UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D. C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE
13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the
month of April 2008
Commission
File Number: 000-49650
A/S
STEAMSHIP COMPANY TORM
(Translation
of registrant's name into English)
Tuborg
Havnevej 18
DK-2900
Hellerup
Denmark
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F
[ X ] Form 40-F [
]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ________.
Note: Regulation S-T Rule
101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely
to provide an attached annual report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)7: ________.
Note: Regulation S-T Rule
101(b)(7) only permits the submission in paper of a Form 6-K if submitted to
furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the
registrant is incorporated, domiciled or legally organized (the registrant's
"home country"), or under the rules of the home country exchange on which the
registrant's securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been distributed to the
registrant's security holders, and, if discussing a material event, has already
been the subject of a Form 6-K submission or other Commission filing on
EDGAR.
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes
[ ] No
[ X ]
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): ________.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Set forth herein as Exhibit 1 is
a copy of Announcement No. 7 -
2008 issued by A/S STEAMSHIP COMPANY TORM to The Copenhagen Stock Exchange on
April 9, 2008.
Exhibit
1
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ANNOUNCEMENT
NO. 7 - 2008
9
April 2008
Complete
proposals for the Annual General Meeting of Directors and Shareholders
2008
Enclosed
please find the complete proposals including schedules for the Annual
General Meeting of Directors and Shareholders 2008 of A/S
Dampskibsselskabet TORM to be held on 22 April 2008.
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Contact
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A/S
Dampskibsselskabet
TORM Telephone: +45
72 27 00 00
Tuborg
Havnevej
18 N.
E. Nielsen, Chairman of the Board
DK-2900
Hellerup
Denmark
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About
TORM
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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 128 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.
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Safe
Harbor
Forward
Looking
Statements
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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.
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ANNOUNCEMENT
NO. 7 – 2008
9 APRIL
2008 A/S DAMPSKIBSSELSKABET TORM – COMPLETE PROPOSALS FOR THE ANNUAL GENERAL
MEETING 2008
Annual
General Meeting of Shareholders of Aktieselskabet Dampskibsselskabet TORM, CVR
No. 22 46 02 18 to be held on Tuesday, 22 April 2008 at 10:00 a.m. at Radisson
SAS Falconer, Falkoner Allé 9, 2000 Frederiksberg:
Complete
Proposals
* * * *
*
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1.
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The
directors’ report on the activities of the Company in the past
year.
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The
Board of Directors proposes that the oral report of the chairman of the
Board of Directors be adopted.
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2.
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Presentation
for adoption of the annual report.
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3.
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The
Board of Directors' proposal for the appropriation of profits or provision
for losses in accordance with the adopted annual
report.
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The
Board of Directors proposes that out of the net profit of USD 791.7 million an
amount of USD 64.5 million be paid in ordinary dividends, corresponding to DKK
4.5 per share of a nominal value of DKK 5. Of the remaining USD 727.2 million,
has USD 369.3 million already in 2007 been paid out as extraordinary dividends
whereas the remaining USD 357.9 million is proposed to be carried
forward.
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4.
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Election
of members to the Board of
Directors.
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None
of the existing board members elected by the general meeting are up for
re-election as provided in Article 11(3) of the Company's Articles of
Association.
In
stock exchange announcement no. 16 of 29 June 2007 it was stated that the Board
of Directors intended to supplement the Board at the next annual general
meeting. The Board of Directors proposes an increase of the Board by two by the
election of:
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a)
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Bo
Jagd, and
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b)
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Einar
Michael Steimler
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For
information on the directorships of the proposed candidates, please see the
attached Schedule 1.
ANNOUNCEMENT
NO. 7 – 2008
9 APRIL
2008 A/S DAMPSKIBSSELSKABET TORM – COMPLETE PROPOSALS FOR THE ANNUAL GENERAL
MEETING 2008
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5.
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Appointment
of auditor/auditors.
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The
Board of Directors proposes the re-election of Deloitte Statsautoriseret
Revisionsaktieselskab.
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6.
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Proposals
from the Board of Directors:
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a.
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That
the authorisation to increase the share capital, cf. Article 2(3) of the
Articles of Association, be prolonged from 1 April 2012 to 1 April
2013.
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The
proposal implies that in Article 2(3) of the Articles of Association”1
April 2012” is replaced by ”1 April
2013”.
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The
proposal is, like in previous years, motivated by a wish for maintaining
the extent of the authorisation as regards duration compared to the
circumstances prevailing when the authorisation was adopted at the
extraordinary general meeting of the Company on 13 March
2002.
