TORM announces board change as Oaktree ownership drops below threshold

TORM plc (NASDAQ: TRMD) announced that a threshold date has occurred following Oaktree Capital Management's ownership stake falling below one-third of the company's issued shares.

The shipping company stated that the threshold date was set for January 6, 2026, marking the first time Oaktree and its affiliates ceased to beneficially own at least one-third of TORM's issued shares. This development follows Hafnia Limited's acquisition of TORM shares from Oaktree, which was completed in December 2025.

As a result of Oaktree's reduced ownership, Deputy Chairman and Senior Independent Director David Weinstein left the board effective immediately. Weinstein had served on the board since 2015. TORM has retained him as a Special Advisor to the Board.

The ownership change triggers several corporate structure modifications. The limitations on TORM's actions outlined in Article 137 of the company's articles of association no longer apply, and no special approvals will be required for reserved matters beyond standard legislative requirements.

TORM is proceeding with the redemption and cancellation of B- and C-shares in accordance with its articles of association. The C-share voting right of 350 million shares ceased on the threshold date. Current voting rights consist of 101,332,707 A-shares and one B-share, each carrying one vote per share.

Following the redemption and cancellation process, TORM's share capital will total $1,013,327.07, divided into 101,332,707 A-shares of $0.01 each.

TORM operates a fleet of product tanker vessels and describes itself as a carrier of refined oil products. The company's shares trade on Nasdaq in Copenhagen and New York.

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