Oaktree 借 TORM plc 高位二次配售 900 万股老股(含绿鞋最多 1,035 万股),公司不获募集资金
这是大股东在历史高位的纯老股减持:公司不发新股、不摊薄 EPS、不获也不损失现金,不构成对盈利/现金流/资产的净损害,仅为暂时性证券供给冲击(约 8.8%–10.1% 股本、约 10 个 20 日 ADV)。消息美东 9/14 盘后首发后已即时重定价——RTH 收 35.34,盘后最低 32.34(约 −8.5%),现盘前 33.38(约 −5.5%),剩余 edge 已窄;JPM 独家固定价格发行通常伴随折价定价与稳定操作,在折价区追空易遭遇护盘与基本面(record 成品油轮盈利、双位数股息、20 日 +26%)支撑的反弹,且次日 FOMC 放大双向风险。做空所需的强基本面催化(业绩下修/逻辑证伪/造假)不成立,置信不足以越过做空红线,故多空均不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
Oaktree(持股约 20%)在 TORM 历史高位二次配售最多 1,035 万股老股,方向负面但属纯供给冲击、无基本面损害;盘后/盘前已跌约 5%(低点 −8.5%),JPM 固定价格+稳定操作与强基本面使追空风险回报差,做空红线不满足,故 AVOID。
消息传播链
- 盘后首发 Oaktree 900 万股(绿鞋至 1,035 万)二级配售,公司不获资金、尚未定价。市场反应:盘后 TRMD 放量约 33.7 万股,收约 33.99(−3.82%),最低 32.34(约 −8.5%)
- 6-K 将同份新闻稿作为 Exhibit 99.1 并入生效 F-3 货架,法定确认配售启动,无新增实质条款。
- 媒体解读为‘房东离场’:股价约 35 美元、年内约 +80%、record 成品油轮盈利、双位数股息,质疑高位减持时点——同时提示基本面仍强。市场反应:盘前(9/15)报 33.38,约 −5.55%,成交尚薄(约 1 万股)
关键理由
- 看空一侧唯一实质逻辑是约 8.8%–10.1% 股本、约 10 日 ADV 的短期供给+第一大股东从约 20% 大幅退出的信号冲击。
- 但公司不发新股、不摊薄、不损盈利,record 成品油轮盈利与双位数股息的多头逻辑未被本事件证伪。
主要风险
- 固定价格尚未公布,若折价小于预期且 JPM 稳定操作强,盘后超跌可能在 RTH 被买回,空头被挤压。
- 9/16 FOMC 利率决议+点阵图在 1 天后落地,周期/航运股宏观波动可能主导价格,掩盖个股供给逻辑。
反向证据
- 做空前查反向 · 来源 web · 日期 2026-09-14 · 影响 weakens
公司处历史高位、年内约 +80%、record 成品油轮盈利、双位数股息,20 日 +26%;纯老股配售不摊薄 EPS、不改变运价与分红,基本面对空头构成强反证。
检索:TORM TRMD record product tanker earnings dividend buyback Oaktree offering 2026 原文 ↗ - 做空前查反向 · 来源 futu · 日期 2026-09-15 · 影响 weakens
盘后已即时重定价(收 −3.8%、低点 −8.5%),盘前约 −5.5%;追空是在已消化约 5% 的位置入场,且面对承销固定价格/稳定操作,剩余 edge 窄。
检索:TRMD pre-market post-market reaction September 14 2026 secondary offering
先例如何影响了这次决策
对本次决策的影响:先例因数据源失败未提供可量化 edge,进一步支持不在已下跌约 5% 后凭感觉追空,最终 AVOID。
方向:两条均为同一发行人/Oaktree 同款老股配售的对齐先例,机制高度相似;但 event_study 对两条均返回 insufficient_anchor_or_forward_bars、未取回真实 K 线,因此不能据其给出方向胜率或涨幅,不编造数字。
涨幅量级:无可用对齐涨幅校准;tp/sl 不基于失败的先例统计。当前唯一可靠幅度锚是盘后/盘前已实现的约 −5%(低点 −8.5%)。
形态:无法用数据验证见光死/高开低走;从机制上此类固定价格承销配售有折价+稳定操作,供给在定价/交割时被一次性吸收。
历史先例(按相似度)
- 相似度 8/10 TRMD 2023-03-29 Oaktree 启动 TORM Class A 二级配售,机制与本次完全相同 原文 ↗
拟测 TRMD 公告后 1/3/5 日反应,但 event_study 未取回行情
⚠来源层级不符(声明issuer/实为media) — 该行涨幅别用来定止盈止损
相似度依据:同一发行人、同一 Oaktree 出售股东、同样的 Class A 二级公开配售机制(公司不获资金),仅规模与周期位置不同
经验:同款老股配售属已知、被承销吸收的技术供给,历史上不构成趋势性做空依据(本次工具未能取回 K 线,幅度无法量化) - 相似度 8/10 TRMD 2024-05-30 Oaktree 再次启动 TORM 二级配售,2024-06-03 公告交割 原文 ↗
拟测 TRMD 公告后 1/3/5 日反应,但 event_study 未取回行情
⚠来源层级不符(声明issuer/实为media) — 该行涨幅别用来定止盈止损
相似度依据:同一发行人、同一 Oaktree 出售股东、同款二级配售(6/3 交割公告),规模小于本次
经验:配售启动到交割间隔短、承销定价折价常是局部低点,重复减持逐步被市场预期(本次工具未能取回 K 线,幅度无法量化)
工具执行结果 · 成功 4 · 降级 0 · 失败 1 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 46 ms
{"result": "search_processed_events:agent query=`torm plc secondary offering ocm njord oaktree 9,000,000 class a shares | torm trmd a 配售 老股 橡树资本 减持 | trmd secondary public offering selling shareholder oaktree september 2026`;结构化索引覆盖完整 72 小时;旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整),返回 0 条候选。未命中只表示这些 agent quer - stock_quote 成功 stock_tools HTTP · 1,165 ms
{ - web_search 成功 doubao_search · 2,287 ms
豆包搜索结果(原始查询:TORM plc Oaktree secondary offering Class A shares announcement;API SearchType:web) - web_search 成功 doubao_search · 1,541 ms