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b.
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That
the overall guidelines for the Company’s incentive schemes to members of
the management be adopted.
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Proposal
by the Board of Directors to adopt the overall guidelines for the
Company’s incentive schemes to members of the Board of Directors and
Management Board attached as Schedule
2.
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If
adopted by the general meeting, a new Article 12.7 will be inserted in the
Articles of Association which will read as
follows:
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“At the Company’s annual
general meeting held on 22 April 2008, the general meeting adopted the
overall guidelines for the Company’s incentive schemes to members
of the Board of Directors and Management Board, cf. Section 69b of the Danish
Companies Act. The guidelines are available
at the Company's website
www.torm.com.“
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c.
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That
the Board of Directors be authorised to let the Company acquire its own
shares in the period until the next annual general meeting within 10 per
cent of the issued share capital at the market price prevailing at the
time of acquisition subject to a deviation of up to 10 per
cent.
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ANNOUNCEMENT
NO. 7 – 2008
9 APRIL
2008 A/S DAMPSKIBSSELSKABET TORM – COMPLETE PROPOSALS FOR THE ANNUAL GENERAL
MEETING 2008
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d.
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That
the board of directors be authorised to apply for registration of the
resolutions passed and to make any such amendments thereto as may be
required or requested by the Danish Commerce and Companies Agency, the
Danish Financial Supervisory Authority, OMX Nordic Exchange Copenhagen or
any other public authority as a condition for registration or
approval.
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7.
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Any
other business.
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* * * *
*
The
general meeting is only legally competent to transact business when at least
one-third of the share capital is represented, cf. Article 9(1) of the Articles
of Association of the Company.
Approval
of the proposals under items 2 - 5 and items 6 b-d is subject to a simple
majority of votes, cf. Article 9(2) of the Articles of Association of the
Company.
Approval
of the proposal under item 6 a is subject to at least two-thirds of the votes
cast as well as of the voting share capital represented at the general meeting
voting in favour of the proposal, cf. Article 9(3) of the Articles of
Association and Section 78 of the Danish Companies Act.
* * * *
*
ANNOUNCEMENT
NO. 7 – 2008
9 APRIL
2008 A/S DAMPSKIBSSELSKABET TORM – COMPLETE PROPOSALS FOR THE ANNUAL GENERAL
MEETING 2008
SCHEDULE
1
Proposed
new candidates for the board of directors
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Bo
Jagd, born in 1943
· Managing
Director, CEO, Danish Ship Finance A/S
· Previous
appointments: Aktieselskabet Kjøbenhavns HandelsBank (1959-77). Associate
Director of Nordic Bank PLC, London (1977-80). General Manager of Nordic
Bank PLC, Singapore (1980-83). Deputy Director of Aktieselskabet
Kjøbenhavns HandelsBank (1983-87). Bank Executive of Aktieselskabet
Kjøbenhavns HandelsBank (1987-90). General Manager of Den Danske Bank,
London (1990-92). Managing Director of Danmarks Skibskreditfond
1992-2005.
· Educational
background: Diploma (Economics and Financial Planning), Copenhagen
Business School (1973), AMP, INSEAD, Fontainebleau
(1986).
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Einar
Michael Steimler, born in 1948
· Chairman
/ Consultant to Tankers (UK) Agencies, London
· Previous
appointments: Shipbroker Inge Steensland AS, Oslo (1973-74), Shipbroker
Fretheim Quincannon NY (1974-77), Shipbroker Inge Steensland AS (1977-84),
Chairman and co founder Stemoco Shipping, Oslo (1984-94), Director and
member of the board LorentzenStemoco Shipping, Oslo (1994-97), CEO Euronav
(1998-99), CEO Tankers International (2000-08).
· Education:
Norwegian School of Business (BI) (Siv øk) 1973.
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ANNOUNCEMENT
NO. 7 – 2008
9 APRIL
2008 A/S DAMPSKIBSSELSKABET TORM – COMPLETE PROPOSALS FOR THE ANNUAL GENERAL
MEETING 2008
SCHEDULE
2
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OVERORDNEDE
RETNINGSLINJER FOR A/S DAMPSKIBSSELSKABET TORM’S INCITAMENTSAFLØNNING AF
SELSKABETS BESTYRELSE OG DIREKTION
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OVERALL
GUIDELINES FOR A/S DAMPSKIBSSELSKABET TORM’S INCENTIVE SCHEMES FOR MEMBERS
OF THE BOARD OF DIRECTORS AND MANAGEMENT BOARD
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1. Baggrund
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1. Background
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Som
led i den danske regerings ønske om større åbenhed omkring børsnoterede
virksomheders incitamentsaflønning af bestyrelses- og direktionsmedlemmer
er der i aktieselskabsloven indsat en bestemmelse i § 69b. Bestemmelsen
trådte i kraft den 1. juli 2007.
