NBA Fearless Forecast Weekly Rank: 78
NBA Fearless Forecast Weekly Rank: 78
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, OR INTO THE UNITED STATES. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR IN THE REPUBLIC OF ITALY, SWITZERLAND, AUSTRALIA, CANADA, THE ONSHORE UNITED ARAB EMIRATES, THE DUBAI INTERNATIONAL FINANCIAL CENTRE, THE ABU DHABI GLOBAL MARKET, SINGAPORE, JAPAN, HONG KONG, THE PEOPLE'S REPUBLIC OF CHINA OR IN ANY JURISDICTION IN WHICH THE DISTRIBUTION, PUBLICATION OR RELEASE WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT BE CONSTRUED AS, AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN IN ANY JURISDICTION. INVESTORS SHOULD NOT SUBSCRIBE FOR, PURCHASE, OR OTHERWISE ACQUIRE, SELL OR OTHERWISE DISPOSE OF ANY OF THE SECURITIES REFERRED TO HEREIN EXCEPT IN COMPLIANCE WITH APPLICABLE SECURITIES LAWS AND ON THE BASIS OF THE INFORMATION CONTAINED IN AND INCORPORATED BY REFERENCE INTO THE PROSPECTUS.PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT. Tryg A/S initiates rights issue and publishes prospectusTryg A/S ("Tryg" or the "Company") today announces the launch of a rights issue (the "Offering") at a subscription ratio of 7:6 and subscription price of DKK 105 per new share (the "Subscription Price"). The Offering comprises 352,505,989 new shares ("New Shares"), which are issued with pre-emptive subscription rights (the "Preemptive Rights") for the Company's existing shareholders (the "Existing Shareholders"). A prospectus regarding the Offering is available on the Company's website: https://tryg.com/en/emission (subject to certain restrictions) (the "Prospectus"). Defined terms used in this announcement shall, unless otherwise defined herein, have the same meanings as set out in the Prospectus. The key terms of the Offering are the following: The Offering comprises 352,505,989 New Shares with a nominal value of DKK 5 each.The Subscription Price is DKK 105 per New Share.The gross proceeds of the Offering will be DKK 37,013,128,845 in total.The Offering is fully underwritten by an underwriting syndicate consisting of Danske Bank A/S ("Danske Bank") and Morgan Stanley & Co. International plc ("Morgan Stanley") as joint global coordinators and joint bookrunners (the "Joint Global Coordinators") and Citigroup Global Markets Europe AG ("Citi"), HSBC Continental Europe ("HSBC") and Nordea Danmark, filial af Nordea Bank Abp, Finland ("Nordea") as joint lead managers (the "Joint Lead Managers" and jointly with the Joint Global Coordinators, the "Managers"). Tryg's majority shareholder, TryghedsGruppen, has irrevocably undertaken towards Tryg and each of the Joint Global Coordinators in connection with the Offering to (i) subscribe for New Shares at the Subscription Price for a cash amount of approximately DKK 12.6 billion, and (ii) in addition to the cash amount in (i), participate in the Offering on a cash neutral basis (please refer to the section "Underwriting and subscription commitments" in this announcement for further information).The Offering is made at a subscription ratio of 7:6.Each holder of Existing Shares registered with VP Securities on 5 March 2021 at 5.59 p.m. CET as a shareholder in Tryg will be allocated 7 Preemptive Rights for each Existing Share held in Tryg. For every 6 Preemptive Rights, the holder is entitled to subscribe for one (1) New Share at the Subscription Price. The Preemptive Rights have been approved for trading and ofﬁcial listing on Nasdaq Copenhagen under the interim ISIN code DK0061534450.The subscription period for New Shares commences on 8 March 2021 at 9:00 a.m. CET and closes on 19 March 2021 at 5:00 p.m. CET (the "Subscription Period").The Preemptive Rights can be traded in the period commencing 4 March 2021 at 9:00 a.m. CET and closes on 17 March 2021 at 5:00 p.m. CET (the "Rights Trading Period").The Interim Shares will be issued under an interim ISIN code DK0061534534 and have been conditionally approved for admission to trading and official listing on Nasdaq Copenhagen in the interim ISIN code as from 4 March 2021 at 9:00 a.m. CET and are expected to be traded in the interim ISIN code under the symbol "TRYG N" until 26 March 2021 at 5:00 p.m. CET.Any Preemptive Rights that have not been exercised during the Subscription Period will lapse with no value, and the holder of such Preemptive Rights will not be entitled to any compensation. Once a holder of Preemptive Rights has exercised such rights and subscribed for New Shares, such subscription cannot be withdrawn or modiﬁed by the holder, except as set forth in the Prospectus.Existing Shares traded after 3 March 2021 will be traded without Preemptive Rights, provided that the Existing Shares are traded at customary two-day settlement. Reference is made to the Prospectus in its entirety for a description of the Company and the Offering. Reason for the Offering and use of proceedsThe purpose of the Offering is for Tryg to raise funds to finance its contribution to the cash consideration for the acquisition by Intact Financial Corporation of the entire issued and to be issued capital of RSA Insurance Group plc ("RSA") (the "Acquisition") and associated separation of RSA's Scandinavian business whereby Intact Financial Corporation will retain RSA's Canadian, UK and international operations. Tryg will retain RSA's Swedish and Norwegian businesses and Intact Financial Corporation and Tryg will co-own RSA's Danish business on a 50:50 economic basis. Hence, the majority of the proceeds from the Offering (up to DKK 36,685,090,866.97) will be used to pay the consideration payable by Tryg under the Tryg SPA for the Tryg Consideration Shares at completion of the Acquisition. The funds payable by Tryg under the Tryg SPA shall be paid in GBP and the specific amount payable by Tryg will be calculated in accordance with the terms of the Tryg SPA (expected to amount to approximately GBP 4.2 billion, corresponding to up to DKK 36,685,090,866.97, based on the exchange rates agreed under certain deal-contingent FX forward agreements entered into between Tryg and each of Danske Bank and Morgan Stanley). The remaining part of the proceeds from the Offering will be used to cover part of the fees payable by Tryg in connection with the Offering to the Managers. Any remaining fees and cost reimbursements payable to the Managers and Tryg's other advisers will be paid using other funds held by Tryg. The part of the proceeds from the Offering required to satisfy Tryg's obligation to pay the consideration payable by Tryg under the Tryg SPA for the Tryg Consideration Shares at completion of the Acquisition will be paid into a designated DKK-denominated escrow account held by Danske Bank. Prior to completion of the Acquisition, the funds in the DKK-denominated escrow account will be converted into GBP (under certain deal-contingent FX forward agreements entered into between Tryg and Danske Bank and Morgan Stanley, respectively) and transferred to a designated GBP-denominated escrow account held by Danske Bank. The proceeds will be held in such escrow account for the benefit of Tryg until the later of (i) the time re-registration of RSA as a private limited company occurs; or (ii) completion of the Acquisition, upon which the funds in the GBP-denominated escrow account will be held for the benefit of Intact Holdco (with Intact Holdco being entitled to direct the payment of such funds). The New Shares will be issued in accordance with article 8A of the Articles of Association, according to which the Supervisory Board is authorised to increase the share capital by one or more issues of new shares at a total nominal value of up to DKK 36,980,000,000 (corresponding to 7,396,000,000 shares of the nominal value of DKK 5 each) by way of cash contribution and with Preemptive Rights for the Existing Shareholders. Under this authorisation, the Supervisory Board adopted a resolution on 1 March 2021 to increase Tryg's nominal share capital by DKK 1,762,529,945 (352,505,989 New Shares with a nominal value of DKK 5 each). On the basis of a Subscription Price of DKK 105 per New Share and issuance of 352,505,989 New Shares with a nominal value of DKK 5 each and that the Offering is fully underwritten, the gross proceeds to Tryg from the subscriptions for New Shares will be DKK 37.013 billion and the net proceeds are expected to be approximately DKK 36.463 billion after deduction of commissions and estimated expenses payable by Tryg in connection with the Offering. An amount of DKK 36,685,090,866.97 must be paid into the above-mentioned DKK-denominated escrow account with Danske Bank, and fees and cost reimbursements payable to the Managers may only be paid from the remaining part of the gross proceeds