Annual General Meeting in A/S Dampskibsselskabet TORM 9 April 2003.Business Editors COPENHAGEN Copenhagen (kō`pənhā'gən, –hä'gən), Dan. København (kö'bənhoun`), city (1992 pop. 464,566; metropolitan area 1,339,395), capital of Denmark and of Copenhagen co. , Denmark--(BUSINESS WIRE)--April 9, 2003 TORM TORM Transactional or Relationship Message (Federal Trade Commission email message definition) (Copenhagen Stock Exchange Copenhagen Stock Exchange The only securities exchange in Denmark. It features electronic trading of stocks, bonds, futures, and options. : TORM.CO): At the Annual General Meeting the following took place: -- Annual Report 2002 was approved. -- A dividend of DKK DKK In currencies, this is the abbreviation for the Danish Krone. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2 per DKK 10 share (20%) as recommended by the Board of Directors was approved. -- Mr. Rex Harrington Rex Howard Harrington (born October 30 1962) is a Canadian ballet dancer. He was a dancer with the National Ballet of Canada. He danced in Sleeping Beauty at the National Ballet in 2006. In 2000, he was made an Officer of the Order of Canada. , Director, London, U.K. was elected to the Board of Directors and the remaining Board members were re-elected for a 4 year term. -- Chief Engineer Peder Mouridsen (elected by the employees) and Master Lennart Arnold Johan Arrias (elected by the employees) will join the Board of Directors after the Annual General Meeting. -- State authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: public accountants Ernst & Young were re-elected and Deloitte & Touche elected. -- Authorisation to purchase the Company's own shares was renewed. -- Changes to the Company's Articles of Association as recommended by the Board of Directors were approved. These alterations were principally in respect of new accounting rules. The Chairman, Mr. N. E. Nielsen, stated in his report that the Company's share price rose nearly 23% during 2002 and that since January, 2003 it has risen a further 23%. Including payment of the dividend of DKK 4 per share, the yield in 2002 was 31%. Mr. N. E. Nielsen furthermore informed the Annual General Meeting that TORM has declared to the Board of Directors of Dampskibsselskabet NORDEN A/S the possibility of discussing price level and other business issues of relevance. TORM is today NORDEN's largest shareholder with a holding of 33.35% excluding treasury shares as at 31 December 2002. In as much as the Board of Directors of NORDEN has not recommended TORM's purchase price - notwithstanding the flexibility shown by TORM - the Board of Directors of TORM will consider all possibilities including disposal of the holding, increasing the previous offer or maintaining a wait and see attitude. At the Board of Directors meeting immediately following the last Annual General Meeting, the Board of Directors then elected Mr. N. E. Nielsen as Chairman and Mr. Christian Frigast as Vice Chairman. Accordingly, the Board of Directors going forward is made up of the following persons: N. E. Nielsen (Chairman) Christian Frigast (Vice Chairman) Ditlev Engel Rex Harrington Gabriel Panayotides Peder Mouridsen (elected by the employees) Lennart Arnold Johan Arrias (elected by the employees) Yours faithfully, A/S Dampskibsselskabet TORM A/S Dampskibsselskabet TORM or TORM (NASDAQ: TRMD), based in Copenhagen, Denmark, is a shipping company that owns and operates product tankers and bulk carriers. TORM's company's tankers carry refined oil products such as gasoline, jet fuel, naphtha and diesel oil. Klaus Kjaerulff CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. |
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