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The
Danish Government's wish to greater transparency with regard to the
incentive schemes of Danish listed companies for members of the board of
directors and management board has resulted in the incorporation of a
provision into s. 69b of the Danish Public Companies Act. The provision
became effective on 1 July 2007.
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I
henhold til aktieselskabslovens § 69b skal bestyrelsen i et børsnoteret
selskab, inden der fremover indgås en konkret aftale om
incitamentsaflønning med et medlem af selskabets bestyrelse eller
direktion, have fastsat overordnede retningslinjer herfor.
Retningslinjerne skal være behandlet og godkendt på selskabets
generalforsamling.
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Before
any agreement is made for the incentive remuneration of a member of the
board of directors or management board, the board of directors of a listed
company is required under s. 69b of the Danish Public Companies Act to
prepare overall guidelines for such incentive remuneration. The guidelines
must have been considered and approved by the company in general
meeting.
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Formålet
med disse retningslinjer (”Retningslinjerne”) er at give TORMs aktionærer
en overordnet beskrivelse af formålet med TORMs brug af
incitaments-aflønning samt indsigt i, hvorledes incitamentsprogrammerne
overordnet set administreres af TORMs bestyrelse.
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The
purpose of these guidelines (the ”Guide-lines”) is to give the
shareholders of TORM an overall description of the main purpose of TORM's
use of incentive remuneration as well as to provide insight into how
incentive schemes are administered at an overall level by the board of
directors of TORM.
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2. Eksisterende
aftaler om incitamentsaflønning
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2. Existing
incentive schemes
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TORM
(”Selskabet”) har før aktieselskabslovens § 69b’s ikrafttræden i 2007
indgået aftaler om incitamentsaflønning med Selskabets direktion,
nøglemedarbejdere og øvrige medarbejdere ansat i TORM. Disse aftaler
omfatter aktieoptioner, betingede aktier og kontant bonus.
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Prior
to the coming into force of s. 69b of the Danish Public Companies Act,
TORM (the ”Company”) offered incentive schemes to members of the Company's
management board, key personnel and other TORM employees. These schemes
include share options, restricted shares and cash
bonus.
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ANNOUNCEMENT
NO. 7 – 2008
9 APRIL
2008 A/S DAMPSKIBSSELSKABET TORM – COMPLETE PROPOSALS FOR THE ANNUAL GENERAL
MEETING 2008
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Aktieoptionsdelen
af det etablerede incitamentsprogram for alle medarbejdere, inklusiv
direktionen, som løber i 2007, 2008 og 2009, vil maksimalt kunne udgøre
ca. 5 % af Selskabets nominelle aktiekapital.
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The
share option part of the incentive schemes already existing for all
employees, including the management board, and which runs in 2007, 2008
and 2009, will be subject to a maximum of approx. 5% of the Company's
nominal share capital.
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Disse
aftaler fortsætter uændret på de vilkår, der allerede er aftalt. Aftalerne
kan kun ændres eller forlænges, og nye aftaler kun indgås, hvis det sker
inden for rammerne af de overordnede retningslinjer for
incitamentsaflønning, som Selskabets generalforsamling måtte have
behandlet og godkendt.
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These
schemes will continue in their present form on the terms already agreed.
Any amendment or renewal of existing schemes or the offering of new
schemes is subject to compliance with the overall guidelines for incentive
schemes as considered and approved by the Company in general
meeting.
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Der
er ingen eksisterende incitamentsaflønningsaftaler mellem TORM og
Selskabets bestyrelse.
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No
incentive schemes have been offered by TORM to the members of the board of
directors.
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3. Generelle
principper
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3. General
principles
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Formålet
med incitamentsaflønning er overordnet at fremme værdiskabelsen i
Selskabet ved en realisering af TORMs strategiske mål på kortere og
længere sigt samt at sikre fælles interesser mellem Selskabets
medarbejdere og aktionærer. Incitamentsaflønningen skal desuden medvirke
til at sikre, at direktionens og medarbejdernes samlede vederlag for
indsats i og for Selskabet er markedskonformt ikke blot i forhold til
øvrige industrigrupper men særligt i forhold til den globale shipping
industri.
