20 February
2024
Taylor Maritime Investments
Limited
(the
"Company")
Dividend Currency
Election
An announcement was made on 26
January 2024 regarding the dividend to be paid on 29 February
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 1.581653 pence per share (2 US cents per share
converted into sterling using a USD/GBP rate of 1.2645).
ENDS
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
|
Sanne Fund Services (Guernsey) Limited
Matt Falla
|
+44 (0) 203 530 3107
|
|
|
|
|
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 19 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 has an owned fleet of
18 dry bulk vessels complementary to the Company's fleet excluding
vessels held for sale. They are Japanese built, including 11
Handysize vessels and 7 Supra/Ultramax vessels. Grindrod has
eight vessels in its chartered in fleet with purchase options on
three.
The combined TMI and Grindrod fleet
numbers 40 vessels
(including 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) (listed in Oslo BWEK:NO). 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 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