DHT Holdings, Inc. (DHT) Earnings Call Transcript & Summary

Hello, and welcome to the Annual Meeting of Stockholders of DHT Holdings, Inc. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Erik Lind. The floor is yours.

Thank you, operator. Good morning, and good afternoon, ladies and gentlemen. My name is Erik Lind, a shareholder and Chairman of DHT Holdings. On behalf of the directors and officers of DHT Holdings, it is my pleasure we extend to you a warm welcome to the 2020 Annual General Meeting of Shareholders and to express our appreciation to you for attending this meeting. We have previously supplied each shareholder with a copy of the proxy statement and have made our annual report available to our shareholders at our website. As you likely know, we usually hold our Annual Meeting of Shareholders in person in Bermuda, and we had planned an in-person meeting again this year. However, the COVID-19 pandemic has caused us to shift to a virtual meeting for the health and safety of our shareholders, our employees and other stakeholders. We appreciate your flexibility in accommodating this change. Now we will turn to the formal business of our meeting. Before we continue, I would like to make the following announcement. As described in the notice and proxy statement previously distributed, you are entitled to participate in and vote at this meeting if you are a shareholder as under close of business on May 7, 2020, which is the record date for this meeting, or if you hold a legal proxy for the meeting provided by a bank, your broker nominee. If you have an 11 digit voting control number issued by American Stock Transfer & Trust Company and wish to vote during this meeting, you may do so by clicking the proxy voting link on the left-hand panel of the screen. [Operator Instructions] A digital copy of the notice and proxy statement is also available for your review. You may access that document by clicking on the link named Annual Report/Proxy Statement, on the left-hand side of your screen. An agenda that outlines the order of business for this meeting is also displayed on the screen. As you can see, there are 2 matters on the agenda today. First matter, we are voting to elect Mr. Jeremy Kramer to DHT's Board of Directors as a Class 1 Director for a term of 3 years. And we are voting to ratify the selection of Deloitte as external auditors of the company for the current fiscal year. Deloitte has been external auditors for the company since 2012, and the Board recommends their selection for the fiscal year 2020. During the meeting, we will address matters described on the agenda shown on your screen. Voting will be completed, and then the formal meeting will be adjourned. [Operator Instructions] I thank you for your understanding. If you are eligible to vote and have not submitted your ballot or proxy, or if you want to change your vote, please cast your digital vote via the function located on the left-hand side of the screen. Ballots will be tallied after we have voted on all matters on the agenda. Upon receipt of the ballots, the polls will officially be closed. The digital votes cast today will be counted in the final tally, along with the proxies previously received. I would like to present to you our Corporate Secretary, Corporate Service -- Services in Bermuda represented today by Ms. Kim McCullough. Ms. McCullough, has the notice of this meeting been sent to all shareholders entitled to vote at this meeting?

Yes. I have an affidavit signed by Laila C. Halvorsen, Chief Financial Officer of the company. Statement of the notice has been mailed to each shareholder of record as required under the company's bylaws. In addition, resolutions were adopted by the Board of Directors providing for this meeting to be held at this time and place. The Board also fixed May 7, 2020, as the record date for determining persons entitled to vote at this meeting.

Thank you, Ms. McCullough. Please file a copy of the notice, together with any excerpts from the Board meeting setting the time at place of this meeting and the affidavit in respect to the mailing of notice of this meeting with the minutes of this meeting. Ms. McCullough has also been appointed Inspector of Elections, and the oath of the inspector is tabled. Ms. McCullough, please present the report of attendance at this meeting so that we can determine whether a quorum is present.

Mr. Chairman, there are 147,152,836 common shares entitled to vote as of May 7, 2020, which was the record date. There are 94,301,911 shares presented by proxy and quorum has been met.

Thank you, Ms. McCullough. Based on the report of the Corporate Secretary and the Inspector of Elections, I find that proper notice have been given and that a quorum is present. Accordingly, this meeting has been properly convened. Ms. McCullough, have there been any shareholder nominations or proposals for business for this meeting properly filed with you as secretary?

No.

Since no shareholder nominations or proposals were properly filed in advance of this meeting, the business of this meeting will be limited to the 2 matters on the agenda. The polls are now open for the 2 items of business as of 11:08 a.m. Bermuda time. Again, the first item of formal business is the election of Mr. Jeremy Kramer to DHT's Board of Directors for a term of 3 years, a term which will expire at the Annual General Meeting of Shareholders to be held in 2023. Information concerning Mr. Kramer's principal occupations and other matters which may be of interest are contained in the proxy statement. No other nominations have been properly made and I declare the nominations to be closed. The second item of formal business is to consider the ratification of the selection of Deloitte as auditors to audit the accounts of the company for the current fiscal year ending December 31, 2020. Please note, to ratify the appointment of Deloitte as DHT's auditors for the 2020 fiscal year requires the affirmative vote of the majority of the DHT shares present in person or represented by proxy and entitled to vote at this meeting. Are there any questions with these proposals? The floor is now open for discussion concerning the proposal. [Operator Instructions] We will respond if any questions in respect of it. Thank you. We have not seen or received any questions, so I will continue. Voting is by proxy or digital ballot. Each share of common stock is entitled to one vote. Any of the individuals here by proxy will vote your shares as indicated on the proxy that you have already made or delivered to us. Let me remind you that if you have already sent in your signed proxy, there is no need for you to cast the ballot unless you wish to change the vote that you put on that proxy. Furthermore, if you are voting today, please make sure you have your 11-digit voting control number, and click the vote link on the left-hand side of the screen. We will now provide some additional time for the submission of voting. [Voting]

Thank you. The final results of voting, including any ballots and proxies recorded during this meeting, will be set forth in the report of the inspector of elections and will be included in the minutes of the meeting. The final results will be reported in a Form 6-K to be filed with the SEC within 4 business days following this meeting. Before adjourning, I would like to thank each shareholder who sent in a proxy for this meeting, and I would especially like to thank you who are here for the rest who are attending. The meeting is now adjourned. Thank you. Do we sign off?

This concludes the meeting. You may now disconnect.