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The
overall purpose of offering incentive schemes is to promote value-creation
within the Company by implementing its short-term as well as long-term
strategic goals and to create common interests between the Company's
employees and shareholders. The purpose of the incentive schemes is
furthermore to ensure that the combined remuneration to members of the
management and employees for work performed in and for the Company is
market conforming not only in comparison to other industry groups but
especially in comparison to the global shipping
industry.
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Herudover
skal incitamentsaflønningen sikre, at det selv i en cyklisk industri og i
et volatilt marked er muligt at opnå et incitament ved at outperforme
markedet.
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The
purpose of incentive schemes is moreover to ensure that - even in a cyclic
industry and in a volatile market – an incentive may be created by
outperforming the market.
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TORM
har fokus på ROIC (return on invested capital), som blandt andet er et af
målepunkterne i Selskabets mere langsigtede planlægning. Hvert år
fastsættes ROIC-målet for det kommende år, og opfyldelse heraf er
væsentligt for udbetaling af kontant bonus og udstedelse af betingede
aktier.
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One
of the measuring points in TORM's long-term planning is the so-called ROIC
(return on invested capital). The ROIC target for the following year is
fixed annually and the payment of cash bonus and issuance of restricted
shares will be determined by the Company's performance against the ROIC
target.
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Bestyrelsen
har nedsat en vederlagskomite, som blandt andet skal gennemgå og fastlægge
vederlagspolitikken for TORM samt fastlægge det enkelte års
bonusniveau.
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The
board of directors has set up a remuneration committee which for instance
is to review and determine the remuneration policy for TORM and to
determine the bonus level of the individual year.
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ANNOUNCEMENT
NO. 7 – 2008
9 APRIL
2008 A/S DAMPSKIBSSELSKABET TORM – COMPLETE PROPOSALS FOR THE ANNUAL GENERAL
MEETING 2008
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Skematisk
kan Selskabets eksisterende og rammerne for fremtidige aftaler om
incitamentsaflønning gengives således:
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The
Company's existing incentive schemes and the framework for any future
schemes may be outlined as follows:
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4. Det
samlede vederlag
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4. The
combined remuneration
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Bestyrelsens
samlede vederlag kan udelukkende bestå af et fast vederlag (honorar) som
ikke er incitamentsbaseret, og som derfor ikke er omfattet af disse
Retningslinjer.1
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The
combined remuneration of members of the board of
directors may exclusively be in the form of a fixed fee
(remuneration) which is not incentive based and which is thus not covered
by these Guidelines.1
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Direktionens
samlede vederlag kan bestå af et fast vederlag (grundløn) og en
incita-mentsbaseret aflønning i form af kontant bonus (pkt. 5) og
betingede aktier (pkt. 6). Dertil kommer mulighed for deltagelse i et
flerårigt aktieoptionsprogram (pkt. 7). Derud-over vil direktionen kunne
deltage i generelle medarbejderaktie- eller
optionsordninger.
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The
combined remuneration of members of the management
board may be in the form of a fixed payment (basic pay) and an
incentive-based pay in the form of a cash bonus (section 5) and restricted
shares (section 6) in addition to the eligibility to participate in a
multiannual share option programme (section 7). In addition, members of
the management board are eligible for participating in general employee
share or option schemes.
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Værdien
af direktionens årlige incitamentsbaserede aflønning (kontantbonus og
betingede aktier) kan maksimalt udgøre 200 % af direktionens samlede
årlige faste vederlag (grundløn). Herudover vil der i enkeltstående
tilfælde kunne ydes en bonus på op til 100 % af årslønnen for varetagelse
af helt særlige indsatsområder.
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The
combined value of the annual incentive-based remuneration to members of
the management board (cash bonus and restricted shares) is subject to a
maximum of 200% of the combined annual fixed remuneration (basic pay) of
the management board. In addition, a bonus of up to 100% of the annual
salary may in exceptional cases be paid for work performed in connection
with special focus areas.
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ANNOUNCEMENT
NO. 7 – 2008
9 APRIL
2008 A/S DAMPSKIBSSELSKABET TORM – COMPLETE PROPOSALS FOR THE ANNUAL GENERAL
MEETING 2008
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Antallet
af aktieoptioner, der årligt tildeles direktionen under det eksisterende
program, er beregnet med udgangspunkt i det faste vederlag for 2007 og
børskursen pr 5. marts 2007. Den maksimale tildeling skal ligge indenfor
maksimum angivet i punkt 2 ovenfor.
