SCHEDULE: Oaktree's Voting Power in TORM plc Drops to 26.08%

Oaktree Capital Management's voting rights in TORM plc have decreased from 83.40% to 26.08% following the redemption of a Class C-share.

Summary

• Oaktree Capital Management and its affiliates (Reporting Persons) have reported a significant decrease in their aggregate voting rights in TORM plc.
• Their voting power has fallen from 83.40% to 26.08%.
• This change occurred on January 6, 2026, when the Board of Directors determined that the Reporting Persons beneficially owned less than one-third of TORM's outstanding shares, triggering a provision in the company's articles of association.
• As a result, the Class C-share held by the Reporting Persons, which previously entitled them to vote 350,000,000 shares, ceased to be entitled to vote and is being redeemed.
• The Reporting Persons continue to beneficially own 26,425,059 Class A Shares, which now represent their entire voting rights.
• The percentage of class is calculated based on 101,332,707 Class A Shares outstanding as of November 21, 2025.

Sentiment

Score: 5

Explanation: The event is neutral as it is a pre-determined structural change based on the company's articles of association, rather than an unexpected positive or negative development. It reduces Oaktree's outsized control, which could be viewed differently by various stakeholders.

Positives

• The reduction in Oaktree's outsized voting control could potentially lead to a more diversified shareholder influence and improved corporate governance balance.

Negatives

• A significant reduction in a major institutional investor's voting power might be perceived by some as a decrease in strong oversight or strategic direction from a key stakeholder.

Future Outlook

The filing reports a past event (January 6, 2026) and its immediate consequences on voting rights, without providing forward-looking statements or guidance on future company performance or strategy.

Industry Context

This filing reflects a specific change in the ownership structure of TORM plc, a shipping company. While it doesn't directly relate to broader industry trends, changes in major institutional investor stakes can sometimes signal shifts in investor confidence or strategic direction within a sector. However, in this case, it appears to be a pre-determined event based on the company's articles.

Corporate Governance

Stakeholder Impact

• Shareholders: Other Class A shareholders will see their relative voting power increase as Oaktree's disproportionate control is reduced. Oaktree's influence on corporate decisions will be significantly diminished.
• Management: Management will operate under a board with a more diversified voting structure, potentially requiring broader consensus for strategic decisions.

Next Steps

• The Class C-share is being redeemed, which is the direct consequence of the reported event.

Key Dates

Recommendation

This filing reports a significant, pre-determined change in a major shareholder's voting power, not a change in the company's operational or financial performance. While the reduction in Oaktree's control is notable, it was an expected outcome of the company's governance structure. Investors should hold to assess the long-term implications of this shift in voting dynamics on corporate strategy and performance, rather than making immediate buy/sell decisions based solely on this structural change.

Keywords

TORM plc, Oaktree Capital Management, Schedule 13D, voting rights, beneficial ownership, Class A shares, Class C shares, corporate governance, institutional investor