16 August
2024
Taylor
Maritime Investments Limited (the "Company" or "TMI")
Grindrod
Shipping Holdings Ltd announces the effectiveness of the Selective
Capital Reduction
Taylor Maritime Investments Limited,
the specialist dry bulk shipping investment company, is pleased to
disclose that its subsidiary, Grindrod Shipping Holdings Ltd.
("Grindrod Shipping"), today announced that the Selective Capital
Reduction became effective upon lodgement of the Court Order with
the Singapore Registrar on 16 August 2024.
As a result, all of the ordinary
shares of Grindrod Shipping held by shareholders, comprising
3,479,225 shares, other than shares held by TMI's subsidiary, Good
Falkirk (MI) Limited ("GF"), have been cancelled and Grindrod
Shipping has become a wholly owned subsidiary of the Company
through GF (which now owns 100% of the shares in Grindrod Shipping
- up from its previous shareholdings of
82.33%). Grindrod Shipping will be delisted
from the NASDAQ and JSE.
The Last Day of Trading of Grindrod
Shipping's shares on the NASDAQ was on 15 August 2024 and the Last
Day of Trading of Grindrod Shipping's shares on the JSE will be on
16 August 2024.
The cash distribution is expected to
be paid to Grindrod Shipping's shareholders on 21 August 2024 and,
in any event, will be paid no later than 27 August 2024. The Record
Date for the cash distribution for JSE purposes is 20 August
2024.
Further details can be found in the
announcement released today by Grindrod Shipping.
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
|
|
Apex Group
Matt Falla
|
+44 20 3530
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 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 a Selective Capital
Reduction, which took effect on 16 August 2024, Grindrod became a
wholly owned subsidiary of the Company through its subsidiary Good
Falkirk (MI) Limited "GF". 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
ten Handysize vessels and seven 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 chartered in
vessels with purchase options and including 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 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 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