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The
maximum number of share options granted under the existing programme each
year to the members of the management board is determined on the basis of
the fixed remuneration for 2007 and the market price as at 5 March 2007.
The maximum number of share options granted shall be subject to the
maximum stated in section 2 above.
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5. Ikke-aktiebaserede
instrumenter
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5. Non-share-based
instruments
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Direktionen
kan årligt tildeles en bonus, hvoraf en del er afhængig af Selskabets
opfyldelse af forud fastlagte økonomiske mål (ROIC), mens den resterende
del er en bonus, som bestyrelsen fastsætter diskretionært efter
indstilling fra Selskabets vederlagskomite.
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The
management board is eligible for an annual bonus, part of which is linked
to the Company's performance against pre-determined economic goals (ROIC),
whereas the remaining part is a bonus fixed by the board of directors in
its own discretion at the recommendation of the Company's remuneration
committee.
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Af
den samlede årlige bonus udbetales 75 % som en kontant bonus, mens 25 %
tildeles i form af betingede aktier, jf. pkt. 6.
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75%
of total annual bonus is paid as a cash bonus whereas 25% is paid in the
form of restricted shares, see section 6 below.
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Kontant
bonus udbetales i forbindelse med godkendelse af Selskabets årsrapport for
det forudgående regnskabsår.
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Cash
bonus is paid in connection with the adoption of the Company's annual
report for the year ended.
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6. Betingede
aktier
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6. Restricted
shares
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Af
direktionens samlede årlige bonus, jf. pkt. 5 tildeles 25 % i form af
betingede aktier. Tildeling sker uden vederlag.
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25%
of total annual bonus to the management board, see section 5 above, is
paid as restricted shares without the payment of any
consideration.
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Betingede
aktier tildeles ved offentliggørelsen af Selskabets årsrapport for det
forudgående regnskabsår. Betingede aktier værdiansættes med udgangspunkt i
børskursen på tidspunktet for offentliggørelse af årsrapporten, justeret
for at aktien indtil frigivelse ikke har tilknyttet de økonomiske
rettigheder, der normalt er forbundet med en aktie.
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Restricted
shares are granted on publication of the Company's annual report for the
year ended. The value of restricted shares is determined on the basis of
the market price at the time of publication of the annual report, adjusted
for the fact that until their release, the economic rights normally
attaching to shares are not attaching to these shares.
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To
år efter tidspunktet for tildelingen af betingede aktier modtager
erhververen automatisk én aktie à DKK 5 i Selskabet i stedet for hver
betingede aktie.
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Two
years after the date of grant of restricted shares, the grantee will
automatically receive one share of DKK 5 in the Company in return for each
restricted share.
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1
Medarbejdervalgte bestyrelsesmedlemmer kan i deres sædvanlige ansættelsesforhold
i TORM have incitamentsbaserede aflønningselementer.
ANNOUNCEMENT
NO. 7 – 2008
9 APRIL
2008 A/S DAMPSKIBSSELSKABET TORM – COMPLETE PROPOSALS FOR THE ANNUAL GENERAL
MEETING 2008
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Dagsværdien
på tildelingstidspunktet af betingede aktier rapporteres som en del af
Selskabets årsrapport.
De
aktier, som tildeles, vil være dækket af selskabets beholdning af egne
aktier.
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The
present value of the restricted shares as of the time of the granting is
reported as a part of the Company's annual report.
The
shares being granted will be covered by the Company's holding of treasury
shares.
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7. Aktieoptioner
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7. Share
options
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Direktionen
kan årligt i forbindelse med offentliggørelsen af Selskabets årsrapport
for det forudgående regnskabsår tildeles aktieoptioner indenfor det i
punkt 2 angivne maksimum. Tildeling af aktieoptioner sker uden
vederlag.
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In
connection with the publication of the Company's annual report for the
year ended, the management board is eligible for the granting of share
options subject to the maximum stated in section 2 above and without the
payment of any consideration.
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Den
ene halvdel af aktieoptionerne har en udnyttelseskurs svarende til
markedskursen for den første tildeling (for 2007 var kursen 151,5) med et
tillæg for hver efterfølgende tildeling.
