Torm pulls out from US stock market

Run by Deutsche Bank, the ADR programme enables US investors to trade American Depository Shares (ADS) which each represent 10 shares of Torm on the NASDAQ OMX Copenhagen.

Subject to change, Torm's deposit agreement with Deutsche bank and trading of ADSs will cease on 19 July. It will be possible to cash in ADRs for the underlying shares on the Copenhagen exchange until 17 October 2013, after that date receipt holders may receive cash.

The announcement was approved at April's agm, a cost cutting exercise in the wake of Torm's restructuring which left it 90%-owned by its creditor banks, with restructuring costs contributing to a $579m loss for 2012.

Despite a more positive start to 2013, Torm's cfo Roland Andersen tendered his resignation in April 2013.