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

Hello, and welcome to the DHT Holdings Annual Meeting 2021. It is now my pleasure to turn today's meeting over to the Chairman, Mr. Erik Lind.

Good morning, and good afternoon, ladies and gentlemen. My name is Erik Lind, and I am Chairman of DHT Holdings, Inc. It is my pleasure on behalf of the directors and officers of DHT Holdings to extend to you a warm welcome to the 2021 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 we 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. However, the COVID-19 pandemic has caused us to shift yet again to a virtual meeting for the health and safety of our shareholders, 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 were a shareholder as of the close of business on May 20, 2021, which is the record date for this meeting or if you hold a legal proxy for the meeting provided by your bank, broker or 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 your screen. You may also ask questions during the meeting if you registered with your 11-digit voting control number. [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 the meeting is displayed on the screen. Today, there are 3 matters on the agenda. Number one, we are voting to elect Mr. Erik Andreas Lind to DHT's Board of Directors as a Class III Director for a term of 3 years; second, we are voting to elect Mrs. Sophie Rossini to DHT's Board of Directors also as a Class III director for a term of 3 years; and finally, we are voting to ratify the selection of Ernst & Young AS as recommended by the Board to be external auditors of the company for the fiscal year 2021. During the meeting, we will address the matters described on the agenda shown on your screen. Voting will be completed, and then the formal meeting will be adjourned. Questions should be restricted to the procedures for the meeting and the proposals under consideration. 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 ballot, the polls will be officially 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, Conyers Corporate Services (Bermuda) Limited, represented here by 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, stating that the notice has been mailed to each shareholder of record as required under the company's bylaws. In addition, resolutions were passed by the Board of Directors providing for this meeting to be held at this time and place. The Board also fixed May 20, 2021, as the record date for determining persons entitled to vote at this meeting.

Thank you. Can you please file a copy of the notice together with any excerpts on the Board meeting setting the time and place of this meeting and the affidavit as to the mailing of notice for 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, can you please present your report of attendance at this meeting, so that we can determine whether a quorum is present?

Mr. Chairman, there are 171,499,004 common shares entitled to vote as of May 20, 2021, being the record date. There are 107,683,466 shares represented by proxy and 0 in person.

Thank you again. Based on the report of the Corporate Secretary and the inspector of election, I find that proper notice has 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.

Okay. Since no shareholder nominations or proposals were properly filed in advance of this meeting, the business of this meeting will be limited to the 3 matters on the agenda. The polls are now open for the 3 items of business as of 11:10 a.m. Bermuda Time. The first item of formal business is the election of Mr. Erik Andreas Lind to DHT's Board of Directors for a term of 3 years, which term would expire at the Annual General Meeting of Shareholders to be held in 2024. Information concerning the director's principal occupations and other matters, which may be of interest, are contained in the proxy statement. The second item of formal business is the election of Mrs. Sophie Rossini to DHT's Board of Directors for a term of 3 years, which term would expire at the Annual General Meeting of Shareholders to be held in 2024. Information concerning the director'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 third and final item of formal business is to consider the ratification of the selection of Ernst & Young AS as auditors to audit the accounts of the company for the current fiscal year ending December 31, 2021. To ratify the appointment of Ernst & Young AS as DHT's auditors for the 2021 fiscal year requires the affirmative vote of a majority of the voting power represented by the shares of DHT's common stock, present in person or represented by proxy and entitled to vote thereon at the meeting. Are there any questions to these proposals? The floor is now open for discussion concerning the proposals. [Operator Instructions] We will respond to as many questions as practical. There's no questions we received. Voting by proxy or digital ballot, each share of common stock is entitled to 1 vote. 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 the proxy. The individuals named in the proxy or any of them will vote your shares as indicated on the proxy that you have already mailed or delivered to us. As a reminder, if you're voting today, please make sure you have your 11-digit voting control number issued by AST and click the Vote link on the left-hand side of your screen. We will now provide some additional time for the submission of voting. [Voting]

There being no further business to come before the meeting, I declare that polls are now closed for all items of business as of 11:15 a.m. Bermuda Time. No additional ballots, proxies or votes and no change or revocations will be accepted. The proxies and digital ballots will now be tabulated by the inspector of election. The final result of voting, including any ballots and proxies recorded during this meeting, will be set forth in the report of the inspector of election and will be included in the minutes of the meeting. The final results will also 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 shareholders who sent in a proxy for this meeting, and I especially would like to thank you, who are here, for virtually attending. The meeting is now adjourned. And I wish you all a good day or evening, as the case may be. Thank you very much.

Ladies and gentlemen, this concludes the meeting. You may now disconnect.