Den
anden halvdel af aktieoptionerne har en udnyttelseskurs, der fastsættes
med udgangspunkt i udviklingen i aktieindekset for en forud defineret
gruppe af sammenlignelige selskaber (tildelingen i 2007 var baseret på
kurserne pr. den 5. marts 2007).
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Half
of the share options have an exercise price corresponding to the market
price at first grant (the price for 2007 was 151.5) with a mark-up for
each subsequent grant.
The
other half of the share options have an exercise price which is determined
on the basis of changes in the share index for a predefined group of
comparable companies (the grant in 2007 was based on prices as at 5 March
2007).
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Hver
aktieoption giver ret til at købe én aktie à 5 DKK i
Selskabet.
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Each
share option entitles the holder to buy one share of DKK 5 in the
Company.
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Aktieoptionerne
kan udnyttes i en periode, der begynder ved udløbet af 7 dage efter
offentliggørelsen af den årsregnskabsmeddelelse, der offentliggøres i det
tredje kalenderår, som følger efter tildelingstidspunktet
(modningstidspunktet) og slutter ved udgangen af det sjette kalenderår,
som følger efter tildelingstidspunktet. I udnyttelsesperioden kan
aktieoptionerne kun udnyttes i perioder på 28 dage efter Selskabets
offentliggørelse af hel- eller delårsrapporter (i første periode dog
tidligst fra modningstidspunktet).
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The
share options may be exercised in the exercise window starting at expiry
of a seven-day period after publication of the preliminary announcement of
financial statements published in the third calendar year after the date
of grant (the vesting date) and ending at the end of the sixth calendar
year after the date of grant. During the exercise window, the share
options may only be exercised within windows of 28 days after the
Company's publication of annual reports or interim financial reports
(however, in the first exercise window no earlier than as from the vesting
date).
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ANNOUNCEMENT
NO. 7 – 2008
9 APRIL
2008 A/S DAMPSKIBSSELSKABET TORM – COMPLETE PROPOSALS FOR THE ANNUAL GENERAL
MEETING 2008
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Uudnyttede
aktieoptioner bortfalder automatisk efter udløbet af
udnyttelsesperioden.
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Unexercised
share options will lapse automatically after expiry of the exercise
window.
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Dagsværdien
af aktieoptionerne rapporteres som en del af Selskabets
årsrapport.
De
aktieoptioner, som tildeles, vil være dækket af selskabets beholdning af
egne aktier.
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The
present value of the share options as of the time of the granting is
reported as a part of the Company's annual report.
The
shares being granted will be covered by the Company's holding of treasury
shares.
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Optionerne
værdiansættes med udgangspunkt i Black-Scholes og Monte-Carlo simulationer
og med basis i følgende forudsætninger:
· Børskurs
på tildelingstidspunkt
· Udnyttelseskurs
· Forventet
udbytte
· Volatilitet
i Torms aktier og i peer-gruppens aktier
· Korrelation
mellem udviklingen i Torm aktien og peer-gruppens aktier
· Den
risikofrie rente
· Optionernes
forventede udnyttelses-tidspunkt
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The
value of the options will be calculated using Black-Scholes and Monte
Carlo simulations and on the basis of the following factors:
· The
market price on the date of grant
· The
exercise price
· Expected
dividends
· The
volatility of TORM’s shares and of the shares of the peer
group
· The
correlation between developments in the TORM share and the shares of
the peer group
· The
risk-free interest rate
· The
expected time of exercise of the options
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Godkendt
på Selskabets ordinære generalforsamling den 22. april
2008
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As
approved at the general meeting of the Company held on 22 April
2008
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___________________________
Dirigent
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___________________________
Chairman
of the meeting
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Disse
overordnede retningslinjer er udarbejdet i denne to-sprogede version. I tilfælde
af uoverensstemmelser mellem den dansksprogede og den engelsksprogede version,
vil den danske være gældende.
These
overall guidelines are prepared in this bilingual version. In the event of
inconsistencies between the Danish original and the English translation, the
Danish original shall prevail.
ANNOUNCEMENT
NO. 7 – 2008
9 APRIL
2008 A/S DAMPSKIBSSELSKABET TORM – COMPLETE PROPOSALS FOR THE ANNUAL GENERAL
MEETING 2008
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly
authorized.
A/S
STEAMSHIP COMPANY TORM
(registrant)
Dated:
April 9, 2008
By: /s/ Klaus
Kjærulff
Klaus
Kjærulff
Chief
Executive Officer
SK 03810 0001
872703