has not violated its disclosure obligations, and TORM has followed its long-standing disclosure practice when disclosing information on the sale of TORM Marlene and which is also followed by leading Danish and international companies within the shipping industry. The Danish Financial Supervisory Authority has referred the matter to the Danish Securities Council. TORM has been informed by the Danish Financial Supervisory Authority that the Securities Council has decided to refer the matter of whether TORM has violated Section 27(1) of the Danish Securities Trading Act to the public prosecutor for further investigation. TORM has already given an account of its view on this particular matter to the Danish Financial Supervisory. TORM is surprised to learn that the matter has been referred to the public prosecutor, but intends to cooperate in any investigation. TORM does not intend to make any additional comments to the press while the matter is pending. Contact: Mikael Skov, CEO, tel.: +45 39 17 92 00 Roland M. Andersen, CFO, tel.: +45 39 17 92 00 About TORM TORM is one of the world's leading carriers of refined oil products as well as being a significant participant in the dry bulk market. The Company operates a combined fleet of more than 130 modern vessels, principally through a pooling cooperation with other respected shipping companies who share TORM's commitment to safety, environmental responsibility and customer service. TORM was founded in 1889. The Company conducts business worldwide and is headquartered in Copenhagen, Denmark. TORM's shares are listed on the Copenhagen Stock Exchange (ticker TORM) as well as on the NASDAQ (ticker TRMD). For further information, please visit www.torm.com. Safe Harbor Forward Looking Statements Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Management's examination of historical operating trends, data contained in our records and other data available from third parties. Although TORM believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, TORM cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies and currencies, changes in charter hire rates and vessel values, changes in demand for tonne miles of oil carried by oil tankers, the effect of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in TORM's operating expenses, including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations including requirements for double hull tankers or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by TORM with the US Securities and Exchange Commission, including the TORM Annual Report on Form 20-F and its reports on Form 6-K. Forward looking statements are based on management's current evaluation, and TORM is only under obligation to update and change the listed expectations to the extent required by law. News Source: NASDAQ OMX 10.03.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: A/S Dampskibsselskabet TORM Denmark Phone: Fax: E-mail: Internet: ISIN: DK0010281468 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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