COPENHAGEN, Denmark, Nov. 20, 2012 (GLOBE NEWSWIRE) -- With reference to announcement no. 1 dated 4 January 2012 and announcement no. 28 dated 27 June 2012, TORM's American Depository Shares (ADS) are not in compliance with the minimum bid price of USD 1.00 per share set by the NASDAQ Stock Market LLC ("NASDAQ").
TORM will ensure continued compliance with the NASDAQ rules by changing the ratio of its American Depository Shares to its Common Shares from 1:1 to 1:10. The fractional shares will be settled cash in lieu. The ratio change is expected to be effectuated by the end of November 2012