Torm reports 223% share increase at AGM

Torm reports 223% share increase at AGM       A/S Dampskibsselskabet Torm, the Danish tanker and bulk-shipping operator, reported a 223% increase in its share price during 2003 at its annual general meeting Tuesday.
   The board of directors’ proposals to increase share capital from DKK 182 million ($28.9 million) to DKK 364 million ($57.9 million) issue of bonus shares at the ratio of 1:1 and a dividend of DKK 12 ($1.91) per DKK 10 ($1.59) share were approved. Authorization to purchase the company’s own shares was renewed. Also, the state authorized public accountants Ernst & Young and Deloitte were re-elected.
   Torm’s chairman N. E. Nielsen said a prospectus covering the bonus share issue will by published April 27 and made available through the Copenhagen Stock Exchange and distributed to all registered shareholders. Allotment of the bonus shares will be registered on May 6 with May 10 being the value date.