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Provider: Reuters Investment Profile
Provider: GlobalData
Provider: Wright Reports
Provider: GlobalData

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Torm A/S Announces Termination of ADR Program and Plans to Delist from NASDAQ Capital Markets

Wednesday, 19 Jun 2013 02:26am EDT 

Torm A/S announced that it has commenced the process to terminate its American Depository Receipt (ADR) program, which is governed by Deposit Agreement between the Company and Deutsche Bank Trust Company Americas (the Depositary) dated as of May 8, 2013, as amended (Deposit Agreement), and delist its American Depositary Shares (ADSs), evidenced by American Depositary Receipts (ADRs), from the NASDAQ Capital Market, which was authorized by the Company’s shareholders at 2013 Annual General Meeting held on April 11, 2013. Pursuant to the terms and conditions of the Deposit Agreement, the Company mailed on June 19, 2013 the 30-day notice of termination of the Deposit Agreement to the registered holders of the Company’s ADRs. The termination of Deposit Agreement is expected to be effective on or about July 19, 2013. At any time prior to October 17, 2013, ADR holders may surrender ADRs to Depositary in exchange for underlying common shares of the Company, which trade on NASDAQ OMX Copenhagen. Holders that do not surrender ADRs prior to October 17, 2013 may receive cash. As soon as practicable on or after that date, Depositary will sell the ordinary shares underlying any ADRs that have not been surrendered. The Company plans to file a Form 25 with the U.S. Securities and Exchange Commission on or about July 9, 2013 to delist its ADRs from NASDAQ Capital Market. Trading of Company’s ADRs on NASDAQ Capital Market is expected to cease as of close of business on or about July 19, 2013. 

Company Quote

-0.013 -3.74%
27 Nov 2014