of the Offering up to an amount of DKK 328,037,978.03. In the event that the Acquisition does not complete and no suitable alternative use for the proceeds is found, the net proceeds from the Offering would ultimately be returned to the Shareholders. Statutory restrictions under Danish law such as in relation to regulatory and solvency requirements, the level of reserves available for distribution and the financial and operating performance of Tryg, may prevent Tryg from returning the full proceeds of the Offering to Shareholders. Status on regulatory approvalsIn relation to the Acquisition, as set out in the Prospectus, it is noted that the required approvals from each of the Canadian Competition Bureau, Swedish Competition Authority and the Norwegian Competition Authority, all of which are conditions to the Acquisition, have now been received. The Saudi General Authority for Competition has provided confirmation that competition approval is not deemed necessary. The Acquisition remains subject to a number of outstanding conditions which include, as set out in the Prospectus: (i) receipt of the required regulatory clearances to implement the Acquisition, including from the Danish Financial Supervisory Authority, the Swedish Financial Supervisory Authority, the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, (ii) regulatory clearances in each of Canada, Ireland, Luxembourg, Guernsey, the Isle of Man, Brazil, Bahrain, United Arab Emirates, Oman and Saudi Arabia, and (iii) receipt of the required competition approval from the Danish Competition and Consumer Authority. Underwriting and subscription commitmentsTryg has entered into the Underwriting Agreement dated 1 March 2021 in connection with the Offering. Pursuant to the Underwriting Agreement, and subject to the satisfaction of certain conditions in the Underwriting Agreement, any New Shares that have not been subscribed for by the Existing Shareholders through the exercise of their allocated or acquired Preemptive Rights or by other investors through the exercise of their acquired Preemptive Rights before the expiry of the Subscription Period (the "Remaining Shares") will be subscribed for by an underwriting syndicate consisting of the Managers. Therefore, subject to the satisfaction of such conditions, Tryg has ensured that all New Shares will be subscribed for corresponding to aggregate gross proceeds of DKK 37,013 million. Tryg's majority shareholder, TryghedsGruppen, has previously signed an irrevocable subscription undertaking under which TryghedsGruppen irrevocably has undertaken towards Tryg and each of the Joint Global Coordinators in connection with the Offering to (i) subscribe for New Shares for a total subscription amount of DKK 12,585,329,264 (the "TryghedsGruppen Firm Shares"), including by using the net proceeds of the sale of Existing Shares which occurred on 23 November 2020, and (ii) further participate in the Offering on a cash neutral basis (after transaction costs) by subscribing for the maximum number of New Shares that it can using the net proceeds (after the transaction costs) arising from the sale of Preemptive Rights as soon as reasonably practicable during the Subscription Period (the subscriptions under (ii) to be in excess of the cash amount referenced in (i) above). Any Preemptive Rights sold by TryghedsGruppen will be exercised and the resulting Interim Shares or New Shares will be sold, at the discretion of the Joint Global Coordinators on behalf of TryghedsGruppen, in open market transactions, private placements, block trades or otherwise. Morten Hübbe, Group CEO of Tryg, said:"The acquisition of RSA's Swedish and Norwegian businesses, Trygg-Hansa in Sweden and Codan in Norway, will fulfil a long-time wish to strengthen Tryg's position in Sweden and Norway. Tryg will make a strong three-legged business across the countries – and at the same time, we expect Tryg to become the biggest non-life insurer in Scandinavia. It has not been a target to be the largest player on the market, but rather to attain benefits from scalability, e.g. in relation to innovation of new products, services and digital solutions, which essentially makes it simpler to feel protected and cared for in all three countries. Additionally, we see a strong cultural fit regarding social responsibility with Trygg-Hansa and Codan in Norway. Trygg-Hansa supports a wide range of beneficial social activities that is consistent with TrygFonden's activities within Safety, Health and Well-being. The company has supplied 80,000 lifebuoys in Sweden which match Tryg's similar activities in Norway with more than 47,000 lifebuoys along the Norwegian coasts. Finally, there is a strong financial rationale to support the acquisition. The acquisition is expected to strongly improve the technical result and increase the premium income significantly. All else equal, this will increase the dividend which we aim to pay out to our shareholders on an annual basis. The Acquisition will also have a positive impact on the societal commitment that our majority owner TryghedsGruppen achieves through, among other things, TrygFonden's activities." Terms and conditions of the Offering The Preemptive RightsPreemptive Rights will be allocated free of charge to the Existing Shareholders that are registered as Shareholders with VP Securities on 5 March 2021 at 5.59 p.m. CET. Existing Shares traded after 3 March 2021 at 5:00 p.m. CET will be traded without Preemptive Rights, provided that the Existing Shares are traded at customary two-day settlement. The Preemptive Rights have been approved for trading and ofﬁcial listing on Nasdaq Copenhagen under the interim ISIN code DK0061534450. The Rights Trading Period commences on 4 March 2021 at 9:00 a.m. CET and closes on 17 March 2021 at 5:00 p.m. CET. The Offering is being made at the ratio of 7:6 which means that each Existing Shareholder will be allocated 7 Preemptive Rights for each Existing Share held on 5 March 2021 at 5.59 p.m. CET. 6 Preemptive Rights will be required to subscribe for one (1) New Share at the Subscription Price of DKK 105 per New Share. The New Shares and the Interim SharesAny New Shares subscribed for from the exercise of Preemptive Rights will be recorded on the subscriber's book-entry account with VP Securities as Interim Shares representing New Shares after the subscription has been effected. The Interim Shares will be issued under an interim ISIN code DK0061534534 and have been conditionally approved for admission to trading and official listing on Nasdaq Copenhagen in the interim ISIN code as from 4 March 2021 at 9:00 a.m. CET and will be traded in the interim ISIN code under the symbol "TRYG N". The trading of the Interim Shares will commence before specific conditions to the Offering are met and all dealings in the Interim Shares prior to the registration of the New Shares with the Danish Business Authority are for the account, and at the sole risk, of each of the parties concerned. Registration of the New Shares with the Danish Business Authority will take place following completion of the Offering, expected to take place on 25 March 2021. Nasdaq Copenhagen has conditionally approved the New Shares for admission to trading and official listing. Admittance to trading and official listing of the New Shares under the existing ISIN code, DK0060636678, is expected to take place on 29 March 2021. As soon as possible thereafter, the interim ISIN code of the Interim Shares, DK0061534534, will be merged with the ISIN code of the Existing Shares, DK0060636678, and the Interim Shares will automatically be converted into New Shares, expected to take place on 30 March 2021. Until such merger has been completed, the liquidity and market price of the Interim Shares under the interim ISIN code may be substantially different from the liquidity and market price of the Existing Shares. All dealings in the Interim Shares prior to the registration of the New Shares with the Danish Business Authority are for the account, and at the sole risk, of the parties concerned. The Existing Shares are admitted to trading and official listing on Nasdaq Copenhagen under the symbol "TRYG". Subscription PeriodThe Subscription Period for the New Shares commences on 8 March 2021 at 9:00 a.m. CET and closes on 19 March 2021 at 5:00 p.m. CET. The Preemptive Rights can be traded in the period commencing 4 March 2021 at 9:00 a.m. CET and closes on 17 March 2021 at 5:00 p.m. CET. Any Preemptive Rights that are not exercised during the Subscription Period will lapse with no value, and the holder of such Preemptive Rights will not be entitled to compensation. Once a holder of Preemptive Rights has exercised such rights and