REG - Taylor Maritime Ltd Taylor Maritime -TMI - Compulsory Partial Redemption

Taylor MaritimeAnnouncement

24/04/2026 07:00

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RNS Number : 7383B  Taylor Maritime Limited  24 April 2026

24 April 2026

Taylor Maritime Limited (the "Company" or "TML")

Second Compulsory Partial Redemption

 

Further to the announcement on 20 March 2026, the Board is pleased to announce
details of the Company's second capital distribution totalling US$30 million
to the Company's shareholders by way of a compulsory partial redemption of
shares at a price of 85.83 US cents per share (the "Compulsory Redemption").
The amount to be applied to the Compulsory Redemption and the redemption price
per share have been determined by the Board with reference to the 31 March
2026 net asset value.

 

The Compulsory Redemption will be affected pro rata to holdings on the share
register as at the close of business on 11 May 2026 (the "Redemption Date"),
being the record date for the Compulsory Redemption. Approximately 20 per
cent. of the Company's issued share capital will be redeemed on the Redemption
Date (the "Redemption Ratio") equivalent to approximately 34,952,813 of the
Company's issued shares. Fractions of shares produced by the Redemption Ratio
will not be redeemed, so the number of shares to be compulsorily redeemed from
each shareholder will be rounded down to the nearest whole number of shares.

 

Payments of redemption monies are expected to be affected either through CREST
(in the case of shares held in uncertificated form) or by cheque (in the case
of shares held in certificated form) on or around 26 May 2026. Any
certificates currently in circulation will be superseded by a new certificate
which will be distributed to certificated shareholders representing the
balance of their shareholding in the Company after the Redemption Date.

 

The Company currently has 178,329,763 shares in issue. All of the shares
redeemed on the Redemption Date will be cancelled and accordingly will
thereafter be incapable of transfer by shareholders or reissue by the Company.

 

The shares will be disabled in CREST after close of business on the Redemption
Date and the existing ISIN, GG00BTZC2850, (the "Old ISIN") will expire. The
new ISIN, GG00BWZ6KJ56, (the "New ISIN") in respect of the remaining shares
which have not been compulsorily redeemed will be enabled and available for
transactions from 8.00 a.m. on 12 May 2026, which is also the ex-date for the
transaction. The Company's TIDMs, "TMIP" and "TMI", will remain unchanged. For
the period up to and including the Redemption Date, shares will be traded
under the Old ISIN and as such, a purchaser of such shares may have a market
claim for a proportion of the redemption proceeds following the activation of
the New ISIN. CREST will automatically transfer any open transactions as at
the Redemption Date to the New ISIN.

 

 

ENDS

 For further information, please contact:

Taylor Maritime Limited              IR@taylormaritime.com

 Edward Buttery

 Kael O'Sullivan

 Jefferies International Limited      +44 20 7029 8000

 Stuart Klein

 Gaudi Le Roux

 Panmure Liberum Limited              +44 20 3100 2190

 Chris Clarke

 Nicholas How

 

The person responsible for arranging for the release of this announcement on
behalf of the Company is Matt Falla, Company Secretary.

 

Notes to Editors

 

About the Company

Taylor Maritime Limited is a shipping company listed under the equity shares
(commercial companies) category of the Official List, with its shares trading
on the Main Market of the London Stock Exchange since May 2021.  Between May
2021 and February 2025, the Company was listed under the closed-ended
investment funds category of the Official List.

As announced on 20 March 2026, the Company is pursuing a managed realisation
of the Company's assets, prioritising the maximisation of proceeds from vessel
sales and future returns of capital to shareholders whilst maintaining
sufficient working capital for the Company's operations.  The timing of
disposals and subsequent returns of capital will be influenced by market
conditions and commercial factors.

The Company, through its subsidiaries, currently has an owned fleet of 6 dry
bulk vessels consisting of 4 Handysize vessels and 2 Supra/Ultramax vessels.
The Company also has one vessel under JV agreement and one vessel in its
chartered in fleet.  The ships are employed utilising a mix of time charter
and voyage charter to optimise fleet earnings and cargo coverage.

For more information, please visit www.taylormaritime.com
(http://www.taylormaritime.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

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