REG - Taylor Maritime Taylor Maritime -TMI - First Day of Dealings, Completion of Acquisitions
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27 May 2021
Taylor Maritime Investments Limited (the "Company")
First Day of Dealings, Completion of Acquisitions, Total Voting Rights
Further to the announcement on 24 May 2021, the Company is pleased to announce that 253,678,486 Ordinary Shares will 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 at 8.00 a.m. today ("Admission"). The Ordinary Shares will trade under the tickers TMI (for Ordinary Shares traded in US Dollars) and TMIP (for Ordinary Shares traded in Sterling) (ISIN: GG00BP2NJT37).
Completion of Initial Seed Asset Acquisition Agreements
The Company is also pleased to announce that the Initial Seed Asset Acquisition Agreements will complete today. These agreements relate to 17 vessels being acquired for an aggregate consideration of US$182.8 million, part-financed by the issue of 93,678,485 Ordinary Shares.
The Remaining Seed Asset Acquisition Agreements comprising six vessels are currently expected to complete between July 2021 and February 2022. The consideration of US$81.3 million will be part-financed by the issue of a further approximately 13.3 million Ordinary Shares which will be admitted to listing and trading upon completion.
The Executive Team continues to make positive progress on its pipeline of primarily Handysize and Supramax vessels. The Company looks forward to providing more details on these opportunities in due course.
Total Voting Rights
Following Admission, the total number of Ordinary Shares in issue will be 253,678,486, each with equal voting rights. This total voting rights figure can be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.
Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Prospectus.
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
LEI: 213800FELXGYTYJBBG50
NOTES:
About the Company
Taylor Maritime Investments Limited is a newly established, internally managed investment company listed on the Premium Segment of the Official List and traded on the Main Market of the London Stock Exchange. The Company will invest in a diversified portfolio of vessels which will primarily be second-hand and which, historically, have demonstrated average yields in excess of the Company's target dividend yield of 7% p.a. and are capable of being acquired at valuations that are expected to be below long-term average prices.
The Company's initial investments forming the Seed Portfolio comprise Geared Ships (Handysize and Supramax types) to be employed utilising a variety of employment/Charter strategies.
The Company intends to pay dividends on a quarterly basis with dividends declared in January, April July and October. The Company expects to declare its first dividend of 1.75 cents per Ordinary Share for the initial period ended 30 September 2021 in October 2021. Once the Company is fully invested, the Company will target a Total NAV Return of 10 to 12% p.a. (net of expenses and fees but excluding any tax payable by Shareholders) over the medium to long term[1].
The Company has the benefit of an experienced Executive Team led by Edward Buttery. The Executive Team have to date worked closely together for 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 experienced industry professionals are based in Hong Kong and London.
For more information, please visit www.taylormaritimeinvestments.com.
[1] The above references to dividends and returns are expectations and not profit forecasts and there can be no assurance that these will be met.
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