subscribed for New Shares, such subscription cannot be withdrawn or modiﬁed by the holder, except as set forth in the Prospectus. Withdrawal of the OfferingCompletion of the Offering is conditional upon the Offering not being withdrawn. The Underwriting Agreement provides that the obligations of the Managers are subject to the following conditions, excluding any conditions which have been satisfied as at the date of the Prospectus: (i) there not having occurred certain insolvency related events in relation to Tryg prior to the registration of the New Shares with the Danish Business Authority; (ii) the Scheme not having lapsed or been validly withdrawn in accordance with its terms prior to the registration of the New Shares with the Danish Business Authority (or if the Acquisition is structured as a Takeover Offer, such Takeover Offer not having lapsed, been terminated or validly withdrawn in accordance with its terms) prior to the registration of the New Shares with the Danish Business Authority; and (iii) no notification having been received from Nasdaq Copenhagen that the approval for admission to trading and official listing of the New Shares, has been withdrawn prior to the registration of the New Shares with the Danish Business Authority. If, by the times specified above, or if no time is specified, prior to registration of the New Shares with the Danish Business Authority, any of the conditions above is not satisfied (or waived by the Joint Global Coordinators on behalf of the Managers), the Joint Global Coordinators will on behalf of the Managers be entitled to terminate the Underwriting Agreement. In addition, the Joint Global Coordinators on behalf of the Managers will be entitled to terminate the Underwriting Agreement in the event that the registration of the New Shares is refused by the Danish Business Authority. Other than as set out above, the Joint Global Coordinators on behalf of the Managers will not be entitled to terminate the Underwriting Agreement. If the Underwriting Agreement is terminated, the Offering will be withdrawn. The termination rights of the Joint Global Coordinators (on behalf of the Managers) under the Underwriting Agreement will lapse upon registration of the New Shares with the Danish Business Authority, currently expected to take place on 25 March 2021. Any withdrawal of the Offering will be announced immediately via Nasdaq Copenhagen. Any Preemptive Rights that are not exercised during the Subscription Period will lapse with no value, and the holder of such Preemptive Rights will not be entitled to compensation. If the Offering is not completed, any exercise of Preemptive Rights that has already taken place will be cancelled automatically. The subscription amount for the New Shares will be refunded (less any transaction costs) to the last registered owner of the New Shares as at the date of withdrawal. All Preemptive Rights will be null and void, and no New Shares will be issued. However, trades of Preemptive Rights executed during the Rights Trading Period, which commences on 4 March 2021 at 9:00 a.m. CET and closes on 17 March 2021 at 5:00 p.m. CET, will not be affected. As a result, Shareholders and investors who have acquired Preemptive Rights will incur a loss corresponding to the purchase price of the Preemptive Rights and any transaction costs. Trades in Existing Shares and Interim Shares will also not be affected, if the Offering does not complete, and Shareholders and investors that have acquired Interim Shares will receive a refund of the subscription amount for the New Shares (less any transaction costs). As a result, Shareholders and investors that have acquired Interim Shares will incur a loss corresponding to the difference between the purchase price of the Interim Shares and the Subscription Price paid for the New Shares and any transaction costs. Minimum and/or maximum subscription amountThe minimum number of New Shares that a holder of Preemptive Rights may subscribe will be one (1) New Share, requiring the exercise of 6 Preemptive Rights and the payment of the Subscription Price. The number of New Shares that a holder of Preemptive Rights may subscribe is not capped. However, the number is limited to the number of New Shares which may be subscribed through the exercise of the Preemptive Rights held or acquired. PaymentUpon exercise of the Preemptive Rights, the holder must pay an amount equal to the Subscription Price multiplied by the number of New Shares subscribed for. Payment for the New Shares shall be made in Danish kroner and shall be made upon subscription against registration of the New Shares in the transferee's account with VP Securities. Holders of Preemptive Rights shall adhere to the account agreement with their own Danish custodian institution or other ﬁnancial intermediary, through which they hold Shares. Financial intermediaries through which a holder holds Preemptive Rights may require payment on an earlier date. Procedure for exercise of and dealings in Preemptive Rights and treatment of Preemptive RightsThe Preemptive Rights have been approved for trading and ofﬁcial listing on Nasdaq Copenhagen under the interim ISIN code DK0061534450. Holders of Preemptive Rights wishing to subscribe for New Shares must do so through their own custodian institution, in accordance with the rules of such institution. The deadline for notification of exercise depends on the holder's agreement with, and the rules and procedures of, the relevant custodian institution or other financial intermediary and may be earlier than the end of the Subscription Period. Once a holder has exercised its Preemptive Rights, the exercise may not be revoked or modified. Pre-allotment informationThere is no pre-allotment of New Shares. The New Shares may be subscribed for by the Existing Shareholders through exercise of the allocated or acquired Preemptive Rights or by other investors through the exercise of their acquired Preemptive Rights before the expiry of the Subscription Period. Publication of the result of the OfferingThe result of the Offering is expected to be announced through Nasdaq Copenhagen on 23 March 2021. UnderwritingThe Offering is fully underwritten. Subject to the satisfaction of certain conditions in the Underwriting Agreement, any New Shares that have not been subscribed for by the Existing Shareholders through the exercise of their allocated or acquired Preemptive Rights or by other investors through the exercise of their acquired Preemptive Rights before the expiry of the Subscription Period will, without compensation to the holders of unexercised Preemptive Rights, be subscribed for by the Managers. In the event that the Managers subscribe any New Shares that have not been subscribed for by the Existing Shareholders, the Managers may co-ordinate disposals of such shares in accordance with applicable law and regulation. Except as required by applicable law or regulation, the Managers and their respective affiliates do not propose to make any public disclosure in relation to such transactions. Lock-upsFollowing the Offering, the Company and members of Executive Board and Supervisory Board (and certain of each such member's related parties), as well as Tryg's majority shareholder, TryghedsGruppen, will be subject to a 180-day lock-up, subject to certain exceptions. Expected timetable of principal events Publication of the Prospectus............................................................ 1 March 2021Last day of trading in Existing Shares with Preemptive Rights.................. 3 March 2021First day of trading in Existing Shares without Preemptive Rights............. 4 March 2021Rights Trading Period commences .................................................... 4 March 2021 at 9:00 a.m. CETDate of listing of the Interim Shares under the interim ISIN code............. 4 March 2021 at 9:00 a.m. CETAllocation Time of Preemptive Rights................................................. 5 March 2021 at 5:59 p.m. CETSubscription Period for New Shares commences................................... 8 March 2021 at 9:00 a.m. CETRights Trading Period closes............................................................. 17 March 2021 at 5:00 p.m. CETSubscription Period for New Shares closes........................................... 19 March 2021 at 5:00 p.m. CETPublication of the result of the Offering............................................... 23 March 2021Registration of the capital increase regarding the New Shares with the Danish Business Authority and issuance of the New Shares through VP Securities.................................................................................... 