Denmark´s Torm specialist carrier of refined oil products gave today an update on the decision of its major shareholder to sell about 5 million of the company´s class A common shares, saying that OCM Njord Holdings, a company indirectly owned by funds managed by Oaktree Capital Management, L.P. and its affiliates, has decided not to proceed in the sale, after careful assessment of the current market conditions.
Specifically, the company said that “OCM Njord Holdings, a company indirectly owned by funds managed by Oaktree Capital Management, L.P. and its affiliates, has terminated the secondary public offering of 5 million of the company’s class A common shares that was previously announced on 29 March 2023.”
Torm explained that the decision is based on the assessment by the shareholder, that current market conditions, are not conducive to this offering on terms that would be in the best interests of the selling shareholder, and as a result of such termination, no class A common shares of the company will be sold pursuant to the offering.
The shareholder which owns roughly 65 percent on Torm’s class A common shares wanted to sell about 5 million of the company’s class A common shares, in accordance with Torm´s announcement on Wednesday.
“As part of the sale, OCM Njord Holdings expects to grant the underwriters a 30-day option to purchase up to an additional 750,000 class A common shares offered in this offering. The company is not selling any class A common shares and will not receive any proceeds from the sale of the company’s class A common shares by the selling shareholder,” as Torm explained in its previous announcement on Wednesday.
