REG - Taylor Maritime - Results of Initial Public Offering

Jefferies FinancialAnnouncement

24/05/2021 08:05

RNS Number : 5101Z
  
Taylor Maritime Investments Limited
  
24 May 2021
  
 

 
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA ("EEA") (OTHER THAN ANY MEMBER STATE OF THE EEA WHERE SECURITIES MAY BE LAWFULLY MARKETED) OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO ISSUE OR SELL, OR ANY SOLICITATION OF ANY OFFER TO SUBSCRIBE OR PURCHASE, ANY INVESTMENTS IN ANY JURISDICTION.
PLEASE SEE THE SECTION ENTITLED "IMPORTANT LEGAL INFORMATION" TOWARDS THE END OF THIS ANNOUNCEMENT.
This announcement is an advertisement for the purposes of the Prospectus Regulation Rules of the UK Financial Conduct Authority ("FCA") and is not a prospectus. This announcement does not constitute or form part of, and should not be construed as, an offer for sale or subscription of, or solicitation of any offer to subscribe for or to acquire, any ordinary shares in any jurisdiction, including in or into the United States, Canada, Australia, the Republic of South Africa or Japan. Investors should not subscribe for or purchase any ordinary shares referred to in this announcement except on the basis of information in the prospectus (the "Prospectus") published by the Company in connection with the proposed admission of its ordinary shares to the London Stock Exchange ("Admission"). A copy of the Prospectus is available for inspection from the Company's registered office and available for viewing at the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
24 May 2021
Taylor Maritime Investments Limited (the "Company")
Results of Initial Public Offering 
The Board of Directors of Taylor Maritime Investments Limited is pleased to announce that the Company will issue a total of 253,678,486 Ordinary Shares in its Initial Public Offering ("IPO") on the Premium Segment of the Main Market of the London Stock Exchange (approximately US$253.7 million at the Issue Price of US$1.00 or the Sterling equivalent) by way of an Initial Placing, Offer for Subscription and issue of Consideration Shares. This comprises 160,000,000 Ordinary Shares to be issued pursuant to the Initial Placing and Offer for Subscription, exceeding the target of 150,000,000 such shares, and 93,678,485 Ordinary Shares to be issued in conjunction with the expected completion of the Initial Seed Asset Acquisition Agreements. Notwithstanding the increased size of the Initial Placing and Offer for Subscription, applications for the Ordinary Shares have exceeded the total number of shares to be issued and accordingly a scaling back exercise has been undertaken. 
The Sterling equivalent issue price has been fixed at 70.57 pence per Ordinary Share which is based on the Relevant Sterling Exchange Rate of 0.7057. 
Nicholas Lykiardopulo, Chairman of Taylor Maritime Investments Limited said:
"We are delighted to announce the successful IPO of Taylor Maritime Investments. We are greatly appreciative of the positive response received from investors, demonstrating the demand for exposure to an alternative asset class like shipping which provides strong and sustainable returns for shareholders across a portfolio transporting global essential goods. I look forward to welcoming our new shareholders and thank them for their confidence in Taylor Maritime. We also look forward to updating you on our progress in due course."
Edward Buttery, CEO of Taylor Maritime Investments Limited said:
"We are very pleased to be part of the prestigious London Main Market and would like to thank everyone who participated in the IPO. This is a major milestone for Taylor Maritime Investments and provides us with a platform to grow the Company as we pursue our ambition to deliver consistent income and capital growth to our shareholders. We look forward to swiftly deploying the proceeds of the IPO into our seed portfolio of carefully selected and high-quality Handysize and Supramax vessels."
Applications for admission
Application has been made for the 253,678,486 Ordinary Shares to be admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange (which includes one Ordinary Share issued on incorporation of the Company). It is expected that Admission will become effective and dealings in the Ordinary Shares will commence on the London Stock Exchange at 8.00 a.m. on 27 May 2021. 
A further approximately 13.3 million Consideration Shares are contracted to be issued in connection with the Remaining Seed Asset Acquisition Agreements comprising six vessels and will be admitted to listing and trading upon completion of those acquisitions. 
Further details 
 



The dealing codes for the Ordinary Shares will be as follows:
 
 








ISIN


GG00BP2NJT37 




SEDOL (in respect of Ordinary Shares traded in US Dollars)