25 March 2021Completion of the Offering (the Offering will only be completed if and when the New Shares subscribed for are issued by Tryg and the capital increase is registered with the Danish Business Authority).................................. Expected to take place on 25 March 2021Last day of trading of Interim Shares ................................................ 26 March 2021 at 5:00 p.m. CETOfficial listing of and trading of the New Shares under the existing ISIN code........................................................................................... 29 March 2021Merger of the interim ISIN code for the Interim Shares and the ISIN code for the Existing Shares in VP Securities............................................... 30 March 2021 The above timetable is subject to change. Any changes will be announced through Nasdaq Copenhagen. Joint Global Coordinators, Joint Lead Managers and Legal AdvisersDanske Bank and Morgan Stanley are acting as joint global coordinators and joint bookrunners. Citi, HSBC and Nordea are acting as joint lead managers. Plesner Advokatpartnerselskab is acting as Danish legal adviser and Herbert Smith Freehills LLP is acting as English and United States legal adviser to the Company. Bruun & Hjejle Advokatpartnerselskab is acting as Danish legal adviser and Latham & Watkins (London) LLP is acting as English and United States legal adviser to the Managers. ProspectusSubject to certain restrictions, the Prospectus can be accessed on the Company's website: https://tryg.com/en/emission. Except for information incorporated by reference in the Prospectus, the contents on the Company's website do not constitute a part of the Prospectus. Contact informationFor further information, visit tryg.com or contact: Gianandrea Roberti, Investor Relations Officer +45 20 18 82 67 firstname.lastname@example.orgPeter Brondt, Investor Relations Manager +45 22 75 89 04 email@example.comTanja Frederiksen, Head of Communications +45 51 95 77 78 firstname.lastname@example.org Important InformationTHIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR ANY SHARES OR ANY OTHER SECURITIES NOR SHALL IT (OR ANY PART OF IT) OR THE FACT OF ITS DISTRIBUTION, FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH OR ACT AS AN INDUCEMENT TO ENTER INTO, ANY CONTRACT OR COMMITMENT WHATSOEVER. INVESTORS SHOULD NOT ACQUIRE ANY SHARES OR ANY OTHER SECURITIES REFERRED TO HEREIN EXCEPT ON THE BASIS OF THE INFORMATION CONTAINED IN THE PROSPECTUS. THE TRANSACTIONS DESCRIBED IN THIS ANNOUNCEMENT AND THE DISTRIBUTION OF THIS ANNOUNCEMENT AND OTHER INFORMATION IN CONNECTION WITH THE OFFERING IN CERTAIN JURISDICTIONS MAY BE RESTRICTED BY LAW AND PERSONS INTO WHOSE POSSESSION THIS ANNOUNCEMENT, ANY DOCUMENT OR OTHER INFORMATION REFERRED TO HEREIN COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, ANY SUCH RESTRICTIONS. IN PARTICULAR, THIS ANNOUNCEMENT DOES NOT CONSTITUTE, OR FORM PART OF, AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE ANY SECURITY IN THE UNITED STATES, THE UNITED KINGDOM, THE REPUBLIC OF ITALY, SWITZERLAND, AUSTRALIA, CANADA, THE ONSHORE UNITED ARAB EMIRATES, THE DUBAI INTERNATIONAL FINANCIAL CENTRE, THE ABU DHABI GLOBAL MARKET, SINGAPORE, JAPAN, HONG KONG, OR THE PEOPLE'S REPUBLIC OF CHINA. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF ANY SUCH JURISDICTION. THIS ANNOUNCEMENT DOES NOT CONTAIN OR CONSTITUTE AN OFFER FOR SALE OR THE SOLICITATION OF AN OFFER TO PURCHASE SECURITIES IN THE UNITED STATES. THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES, AND MAY NOT BE OFFERED, SOLD, TAKEN UP, EXERCISED, RESOLD, RENOUNCED, TRANSFERRED OR DELIVERED, DIRECTLY OR INDIRECTLY, INTO OR WITHIN THE UNITED STATES EXCEPT TO "QUALIFIED INSTITUTIONAL BUYERS" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. ALL OFFERS AND SALES OF SECURITIES OUTSIDE OF THE UNITED STATES WILL BE MADE IN RELIANCE ON, AND IN COMPLIANCE WITH, REGULATION S UNDER THE SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THERE IS NO INTENTION TO MAKE A PUBLIC OFFERING OF THE SECURITIES IN THE UNITED STATES. THERE WILL BE NO PUBLIC OFFER OF THE SECURITIES IN THE UNITED STATES. NONE OF THE SECURITIES REFERRED TO HEREIN, THIS ANNOUNCEMENT OR ANY OTHER DOCUMENT CONNECTED WITH THE OFFER OR SALE OF ANY OF THE SECURITIES REFERRED TO HEREIN HAS BEEN OR WILL BE APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR BY THE SECURITIES COMMISSIONS OR ANY OTHER REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES, AND NONE OF THE FOREGOING AUTHORITIES HAS PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OF ANY OF THE SECURITIES REFERRED TO HEREIN OR THE ACCURACY OR ADEQUACY OF THIS ANNOUNCEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES. WITH RESPECT TO THE MEMBER STATES OF THE EUROPEAN ECONOMIC AREA SUBJECT TO REGULATION 2017/1129/EU (TOGETHER WITH ANY APPLICABLE IMPLEMENTING MEASURES, THE "PROSPECTUS REGULATION") (EACH A "RELEVANT MEMBER STATE"), NO ACTION HAS BEEN UNDERTAKEN OR WILL BE UNDERTAKEN TO MAKE AN OFFER TO THE PUBLIC OF THE SECURITIES REFERRED TO HEREIN REQUIRING THE PUBLICATION OF A PROSPECTUS IN ANY RELEVANT MEMBER STATE EXCEPT FOR IN DENMARK, NORWAY AND SWEDEN. AS A RESULT AND OTHER THAN AS NOTED ABOVE, THESE SECURITIES MAY ONLY BE OFFERED OR SOLD IN ANY RELEVANT MEMBER STATE PURSUANT TO AN EXEMPTION UNDER THE PROSPECTUS REGULATION. EXCEPT IN THE CASE OF DENMARK, NORWAY AND SWEDEN, IN ANY RELEVANT MEMBER STATE THIS ANNOUNCEMENT IS ONLY ADDRESSED TO, AND ONLY DIRECTED AT, PERSONS IN THAT RELEVANT MEMBER STATE WHO FULFIL THE CRITERIA FOR EXEMPTION FROM THE OBLIGATION TO PUBLISH A PROSPECTUS, INCLUDING "QUALIFIED INVESTORS" WITHIN THE MEANING OF ARTICLE 2(e) OF THE PROSPECTUS REGULATION ("QUALIFIED INVESTORS"). IN THE UNITED KINGDOM, THIS ANNOUNCEMENT IS BEING DISTRIBUTED ONLY TO, AND IS DIRECTED ONLY AT, PERSONS WHO ARE "QUALIFIED INVESTORS" (AS DEFINED IN ARTICLE 2(e) OF THE UK PROSPECTUS REGULATION) AND WHO ARE: (I) PERSONS HAVING PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN THE DEFINITION OF "INVESTMENT PROFESSIONALS" IN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE "ORDER"), (II) PERSONS WHO ARE HIGH NET WORTH BODIES CORPORATE, UNINCORPORATED ASSOCIATIONS AND PARTNERSHIPS AND THE TRUSTEES OF HIGH VALUE TRUSTS, AS DESCRIBED IN ARTICLE 49(2)(A) to (D) OF THE ORDER, AND/OR (III) PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED UNDER THE ORDER (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THIS ANNOUNCEMENT MUST NOT BE ACTED ON OR RELIED ON IN THE UNITED KINGDOM BY PERSONS WHO ARE NOT RELEVANT PERSONS. IN THE UNITED KINGDOM, ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO, AND WILL BE ENGAGED IN ONLY WITH, RELEVANT PERSONS. FOR THE PURPOSES OF THIS PARAGRAPH, THE EXPRESSION "UK PROSPECTUS REGULATION" MEANS REGULATION 2017/1129/EU AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. NONE OF TRYG, THE MANAGERS OR ANY OF THEIR RESPECTIVE SUBSIDIARY UNDERTAKINGS, AFFILIATES OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, ADVISERS, AGENTS OR ANY OTHER PERSON ACCEPTS ANY RESPONSIBILITY OR LIABILITY WHATSOEVER FOR, OR MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TRUTH, ACCURACY, COMPLETENESS OR FAIRNESS OF THE INFORMATION OR OPINIONS IN THIS ANNOUNCEMENT (OR WHETHER ANY INFORMATION HAS BEEN OMITTED FROM THE ANNOUNCEMENT) OR ANY OTHER INFORMATION RELATING TO THE COMPANY OR ASSOCIATED COMPANIES, WHETHER WRITTEN, ORAL OR IN A VISUAL OR ELECTRONIC FORM, AND HOWSOEVER TRANSMITTED OR MADE AVAILABLE OR FOR ANY LOSS HOWSOEVER ARISING FROM ANY USE OF THIS ANNOUNCEMENT OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION THEREWITH. Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the securities that are the subject of the Offering have been subject to a product approval process, which has determined that the Preemptive Rights, the Interim Shares and the New Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, distributors should note that: the price of the Preemptive Rights and the Shares may decline and shareholders and investors could lose all or part of their investment; the Preemptive Rights and the Shares offer no guaranteed income and no capital protection; and an investment in the Preemptive Rights and the Shares is compatible only with shareholders and investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering. Furthermore, it is noted that, notwithstanding the Target Market Assessment, the Managers will only procure investors who meet the criteria of professional clients and eligible counterparties (except for a public offering to shareholders and investors in Denmark, Greenland, Norway and Sweden conducted pursuant to the Prospectus that has been approved by and registered with the DFSA). For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or shareholder in Tryg or group of investors or shareholders in Tryg to invest in, or purchase, or take any other action whatsoever with respect to, the Preemptive Rights, the Interim Shares and the New Shares. Each distributor is responsible for undertaking its own target market assessment in respect of the Preemptive Rights, the Interim Shares and the New Shares and determining appropriate distribution channels. Publication on a websiteThis announcement and the documents required to be published pursuant to Rule 26 of the UK Takeover Code will be available, subject to certain restrictions relating to persons resident in restricted jurisdictions, on Tryg's website at www.Tryg.com promptly and in any event by no later than 12 noon on the business day following the publication of this announcement. This includes a copy of the Underwriting Agreement, which replaces the standby underwriting commitment entered into by the Joint Global Coordinators in favour of Tryg on 18 November 2020. The content of the websites referred to in this announcement is not incorporated into and does not form part of this announcement. Cautionary note about forward-looking statementsThis announcement contains forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties, in particular this announcement should not be construed as a confirmation neither that the Offering will complete, nor of the deal size or the price. Therefore, actual future results may differ materially from what is forecast in this announcement due to a variety of factors. This announcement is intended for the sole purpose of providing information. Persons needing advice should consult an independent financial adviser. This announcement does not constitute an investment recommendation. This announcement is not a prospectus and investors should not purchase any securities referred to in this announcement on the basis of this announcement. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change. No obligation is undertaken to update this announcement or to correct any inaccuracies, and the distribution of this announcement shall not be deemed to be any form of commitment on the part of Tryg to proceed with any transaction or arrangement referred to herein. This announcement has not been approved by any competent regulatory authority. Attachment 03_2021_Tryg AS initiates rights issue and publishes prospectus
Hexatronic Group AB (publ) 556168-6360 Press Release March 1, 2021 Hexatronic to acquire 75% of the German FTTH competence centre TK-KONTOR-FREITAG GmbH Hexatronic Group AB (publ) (“Hexatronic”) has on March 1 acquired 75% of the shares in TK-KONTOR-FREITAG GmbH (“TK”). TK is an engineering office offering planning and consulting services for the installation of passive FTTH to network owners and installers in Germany. The service includes material concepts, construction cost estimates, network planning and architecture, project management, construction management and project supervision. This acquisition will enable Hexatronic to combine the skill sets of TK’s team with Hexatronic’s training companies in the UK, the US and Sweden to also build a comprehensive FTTH training offering for Germany and Austria to utility and installation companies as well as internet providers. TK will operate independently of Hexatronic. The founder and CEO will remain a shareholder in the company and continue in his current role. The acquisition has no significant impact on Hexatronic’s earnings. “With TK’s competence, experience, and platform to consult, plan and soon to train installers on all parts of the passive FTTH installation, the company can support network owners and installers in Germany to install their network in a more efficient and cost-effective way,” says Henrik Larsson Lyon, CEO of Hexatronic Group. Gothenburg, March 1, 2021 Henrik Larsson Lyon CEO Hexatronic Group For more information, please contact: • Henrik Larsson Lyon, CEO Hexatronic Group, +46 706 50 34 00 Hexatronic Group AB (publ) is a group that develops, markets and delivers products, components and system solutions with the main focus on the fiber optic market. Hexatronic offers a wide range of innovative system and product solutions mainly for passive fiber optic infrastructure with global trademarks like Matrix, Viper, Stingray, Raptor, InOne, Drytech™, Lightmate®, Skyline and Wistom®. The Group has its headquarters in Gothenburg, Sweden and has sales offices and/or subsidiaries in Sweden, Norway, Finland, United Kingdom, Germany, Italy, Estonia, Latvia, Lithuania, China, New Zealand, the US, and Canada. The Group is listed on Nasdaq Stockholm under the ticker HTRO. For more information, visit www.hexatronicgroup.com. Attachment 2021-03-01 Hexatronic acquires 75% of TK-KONTOR-FREITAG
Quadient Nearly Doubles U.S. Smart Locker Installations in 2020 and Reaches 13,000 Units Worldwide Paris, March 1, 2021 Quadient (Euronext Paris: QDT), a leader in helping businesses create meaningful customer connections through digital and physical channels, announced today its base of smart locker stations has surpassed 13,000 worldwide, representing more than 600,000 boxes overall and positioning Quadient as the second largest1 global provider of parcel locker solutions. Driven by consumer demand for safer and more secure package retrieval and the continued growth of online commerce, Parcel Pending by Quadient smart locker solutions have been installed at multifamily properties, major retailers, leading universities, corporate campuses and pick-up and drop-off (PUDO) locations. In the first nine months of the company’s fiscal year 2020, ending January 31, 2021, Quadient saw a 78% jump in the number of packages delivered using its smart lockers. “Consumers, especially in the context of the COVID-19 pandemic, are demanding fast, convenient and contact-free deliveries,” said Daniel Malouf, chief solution officer for Parcel Locker Solutions at Quadient. “We are especially proud that home improvement retailer Lowe’s selected us in 2020 as its exclusive locker partner to meet their customers’ demand. Our experience in working with retailers globally has helped us to successfully rollout Lowe’s in-store locker pick-up solution as part of the plan to supply its more than 1,700 stores across the U.S.” Last year’s expansion of Quadient in the parcel lockers market was also driven by the launch of its multifamily locker solutions in the UK, soon to be launched in France as well, leveraging Parcel Pending by Quadient’s successful experience in the U.S.. In the Asia Pacific region, Quadient has now initiated the deployment of its patented Lite model in Japan, under its joint-venture with Yamato Transport. “Following the successful integration of Parcel Pending, already a leader in the U.S. parcel locker market, we have seen impressive growth, particularly in the U.S. where Quadient’s locker installations nearly doubled in 2020,” said Geoffrey Godet, CEO at Quadient. “We continue to efficiently execute on our vision of building large, dense and open networks of locker stations in targeted countries, relying on patented technology and innovations as well as leveraging operational synergies and sales experience across our international teams.” About Quadient® Quadient is the driving force behind the world’s most meaningful customer experiences. By focusing on four key solution areas including Customer Experience Management, Business Process Automation, Mail-Related Solutions, and Parcel Locker Solutions, Quadient helps simplify the connection between people and what matters. Quadient supports hundreds of thousands of customers worldwide in their quest to create relevant, personalized connections and achieve customer experience excellence. Quadient is listed in compartment B of Euronext Paris (QDT) and is part of the CAC® Mid & Small and EnterNext® Tech 40 indices. For more information about Quadient, visit quadient.com. Contacts Joe Scolaro, Quadient Sandy Armstrong, Sterling Kilgore Global Press Relations Manager Director of Media and Communications +1-866-883-4260 Ext. 1590 +1-630-964-8500 email@example.com firstname.lastname@example.org 1 Source: Quadient market analyses Attachment Quadient 13k locker stations_EN_final
Chevron Corporation (NYSE: CVX) today announced an investment in Baseload Capital AB, a Sweden-based private investment company focused on development and operation of low-temperature geothermal and heat power assets.
KKR and Rakuten Complete Seiyu Share Purchase from Walmart
Britain's Prince Harry, who has blamed press intrusion for contributing to his mother Princess Diana's death in 1997, has told US chat show host Oprah Winfrey he was worried about history repeating itself.