豆包搜索结果(原始查询:TORM TRMD Oaktree secondary offering 2024 stock price reaction shares sold;API SearchType:web) - event_study 失败 stock_tools HTTP · 30 ms
no precedent bars (sources returned nothing for the proposed events)
原文全文
展开原文 · 11,003 字
6-K
1
p15075054_6-k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2026
Commission File Number 001-38294
TORM plc
4th Floor,
120 Cannon Street, London, EC4N 6AS, United Kingdom
(Address of principal executive offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached
to this Report on Form 6-K as
Exhibit 99.1
is a copy of the press release of TORM plc
(the “Company”), dated September 14, 2026, announcing the commencement of a secondary public offering of 9,000,000 of the
Company’s Class A common shares by OCM Njord Holdings S.à r.l., a company indirectly owned by funds managed by Oaktree
Capital Management, L.P. and its affiliates.
The
information contained in Exhibit 99.1
to this Report on Form 6-K is hereby incorporated by
reference into the Company’s registration statement on Form F-3 (File No. 333-283943) that was filed with the U.S. Securities
and Exchange Commission effective December 19, 2024.
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
TORM PLC
Dated: September 14, 2026
By:
/s/ Jacob Meldgaard
Jacob Meldgaard
Executive Director and Principal Executive Officer
----- p15075054_ex99-1.htm -----
EX-99.1
2
p15075054_ex99-1.htm
COMPANY ANNOUNCEMENT
Exhibit 99.1
TORM
plc announces secondary public offering of its class A common shares by a selling shareholder
TORM plc (the
“Company” or “TORM”) (Nasdaq: TRMD or TRMD A) today announces the commencement of a secondary public offering
of 9,000,000 (nine million) of the Company’s Class A common shares by OCM Njord Holdings S.à r.l. (the "Selling Shareholder"),
a company indirectly owned by funds managed by Oaktree Capital Management, L.P. and its affiliates. The Selling Shareholder expects to
grant the underwriter a 30-day option to purchase up to an additional 1,350,000 (one million three hundred fifty thousand) Class A common
shares offered in this offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or
when the offering may be completed.
The Selling
Shareholder beneficially owns approximately 20% of the Company’s Class A common shares prior to this offering. The Company is not
selling any Class A common shares and will not receive any proceeds from the sale of the Company’s Class A common shares by the
Selling Shareholder.
J.P. Morgan
Securities LLC is acting as sole underwriter for the offering. The underwriter intends to offer the Company’s Class A common shares
to the public at a fixed price, which may be changed at any time without notice. The offering will be made only by means of a prospectus
supplement and accompanying base prospectus related to the offering, copies of which may be obtained, when available, from J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Email: prospectus-eq_fi@jpmchase.com.
