14 August
2024
Taylor Maritime Investments
Limited
(the
"Company")
Dividend Currency
Election
An announcement was made on 26 July
2024 regarding the dividend to be paid on 30 August
2024 and the option for shareholders to elect to receive this
in sterling rather than US dollars.
The dividend rate per share to be
used to pay shareholders who elected to receive their dividend in
sterling will be 1.553277 pence per share (2 US cents per share
converted into sterling using a USD/GBP rate of 1.2876).
ENDS
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For further information, please
contact:
|
Taylor Maritime Investments
Limited
Edward
Buttery
Camilla Pierrepont
|
IR@tminvestments.com
|
|
Jefferies International
Limited
Stuart Klein
Gaudi Le Roux
|
+44 20 7029 8000
|
|
Apex Group
Matt Falla
|
+44 20 3530 3107
|
|
|
|
|
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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 17 vessels, including one vessel
held for sale, 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. Following the approval of a
Selective Capital Reduction ("SCR") by Grindrod shareholders and
the High Court of the Republic of Singapore, due to take effect on
16 August 2024, Grindrod is set to become a wholly owned subsidiary
of the Company through its subsidiary Good Falkirk (MI) Limited
"GF". Grindrod will subsequently be delisted from each
of NASDAQ and the JSE. Grindrod has an owned fleet of 17 dry
bulk vessels, including one vessel held for sale, complementary to
the Company's fleet. They are Japanese built, including 10
Handysize vessels and 7 Supra/Ultramax vessels. Grindrod has
seven vessels in its chartered in fleet with purchase options on
three.
The combined TMI and Grindrod fleet
numbers 38 vessels (including vessels held for sale and chartered in
vessels with purchase options).
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 Taylor Maritime. Taylor Maritime
was established in 2014 as a privately owned ship-owning and
management business with a seasoned team including 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). The commercial and technical management arms of
Taylor Maritime were acquired by Grindrod in October
2023.
For more information, please
visit www.taylormaritimeinvestments.com.
About Geared Vessels
Geared vessels are characterised by
their own cargo 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