Britain's multi-billion pound supermarket industry is placing its bets on whether big-spending older shoppers will stick with buying their groceries online when months of lockdown end. Having more than doubled during the COVID-19 pandemic to represent 16% of Britain's roughly 200 billion pound ($281 billion) food retail market, the country has one of the world's highest take-ups of online grocery. Ocado boss Tim Steiner says it's here to stay and will carry on growing quickly.
One clear lesson from last week is that the European Central Bank hasn't been able to stop euro zone yields from rising. Verbal intervention by ECB President Christine Lagarde, Chief Economist Philip Lane and board member Isabel Schnabel failed at keeping a lid on a rise that is pretty much imported from the U.S. where another round of stimulus, now on its way to the Senate, is fuelling inflation fears. So like the famous Elvis Presley song, pressure will grow for a little less conversation and little more action given there's almost 1 trillion euros left to spend in the ECB's PEPP arsenal.
“I am very pleased that our integrated One TORM platform enabled us to deliver a solid EBITDA of USD 272m and a considerable cash return to shareholders totaling USD 71m in dividends during 2020. I am further pleased that our commitment to minimize environmental impact has enabled us to reduce greenhouse gas emissions by 22% since 2008, showing a clear path towards our ambitious target of 40% reduction by 2030.” says Mr. Jacob Meldgaard, Executive Director. In 2020, TORM realized an EBITDA of USD 272m (2019: USD 202m). The 2020 profit before tax amounted to USD 90m (2019: USD 167m). The net profit adjusted for non-recurring items was USD 122m (2019: USD 51m) and Adjusted Return on Invested Capital (RoIC) was a very strong 9.3% (2019: 5.2%). For the full-year 2020, TORM achieved TCE rates of USD/day 19,800 (2019: USD/day 16,526). In the first half of the year, product tanker rates reached all-time-high levels following the significant market disruption caused by the COVID-19 outbreak and OPEC+ oil price war. In the second half of the year, the product tanker market went into a downturn and together with substantial draws on global oil stocks, the product tanker rates declined as product stocks normalized. In 2020, TORM contracted two LR2 newbuildings, purchased two 2010-built MR vessels and sold eight older vessels. The two LR2 newbuildings are scheduled to be delivered in the fourth quarter of 2021 and the first quarter of 2022. One of the 2010-built MR vessels was delivered in 2020 and one was delivered in January 2021. Further, TORM took delivery of four vessels under its newbuilding program in 2020. As of 31 December 2020, TORM’s order book consisted of the two LR2 newbuildings and the remaining 2010-built MR vessel. The total outstanding CAPEX related to the order book, including costs related to the installation of scrubbers, amounted to USD 101m. The vessel sales cover two LR2s and six MRs for a total consideration of USD 77m. The vessels were delivered to their new owners in 2020 and debt of USD 41m has been repaid. As of 31 December 2020, TORM’s fleet consisted of 64 owned vessels, eight vessels under sale and leaseback agreements, two vessels on order and one second-hand vessel to be delivered to TORM. In the first quarter of 2021, TORM has entered into an agreement to purchase eight 2007-2012 built MR product tanker vessels for a total cash consideration of USD 82.5m and the issuance of 5.97 million shares. Subject to documentation, TORM has obtained financing of up to USD 94m for the vessels that are scheduled to be delivered to TORM in the second and third quarter of 2021. During the COVID-19 pandemic, TORM has fully maintained its excellent operations thanks to the One TORM platform. This is especially due to extraordinary and very professional efforts from our crew members. While crew changes remain an issue due to travel bans and quarantine rules in several countries around the world, TORM has reduced the percentage of crew with overdue employment from approximately 35% in May and June to the current level of 1% of the total crew on board TORM’s vessels. TORM is very satisfied with this achievement and maintains the safety and welfare of seafarers as a key focus area – especially during the COVID-19 pandemic. TORM has refinanced debt of USD 602m extending all material debt maturities to 2026 or later. In the first quarter of 2020, TORM closed the refinancing of four term loans and an existing revolving credit facility. The term loans and the revolving credit facility were replaced by two separate term facilities and a new revolving credit facility covering up to USD 496m. In the fourth quarter, TORM refinanced its existing facility with Danish Ship Finance with a new facility of USD 180m in senior secured debt, covering ten vessels including the two MR vessels purchased in the fourth quarter. In connection with the transaction, five vessels were transferred for refinancing under the Hamburg Commercial Bank facility for USD 35m. Lastly, TORM has obtained financing of USD 12m related to the installation of scrubbers and Ballast Water Treatment Systems on four vessels. Following the refinancing, TORM has extended all material debt maturities until 2026, ensuring only annual scheduled repayments over the term which supports the Company’s financial flexibility. In connection with the refinancing, a CO2 emission-linked pricing mechanism was included in the Danish Ship Finance facility. Accordingly, the pricing is linked to the reductions in CO2 emissions year-on-year, aligning it with TORM’s and the International Maritime Organization’s industry target of a 40% reduction in greenhouse gas emissions by 2030. The key performance indicator and the decarbonization target are consistent with the Poseidon Principles, the global framework by which a number of leading financial institutions assess the climate alignment of their ship finance portfolios. The agreement is TORM’s first loan agreement that includes a CO2 emission-linked price adjustment mechanism. As of 31 December 2020, TORM’s available liquidity was USD 268m and consisted of USD 136m in cash and restricted cash and USD 132m in undrawn financing and committed facilities. Undrawn and committed facilities include USD 45m in undrawn working capital facilities, USD 76m of sale and leaseback financing and USD 11m of financing related to the installation of scrubbers and Ballast Water Treatment Systems. Cash and restricted cash and cash equivalents include USD 46m in restricted cash, primarily related to collateral for financial instruments. As of 31 December 2020, the net interest-bearing debt amounted to USD 713m, and the net loan-to-value (LTV) ratio was estimated at 51%. TORM has committed to install 50 scrubbers. As of 1 March 2021, TORM has installed 46 scrubbers. The remaining four are expected to be installed in 2021 and in the first quarter of 2022, including the two scrubbers for the LR2 newbuildings. Based on broker valuations, the market value of TORM’s fleet, including newbuildings, was USD 1,585m as of 31 December 2020. TORM’s NAV, excluding charter commitments, was estimated at USD 801m, corresponding to a NAV/share of USD 10.8 or DKK 65.3. As of 31 December 2020, TORM’s book equity amounted to USD 1,017m. This corresponds to a book equity/share of USD 13.6 or DKK 82.3. The book value of the fleet was USD 1,723m as of 31 December 2020 excluding outstanding installments on the two LR2 newbuildings and the 2010-built MR vessel of USD 101m. As of 31 December 2020, TORM performed an impairment test of the recoverable amount of the most significant assets. Based on this review, Management has decided to impair TORM’s two Handysize vessels with a total charge of USD 5.5m. No impairment was recorded for the main fleet covering TORM’s LR2, LR1 and MR vessels, since the value in use is in line with the carrying amount at 31 December 2020. At the 2020 AGM, Ms. Annette Malm Justad was appointed as Director of the Company replacing Mr. Torben Janholt. Ms. Justad has more than 20 years of executive experience and has previously served as CEO of Oslo listed Eitzen Maritime Services ASA, amongst other. To supplement the Annual Report and TORM’s CSR report, TORM has published its first dedicated ESG Report to provide easy access to data specifically within Environmental, Social and Governance aspects. The ESG Report documents the results of TORM’s efforts within