BP2NJT3 




SEDOL (in respect of Ordinary Shares traded in Sterling)


BP2NJW6 




Ticker symbol of the Ordinary Shares traded in US Dollars


TMI




Ticker symbol of the Ordinary Shares traded in Sterling


TMIP



 
Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Prospectus.
LEI: 213800FELXGYTYJBBG50
For further information, please contact:



Taylor Maritime Investments Limited 
Edward Buttery 
Alexander Slee 
 


+852 2252 3882




Jefferies International Limited 
Investment Banking 
Stuart Klein
Gaudi Le Roux
 
Sector coverage
Doug Mavrinac
Hugh Eden
 


+44 20 7029 8000
 




Buchanan 








Charles Ryland
Henry Wilson
Hannah Ratcliff


+44 20 7466 5107
+44 20 7466 5111
+44 20 7466 5102



 
IMPORTANT LEGAL INFORMATION 
This announcement does not constitute, and may not be construed as, an offer to sell or an invitation to purchase investments of any description or a recommendation regarding the issue or the provision of investment advice by any party. No information set out in this announcement is intended to form the basis of any contract of sale, investment decision or any decision to purchase shares in the Company.
Investors could lose all or part of their investment. The value of the Ordinary Shares and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested.
Recipients of this announcement who are considering acquiring Ordinary Shares are reminded that any such acquisition must be made only on the basis of the information contained in the Prospectus. A subscription for Ordinary Shares is subject to specific legal or regulatory restrictions in certain jurisdictions. Persons distributing this announcement must satisfy themselves that it is lawful to do so. The Company assumes no responsibility in the event that there is a violation by any person of such restrictions.
This announcement may not be published, distributed or transmitted by any means or media, directly or indirectly, in whole or in part, in or into the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The securities mentioned herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "US Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and, subject to limited exceptions, will not be offered, sold, exercised, resold, transferred or delivered, directly or indirectly, in or into the United States or to, or for the account or benefit of, any US person (as defined under Regulation S under the US Securities Act). The Company has not been, and will not be, registered under the U.S. Investment Company Act of 1940, as amended. No public offering of securities is being made in the United States.
Neither this announcement nor any copy of it may be: (i) taken or transmitted into or distributed in any member state of the European Economic Area, Canada, Australia, Japan or the Republic of South Africa or to any resident thereof, or (ii) taken or transmitted into or distributed in Japan or to any resident thereof. Any failure to comply with these restrictions may constitute a violation of the securities laws or the laws of any such jurisdiction. The distribution of this announcement in other jurisdictions may be restricted by law and the persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.
This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements relate to matters that are not historical facts regarding the Company's investment strategy, financing strategies, investment performance, results of operations, financial condition, prospects and the dividend policies of the Company and the instruments in which it will invest. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward- looking statements. These factors include, but are not limited to, changes in general market conditions, legislative or regulatory changes, changes in taxation regimes or development planning regimes, the Company's ability to invest its cash in suitable investments on a timely basis and the availability and cost of capital for future investments.
The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the UK Market Abuse Regulation, FSMA, the Listing Rules, the UK Prospectus Rules or the Prospectus Regulation Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.
Jefferies International Limited ("Jefferies") is authorised and regulated by the FCA and is acting exclusively for the Company and for no one else in connection with the Issue and will not be responsible to anyone (whether or not a recipient of this document) other than the Company for providing the protections afforded to clients of Jefferies or for affording advice in relation to the Issue, the contents of this announcement or any matters referred to herein. This does not exclude any responsibility which Jefferies may have under FSMA or the regulatory regime established thereunder.
Apart from the liabilities and responsibilities (if any) which may be imposed on Jefferies by FSMA or the regulatory regime established thereunder, Jefferies makes no representations, express or implied, nor accepts any responsibility whatsoever for the contents of this announcement nor for any other statement made or purported to be made by Jefferies or on its behalf in connection with the Company, the Ordinary Shares, the Issue or Admission. Jefferies and its affiliates accordingly disclaim all and any liability (save for any statutory liability) whether arising in tort or contract or otherwise which it or they might otherwise have in respect of this announcement or any such statement.
For the avoidance of doubt, the contents of the Company's website, including the websites of the Company's business units, are not incorporated by reference into, and do not form part of, this announcement.

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