Taylor Maritime Investments Limited Proposed Cash Distribution by Subsidiary (2628O)
October 02 2023 - 2:00AM
UK Regulatory
TIDMTMIP TIDMTMI
RNS Number : 2628O
Taylor Maritime Investments Limited
02 October 2023
2 October 2023
Taylor Maritime Investments Limited (the "Company" or "TMI")
Announcement of effective date of Grindrod's Proposed Capital
Reduction and Cash Distribution of US$32.44 million
Taylor Maritime Investments Limited, the specialist dry bulk
shipping company, today announces that its subsidiary Grindrod
Shipping has issued a press release announcing the effective date
of a proposed capital reduction and notice of the record date and
the cash distribution date in relation to such capital
reduction.
The proposed capital reduction will result in a cash
distribution of US$32.44 million in two tranches; the first
distribution of US$1.01598 per ordinary share, payable on or about
26 October 2023 and the second distribution of US$0.63193 per
ordinary share, payable on or about 11 December 2023. Of the total
cash distribution, US$26.68 million would be payable to TMI in line
with its 83.23% ownership and is expected to be used to further
reduce debt and for general corporate purposes.
For full details please refer to the Grindrod Shipping
website.
ENDS
For further information, please contact:
Taylor Maritime Investments IR@tminvestments.com
Limited
Edward Buttery
Camilla Pierrepont
Jefferies International Limited
Stuart Klein
Gaudi Le Roux +44 20 7029 8000
Sanne Fund Services (Guernsey)
Limited
Matt Falla +44 1481 737600
Notes to Editors
About the Company
Taylor Maritime Investments Limited is an internally managed
investment company listed on the Premium Segment of the Official
List, its shares trading on the Main Market of the London Stock
Exchange since May 2021. The Company specializes in the acquisition
and chartering of vessels in the Handysize and Supra/Ultramax bulk
carrier segments of the global shipping sector. The Company invests
in a diversified portfolio of vessels which are primarily
second-hand. TMI's fleet portfolio currently numbers 21 vessels in
the geared dry bulk segment. The ships are employed utilising a
variety of employment/charter strategies.
On 20 December 2022, the Company announced it acquired a
controlling majority interest in Grindrod Shipping Holdings Ltd
("Grindrod") (NASDAQ:GRIN, JSE:GSH), a Singapore incorporated, dual
listed company on NASDAQ and the Johannesburg Stock Exchange.
Grindrod currently owns 20 geared dry bulk vessels complementary to
the Company's fleet excluding vessels held for sale. They are
mostly Japanese built, including 13 Handysize vessels and 7
Supra/Ultramax vessels. Grindrod has seven vessels in its chartered
in fleet with purchase options on three (excluding vessels held for
sale).
The combined TMI and Grindrod fleet numbers 48 vessels
(including chartered in vessels but excluding vessels held for
sale).
The Company's target dividend policy is 8 cents p.a. paid on a
quarterly basis, with a targeted total NAV return of 10-12% per
annum over the medium to long-term.
The Company has the benefit of an experienced Executive Team led
by Edward Buttery and who previously worked closely together at the
Commercial Manager, Taylor Maritime. Established in 2014, Taylor
Maritime is a privately owned ship-owning and management business
with a seasoned team that includes the founders of dry bulk
shipping company Pacific Basin Shipping (listed in Hong Kong
2343.HK) and gas shipping company BW Epic Kosan (formerly Epic
Shipping) (listed in Oslo BWEK:NO). Taylor Maritime's team of
industry professionals are based in Hong Kong, Singapore and
London.
For more information, please visit
www.taylormaritimeinvestments.com .
About Geared Vessels
Geared vessels are characterised by their own loading equipment.
The Handysize and Supra/Ultramax market segments are particularly
attractive, given the flexibility, versatility and port
accessibility of these vessels which carry necessity goods -
principally food and products related to infrastructure building -
ensuring broad diversification of fleet activity and stability of
earnings through the cycle.
IMPORTANT NOTICE
The information in this announcement may include forward-looking
statements, which are based on the current expectations and
projections about future events and in certain cases can be
identified by the use of terms such as "may", "will", "should",
"expect", "anticipate", "project", "estimate", "intend",
"continue", "target", "believe" (or the negatives thereon) or other
variations thereon or comparable terminology. These forward-looking
statements are subject to risks, uncertainties and assumptions
about the Company, including, among other things, the development
of its business, trends in its operating industry, and future
capital expenditures and acquisitions. In light of these risks,
uncertainties and assumptions, the events in the forward-looking
statements may not occur.
References to target dividend yields and returns are targets
only and not profit forecasts and there can be no assurance that
these will be achieved.
LEI: 213800FELXGYTYJBBG50
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END
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