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FSL Trust ditches Torm shares for $2.6m

FSL Trust ditches Torm shares for $2.6m
First Ship Lease Trust (FSL Trust) has sold all of the shares it held in Torm for $2.6m, booking a $1.7m gain.

The disposal of the 18,266,649 shares took place between 21 January and 28 January 2015, timed to, "to take advantage of a recent and short term spike in the Torm share price."

FSL Trust gained the shares as part of a previous restructuring of Torm, relating to nonperforming bareboat charters for the Torm Margrethe and Torm Marie.

The sale was spurred by recent announcements from Torm regarding its next restructuring, which state that the process will “result in a substantial dilution of existing shareholders”.

The average price of DKK0.96 ($0.15) per share is 200% of the average closing price of Torm shares over the last six months.