REG - Taylor Maritime Ltd Taylor Maritime -TMI - Result of AGM, Board Changes

Taylor MaritimeAnnouncement

04/09/2025 16:00

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RNS Number : 0910Y  Taylor Maritime Limited  04 September 2025

 4 September 2025

 

Taylor Maritime Limited

Result of Annual General Meeting

Board Changes

 

The Board of Taylor Maritime Limited, the listed specialist dry bulk shipping
company, is pleased to announce that at the Annual General Meeting of the
Company held earlier today, all resolutions were passed on a poll. The proxy
votes received by the Company were as follows:

 

 Resolution                                                                      For                  Against           Withheld*
                                                                                 Votes        %       Votes       %     Votes
 1.       Financial Statements and Directors' Report for the year ended          195,497,982  99.99   15,445      0.01  13,017,523
 31 March 2025

 2.       Directors' Remuneration Policy                                         192,281,173  92.22   16,215,637  7.78  34,140

 3.       Directors' Remuneration Report                                         192,704,568  92.42   15,797,063  7.58  29,319

 4.       Re-election of Henry Strutt as a Director                              195,283,249  93.67   13,207,595  6.33  40,106

 5.       Re-election of Edward Buttery as a Director                            195,415,718  93.73   13,075,126  6.27  40,106

 6.       Re-election of Trudi Clark as a Director                               208,347,068  99.96   91,776      0.04  92,106

 7.       Re-Election of Charles Maltby as a Director                            205,526,010  98.60   2,912,834   1.40  92,106

 8.       Re-Election of Rebecca Brosnan as a Director                           208,336,649  99.95   102,195     0.05  92,106

 9.       Re-Election of Gordon French as a Director                             208,349,718  99.96   89,126      0.04  92,106

 10.    Re-Election of Alexander Slee as a Director                              208,343,188  99.95   95,656      0.05  92,106

 11.    Re-Election of Yam Lay Tan as a Director                                 207,981,395  99.79   446,449     0.21  103,106

 12.    Re-Election of Camilla Pierrepont as a Director                          208,364,073  99.97   69,332      0.03  97,545

 13.    Re-appointment of Deloitte as Auditor                                    208,468,697  99.98   41,747      0.02  20,506

 14.    Authorise the Directors to determine the remuneration of the Auditor     208,496,074  99.99   18,841      0.01  16,035

 15.    Approval of the dividend policy                                          208,510,143  100.00  4,772       0.00  16,035

 16.    Authority to make market purchases of the Company's Shares               195,432,412  93.73   13,081,015  6.27  17,523

 17.    Authority to issue up to 33 million Ordinary Shares                      188,248,387  90.28   20,265,040  9.72  17,523

 

*A vote withheld is not a vote in law and is therefore not counted towards the
proportion of votes "For" or "Against" the resolution. Resolutions 1 to 15
were proposed as Ordinary Resolutions, and resolutions 16 and 17 were proposed
as Extraordinary Resolutions.

 

In accordance with UKLR 6.4.13, details of those resolutions passed at the AGM
that were not in the ordinary course of business are detailed below.

 

16.  THAT the Company be and is hereby generally and unconditionally
authorised in accordance with Section 315 of The Companies (Guernsey) Law,
2008 (as amended) (the "Law") to make market acquisitions (as defined in the
Law) of its ordinary shares of no par value in the capital of the Company
("Ordinary Shares"), provided that:

 

a.     the maximum aggregate number of Ordinary Shares hereby authorised
to be purchased is such number as represents 14.99% of the Ordinary Shares in
issue immediately following the passing of this resolution;

b.     the minimum price (exclusive of expenses) which may be paid for an
Ordinary Share is 1 US$ cent;

c.     the maximum price (exclusive of expenses) which may be paid for an
Ordinary Share shall be not more than the higher of (i) 5% above the average
market value of an Ordinary Share for the five business days prior to the day
the purchase is made and (ii) the value of an Ordinary Share calculated on the
basis of the higher of the price quoted for the last independent trade and the
highest independent bid for any number of the Ordinary Shares on the trading
venue where the purchase is carried out;

d.     the authority hereby conferred shall expire at the conclusion of
the next annual general meeting of the Company held in 2026 or 15 months from
the date of this resolution, whichever is the earlier, unless such authority
is varied, revoked or renewed prior to such time; and

e.     the Company may make a contract to purchase Ordinary Shares under
the authority hereby conferred prior to the expiry of such authority which
will or may be executed wholly or partly after the expiration of such
authority and may make an acquisition of Ordinary Shares pursuant to any such
contract.

 

17.  THAT the Directors of the Company be and are hereby empowered to issue
the following shares in the Company or rights to subscribe for such shares in
the Company for cash as if the pre-emption provisions contained under Article
8 of the Company's articles of incor-poration did not apply to any such issues
provided that this power shall be limited to the issue of the below-mentioned
shares or of rights to subscribe for the below-mentioned shares:

 

(i)    up to a maximum number of 33 million Ordinary Shares;

 

that such power shall expire on the earlier of the conclusion of the next
annual general meeting of the Company or on the expiry of 15 months from the
passing of this Resolution except that the Company may before such expiry make
offers or agreements which would or might require Ordinary Shares or rights to
subscribe for such shares in the Company to be issued after such expiry and
notwith-standing such expiry the Directors may issue Ordinary Shares or rights
to subscribe for such shares in the Company in pursuance of such offers or
agreements as if the power conferred hereby had not expired.

 

 

As explained in the Company's 31 March 2025 Annual Report, the Board confirms
that Mrs Sandra Platts, having agreed not to stand for re-election by
Shareholders at the 2025 AGM, has retired with immediate effect.  Mrs Rebecca
Brosnan has succeeded Mrs Platts as Chair of the Company's Remuneration
Committee.

 

 

 

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 (0) 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.

 

The Company is focused on navigating shipping market cycles on behalf of its
shareholders, leveraging a dynamic and experienced management team with deep
relationships in the industry and an agile business model underpinned by low
leverage and financial flexibility, to deliver long-term attractive returns
through both income and capital appreciation.

 

The Company, through its subsidiaries, currently has an owned fleet of 14 dry
bulk vessels (including 6 vessels held for sale) consisting of 8 Handysize
vessels and 6 Supra/Ultramax vessels.  The Company also has 1 vessel under JV
agreement and 6 vessels in its chartered in fleet.  The ships are employed
utilising a mix of time charter, voyage charter, and Contracts of
Affreightment ("CoAs") to optimise fleet earnings and cargo coverage.

 

The Company's target dividend policy is 8 cents p.a. paid on a quarterly
basis.

 

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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