On Wednesday, TORM closed at 1.23 DKK on the Copenhagen exchange. The ADR ratio is 10 Copenhagen shares for every 1 US share, and the exchange rate is currently 5.74 DKK per USD. The implied Copenhagen price at a $5.10 US price is $5.10/10*5.74=2.93 DKK. So, to justify the US listing price of $5.10, the Copenhagen listing will need to rise 2.93/1.23-1=138% when the Copenhagen exchange opens on Monday (it has been closed since Wednesday).
there was a massive explosion of volume on the copenhagen exchange wednesday in europe, and yes, the copenhagen exchange was closeed thursday and friday. i expect another huge up day on monday in copenhagen as investors digest the significance of the financial stabilization of this shipping company.