the environment, its commitment to the UN’s Sustainable Development Goals including social and governance aspects, and the targets set for 2030 onwards. As of 31 December 2020, 28% of the total earning days in 2021 were covered at USD/day 15,049. As of 23 February 2021, the total coverage for the first quarter of 2021 was 85% at USD/day 12,914. For the individual vessel classes, the coverage was 89% at USD/day 16,506 for LR2, 67% at USD/day 13,430 for LR1, 88% at USD/day 12,355 for MR and 84% at USD/day 6,725 for Handysize. TORM made a total shareholder distribution of USD 71m in 2020 covering earnings in the second half of 2019 and the first half of 2020. The majority of the payment was made in September 2020, where TORM paid an ordinary dividend of USD 63m, or USD 0.85 per share. In line with the Company’s Distribution Policy, the payment corresponded to 50% of the net income for the six months ended on 30 June 2020. The net income for the second half of 2020 was USD -39m and in line with TORM’s Distribution Policy, the Board of Directors has decided to recommend that no dividends be paid for that period. CONFERENCE CALL AND WEBCAST TORM will be hosting a conference call for investors and financial analysts today at 9:00 am Eastern Time / 3:00 pm Central European Time. If you wish to participate in the call, please dial +45 3272 0417 (or +1 (646) 741 3167 for US connections) at least ten minutes prior to the start of the call to ensure connection and use 3627758 as conference ID. The presentation can be downloaded from https://investors.torm.com.There will be a simultaneous live webcast via TORM’s website https://investors.torm.com. Participants should register on the website approximately ten minutes prior to the start of the webcast. CONTACT TORM plcJacob Meldgaard, Executive Director, tel.: +45 3917 9200 Birchin Court, 20 Birchin LaneKim Balle, CFO, tel.: +45 3917 9285London, EC3V 9DU, United Kingdom Morten Agdrup, IR, tel.: +45 3917 9249Tel.: +44 203 713 4560 Finn Bjarke Petersen, IR, tel.: +45 3917 9225www.torm.com ABOUT TORM TORM is one of the world’s leading carriers of refined oil products. The Company operates a fleet of approximately 80 modern vessels with a strong commitment to safety, environmental responsibility and customer service. TORM was founded in 1889. The Company conducts business worldwide. TORM’s shares are listed on NASDAQ Copenhagen and NASDAQ New York (tickers: TRMD A and TRMD). For further information, please visit www.torm.com. SAFE HARBOR STATEMENTS AS TO THE FUTUREMatters 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 statements other than statements of historical facts. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions generally identify forward-looking statements. 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 the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee 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 the world economy and currencies, general market conditions, including fluctuations in charter hire rates and vessel values, the duration and severity of the COVID-19, including its impact on the demand for petroleum products and the seaborne transportation thereof, the operations of our customers and our business in general, changes in demand for “ton-miles” of oil carried by oil tankers and changes in demand for tanker vessel capacity, 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 the regulation of shipping operations, including 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, political events including “trade wars,” or acts by terrorists. In light of these risks and uncertainties, you should not place undue reliance on forward-looking statements contained in this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Attachments 04-2021 - TORM plc Annual Report 2020 - US Annual Report 2020_web
Australian Prime Minister Scott Morrison said on Monday an unidentified cabinet minister accused of rape has "vigorously rejected" the allegation during talks with him. Several opposition lawmakers said late last week they received a letter detailing an allegation of rape by a male cabinet minister before he entered parliament. Morrison said his office also received a letter detailing the allegation.
Europe's drug regulator is auditing the manufacturing site of the Serum Institute of India (SII), a source with knowledge of the matter said, a necessary step before AstraZeneca's COVID-19 vaccine made there can be exported to the bloc. SII, the world's largest vaccine manufacturer, is producing the AstraZeneca vaccine, developed with Oxford University, for dozens of poor and middle-income countries. The precise reason for the audit of SII's manufacturing processes and facilities was not clear, but a green light would mean the drug could be exported to the European Union, the source said, declining to be identified because the review is confidential.
SIGNIFICANT RECOMMENDATIONS MADE BY THE AGED CARE ROYAL COMMISSION* A new Aged Care Act enshrining the rights of older people and providing a universal entitlement for high-quality care.* A national registration scheme for workers with mandatory qualification levels and checks.
(Bloomberg) -- Sovereign bonds extended a rebound, U.S. and European equity futures rose and the dollar dipped Monday, signaling calmer markets after the turmoil sparked last week by a slide in government debt.Benchmark Treasury yields fluctuated around 1.40% and Australian and New Zealand debt rallied. Australia’s 10-year yield slid the most in a year after the central bank doubled down on bond purchases to pacify fixed-income markets.S&P 500 and Nasdaq 100 equity futures advanced, while Japan led a bounce back in Asian stocks. On Friday, the S&P 500 slipped and tech stocks staged a modest rebound as Treasuries recovered from a pronounced selloff. Most Group-of-10 currencies climbed. Commodities rose as oil topped $62 a barrel.Bonds and equity markets have stabilized after central banks from Asia to Europe sought to reassure investors that policy support remains in place. The prospect of faster growth and inflation amid a stimulus-fueled recovery from the pandemic led to concerns that officials will eventually have to contemplate tightening monetary conditions.“With a lot of the move in yields due to the improving growth outlook and reopening prospects, risk appetite is holding up,” said Esty Dwek, head of global strategy at Natixis Investment Manager Solutions. “The pace and scale of the move in yields is more important than the absolute level, suggesting that as long as the move is gradual, risk assets should be able to absorb them.”In the U.S., President Joe Biden called on lawmakers to quickly approve his $1.9 trillion Covid-19 fiscal aid package, which passed the House of Representatives early Saturday and heads to the Senate. Stimulus and positive vaccine news, including U.S. approval for Johnson & Johnson’s one-shot inoculation, are driving so-called reflation bets.Elsewhere, most base metals rebounded following Friday’s slump. Bitcoin was trading at around $46,000, nursing losses after its worst weekly plunge in almost a year. There are some key events to watch this week:Reserve Bank of Australia sets monetary policy Tuesday.U.S. Federal Reserve Beige Book is due Wednesday.OPEC+ meeting on output Thursday.Fed Chair Jerome Powell to discuss the economy at a Wall Street Journal event on Thursday.The February U.S. employment report on Friday will provide an update on the speed and direction of the nation’s labor market recovery.These are some of the main moves in markets:StocksS&P 500 futures rose 0.9% as of 7:05 a.m. in London. The S&P 500 Index fell 0.5%.Japan’s Topix index gained 2%.Australia’s S&P/ASX 200 index rose 1.7%.Hong Kong’s Hang Seng index climbed 1.5%.Euro Stoxx 50 contracts jumped 1%.CurrenciesThe yen traded at 106.54 per dollar.The offshore yuan was at 6.4692 per dollar, up 0.2%.The Bloomberg Dollar Spot Index fell 0.3%.The euro was at $1.2086, rising 0.1%.The Aussie dollar rose 0.7% to 77.62 U.S. cents.BondsAustralia’s 10-year yield fell 25 basis points to 1.67%.The yield on 10-year Treasuries was steady at about 1.40%.CommoditiesWest Texas Intermediate crude rose 2% to $62.70 a barrel.Gold rose 1.2% to $1,754.69 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The wife of Robert “Dipper” DiPierdomenico has publicly indicated that their 41-year marriage is "done".
AFL great Royce Hart and two others have been taken to hospital after a serious accident in Tasmania.