This company
announcement does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein and there shall
not be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such jurisdiction. A shelf registration statement relating to
the offering of the Class A common stock was filed with the U.S. Securities and Exchange Commission and is effective.
Contact
Mikael Bo Larsen,
Head of Investor Relations
Tel.: +45 5143
8002
About
TORM
TORM is one
of the world’s leading carriers of refined oil products. TORM operates a fleet of product tanker vessels with a strong commitment
to safety. environmental responsibility and customer service. TORM was founded in 1889 and conducts business worldwide. TORM’s shares
are listed on Nasdaq in Copenhagen and on Nasdaq in New York (ticker: TRMD A and TRMD. ISIN: GB00BZ3CNK81).
Safe Harbor
Statement as to the Future
Matters discussed
in this release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections
for forward-looking statements in order to encourage companies to provide prospective information about their business. 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 other statements, which are statements other
than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as, but not
limited to, “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,”
“targets,” “projects,” “forecasts,” “potential,” “continue,” “possible,”
“likely,” “may,” “could,” “should” and similar expressions or phrases may identify forward-looking
statements.
The forward-looking statements in this release are based
upon various assumptions, many of which are, in turn, based upon further assumptions, including without limitation, management’s
examination of historical operating trends, data contained in
TORM PLC | 120 CANNON STREET
COMPANY ANNOUNCEMENT no. 22
PAGE 1 /
2
LONDON, EC4N 6AS, UNITED KINGDOM | COMPANY: 09818726
14
September 2026
COMPANY ANNOUNCEMENT
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, but
are not limited to, our future operating or financial results; changes in governmental rules and regulations or actions taken by regulatory
authorities; inflationary pressure and central bank policies intended to combat overall inflation and rising interest rates and foreign
exchange rates; general domestic and international political conditions or events, including “trade wars” and the war between
Russia and Ukraine, the developments in the Middle East, including the war in Israel and the Gaza Strip, and the conflict regarding the
Houthis’ attacks in the Red Sea; international sanctions against Russian oil and oil products; changes in economic and competitive
conditions affecting our business, including market fluctuations in charter rates and charterers’ abilities to perform under existing
time charters; changes in the supply and demand for vessels comparable to ours and the number of newbuildings under construction; the
highly cyclical nature of the industry that we operate in; the loss of a large customer or significant business relationship; changes
in worldwide oil production and consumption and storage; risks associated with any future vessel construction; our expectations regarding
the availability of vessel acquisitions and our ability to complete acquisition transactions planned; availability of skilled crew members
other employees and the related labor costs; work stoppages or other labor disruptions by our employees or the employees of other companies
in related industries; effects of new products and new technology in our industry; new environmental regulations and restrictions;
the impact of an interruption in or failure of our information technology and communications systems, including the impact of cyber-attacks,
upon our ability to operate; potential conflicts of interest involving members of our Board of Directors and Senior Management; the failure
of counterparties to fully perform their contracts with us; changes in credit risk with respect to our counterparties on contracts; adequacy
of insurance coverage; our ability to obtain indemnities from customers; changes in laws, treaties or regulations; our incorporation under
the laws of England and Wales and the different rights to relief that may be available compared to other countries, including the United
States; government requisition of our vessels during a period of war or emergency; the arrest of our vessels by maritime claimants; any
further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries; the impact of the U.S. presidential
and congressional election results affecting the economy, future government laws and regulations and trade policy matters, such as the
imposition of tariffs and other import restrictions; potential disruption of shipping routes due to accidents, climate-related incidents,
adverse weather and natural disasters, environmental factors, political events, public health threats, acts by terrorists or acts of piracy
on ocean-going vessels; damage to storage and receiving facilities; potential liability from future litigation and potential costs due
to environmental damage and vessel collisions; and the length and number of off-hire periods and dependence on third-party managers.
In the light
of these risks and uncertainties, undue reliance should not be placed 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 or updates to
these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated
events. Please see TORM’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of certain of
these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims
any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
TORM PLC | 120 CANNON STREET
COMPANY ANNOUNCEMENT no. 22
PAGE 2 /
2
LONDON, EC4N 6AS, UNITED KINGDOM | COMPANY: 09818726
14
September 2026
决策记录链 · 只追加
每次领取产生一条记录,重新决策追加一条并以 supersedes 指向被替代的记录(ADR 0014)。
这条决策早于决策账本(2026-10-08 起逐条追加),没有追加记录。