Press releaseMarch 1, 2021 - N° 5 Claire Le Gall-Robinson, General Secretary of SCOR, is appointed to the Group Executive Committee Claire Le Gall-Robinson joins SCOR’s Executive Committee with effect from today. In addition to her role as General Secretary, which she has held since 2016, Claire Le Gall-Robinson is in charge of governance, the compliance function and the legal function. She also helps to draw up and implement the Group’s strategy in terms of social and environmental responsibility. Claire Le Gall-Robinson is the second woman to join SCOR’s Executive Committee, following the appointment of Brona Magee as Deputy CEO of SCOR Global Life in September 2018. Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “I am very happy that Claire Le Gall-Robinson is joining SCOR’s Executive Committee and expanding her responsibilities within the Group. Since she joined us in 2016, Claire has fulfilled her duties as General Secretary with great professionalism. She knows the company extremely well, and her professional and human qualities are appreciated by everyone she deals with. I am confident that Claire will be successful in this new key role. This appointment bears witness to the depth and breadth of the company’s talent and demonstrates our determination to develop and promote all talent within the Group.” * * * Biography Claire Le Gall-Robinson, 45, is a lawyer admitted to the Paris and New York Bars and a graduate of Harvard Law School (Master of Laws) and the Paris II- Panthéon Assas University (Corporate and Tax law, Major de promotion). She practiced for more than 17 years in leading U.S. law firms Sullivan & Cromwell LLP and Skadden, Arps, Slate, Meagher & Flom LLP. Prior to joining SCOR in 2016, she was a partner of the UK law firm Gowling WLG. She has taught at the Sciences Po Law School since 2010. She has authored articles on various topics relating to corporate law and co-authored a book on commercial law published by Editions Dalloz. * * * Contact details CommunicationsJérôme Guilbert+33 (0)1 58 44 79 email@example.com Investor RelationsOlivier Armengaud+33 (0)1 58 44 86 firstname.lastname@example.org www.scor.com LinkedIn: SCOR | Twitter: @SCOR_SE General Numbers presented throughout this document may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, the document might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal. Forward-looking statements This document includes forward-looking statements and information about the objectives of SCOR, in particular, relating to its current or future projects. These statements are sometimes identified by the use of the future tense or conditional mode, as well as terms such as “estimate”, “believe”, “have the objective of”, “intend to”, “expect”, “result in”, “should” and other similar expressions. It should be noted that the achievement of these objectives and forward-looking statements is dependent on the circumstances and facts that arise in the future. Forward-looking statements and information about objectives may be impacted by known and unknown risks, uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by SCOR. The full impact of the Covid-19 crisis on SCOR’s business and results can still not be accurately assessed at this stage, given the uncertainty related both to the magnitude and duration of the Covid-19 pandemic and to the possible effects of future governmental actions and/or legal developments in this context. This uncertainty follows from the considerable difficulty in working on sound hypotheses on the impact of this crisis due to the lack of comparable events, the ongoing nature of the pandemic and its far-reaching impacts on the global economy, on the health of the population and on our customers and counterparties. These hypotheses include, in particular: the duration of the pandemic, its impact on health on the short and long term, the availability, efficacy, effectiveness and take-up rate and effect of the vaccines;the response of government bodies worldwide (including executive, legislative and regulatory);the potential judicial actions or social influences;the coverage and interpretation of SCOR’s contracts under these circumstances;the assessment of the net claim estimates and impact of claim mitigation actions. Therefore: any assessments and resulting figures presented in this document will necessarily be rough estimates based on evolving analysis, and encompass a wide range of theoretical hypotheses, which are still highly evolutive; at this stage, none of these scenarios, assessments, impact analyses or figures can be considered as certain or definitive. Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2019 universal registration document filed on March 13, 2020, under number D.20-0127 with the French Autorité des marchés financiers (AMF) and in the SCOR SE interim financial report for the six months ended June 30, 2020 posted on SCOR’s website www.scor.comIn addition, such forward-looking statements are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980. Financial information The Group’s financial information contained in this document is prepared on the basis of IFRS and interpretations issued and approved by the European Union.Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified.The calculation of financial ratios (such as book value per share, return on investments, return on invested assets, Group cost ratio, return on equity, combined ratio and life technical margin) are detailed in the Appendices of the Q4 2020 presentation (see page 23). The financial results for the full year 2020 included in the presentation have been audited by SCOR’s independent auditors. Unless otherwise specified, all figures are presented in Euros. Any figures for a period subsequent to December 31, 2020 should not be taken as a forecast of the expected financials for these periods. The Group solvency ratio disclosed in this document is not audited. The Group solvency final results are to be filed to supervisory authorities by May 2021, and may differ from the estimates expressed or implied in this report. Attachment SCORPressRelease
TORM has today entered into an agreement to purchase eight 2007-2012 built MR product tanker vessels from TEAM Tankers Deep Sea Ltd. for a total cash consideration of USD 82.5m and the issuance of 5.97 million shares. The transaction will increase TORM’s total fleet to 83 vessels on a fully delivered basis. The vessels are all built at the Croatian shipyard Brodotrogir and have high technical specifications with six of the vessels having specialized cargo tank configurations and extended tank segregations (IMO 2), allowing for enhanced trading flexibility through chemical trading options, while still being able to work integrated in the existing One TORM operational platform. The vessels are: TEAM Amorina (2012-built, MR)TEAM Allegro (2012-built, MR)TEAM Corrido (2011-built, MR, IMO 2)TEAM Cavatina (2010-built, MR, IMO 2)TEAM Leader (2009-built, MR, IMO 2)TEAM Discoverer (2008-built, MR, IMO 2)TEAM Voyager (2008-built, MR, IMO 2)TEAM Adventurer (2007-built, MR, IMO2) TORM has obtained attractive terms on the financing with maturities in 2026.The 2009-2012 built vessels will be financed by increasing TORM’s existing Syndicated Term Facility with a new Revolving Facility of up to USD 67m provided pro rata by the existing syndicate banks (ABN AMRO, Danske Bank, ING, Nordea, Credit Agricole, Société Générale and Swedbank), and the 2007-2008 built vessels will be financed through a new term facility with Hamburg Commercial Bank amounting up to USD 28m. The financing is subject to finalization of the documentation. The vessels are scheduled to be delivered during the second and third quarter of 2021, and in connection with each delivery, TORM will issue the shares to TEAM Tankers in tranches based on the individual vessel’s relative value. The agreed individual share issuances are subject to adjustments related to potential capital increases and shareholder distributions, as applicable. Based on broker valuations, the market value of the acquired vessels is assessed at USD 148m. ABN AMRO has acted as financial advisor for TORM on the transaction and lead coordinator on the financing. CONTACT TORM plcJacob Meldgaard, Executive Director, tel.: +45 3917 9200 Birchin Court, 20 Birchin LaneKim Balle, CFO, tel.: +45 3917 9285London, EC3V 9DU, United Kingdom Morten Agdrup, IR, tel.: +45 3917 9249Tel.: +44 203 713 4560 Finn Bjarke Petersen, IR, tel.: +45 3917 9225www.torm.com ABOUT TORM TORM is one of the world’s leading carriers of refined oil products. The Company operates a fleet of approximately 80 modern vessels with a strong commitment to safety, environmental responsibility and customer service. TORM was founded in 1889. The Company conducts business worldwide. TORM’s shares are listed on NASDAQ Copenhagen and NASDAQ New York (tickers: TRMD A and TRMD). For further information, please visit www.torm.com. SAFE HARBOR STATEMENTS AS TO THE FUTUREMatters 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 statements other than statements of historical facts. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions generally identify forward-looking statements. 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 the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee 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 the world economy and currencies, general market conditions, including fluctuations in charter hire rates and vessel values, the duration and severity of the COVID-19, including its impact on the demand for petroleum products and the seaborne transportation thereof, the operations of our customers and our business in general, changes in demand for “ton-miles” of oil carried by oil tankers and changes in demand for tanker vessel capacity, 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 the regulation of shipping operations, including 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, political events including “trade wars,” or acts by terrorists. In light of these risks and uncertainties, you should not place undue reliance on forward-looking statements contained in this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Attachment 03-2021 - TORM purchases 8 MRs from Team Tankers - US
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Some local communities in Beijing have started giving COVID-19 vaccine doses to people older than 60, even as the city's disease-control authorities publicly advises this age group against inoculation. China's vaccination program, under which 40.5 million doses had been administered as of Feb. 9, excludes those ages above 59 and those younger than 18, with Chinese vaccine makers citing less complete clinical trial data for minors and the elderly. According to notices from staffers of a few communities in Beijing's central Dongcheng district, seen by Reuters, residents older than 60 can go to designated sites to get their shots, without disclosing which the four China-developed vaccines would be available.
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