REG - Taylor Maritime Taylor Maritime -TMI - Chair Appointment

Taylor MaritimeAnnouncement

31/05/2023 07:00

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RNS Number : 0872B  Taylor Maritime Investments Limited  31 May 2023

31 May 2023

Taylor Maritime Investments Limited (the "Company")

 

Chair Appointment

 

The Board of Taylor Maritime Investments Limited ("TMIL" or the "Company"),
the specialist dry bulk shipping company, is pleased to announce that Henry
Strutt has been appointed non-Executive Chair of the Company with effect from
1 June 2023.

Henry brings extensive financial services experience from his time spent in
senior positions at several financial institutions, including Robert Fleming
Group of Companies, Smith & Williamson, and Harrods Bank. He also has
considerable investment trust experience and currently serves as Chair of the
Edinburgh Worldwide Investment Trust plc.

On appointment, Henry will be appointed as a member of the Nomination and
Remuneration Committee and the ESG & Engagement Committee, and Frank Dunne
will re-join the Risk and Audit Committee.

Commenting on the appointment, Edward Buttery, CEO of TMI said: "I am
delighted to welcome Henry at such a formative time for TMI. His extensive
management experience in both financial services and the investment trust
space will position us ideally as we look to generate compelling synergies
from our recent acquisition of Grindrod and face the market as a force to be
reckoned with in geared dry bulk".

Henry Strutt, incoming Chair, commented:

"Joining TMI at this fascinating inflection point is a wonderful opportunity.
I am looking forward to providing counsel to Ed and the wider TMI management
team as the business crystallises its position as a significant owner of dry
bulk ships".

Frank Dunne, Interim Chair and SID added:

"I am pleased to be passing the baton into Henry's capable hands. His
expertise and track record make him an excellent fit for TMI as the business
looks to capitalize on an improving market and robust fundamentals for the
years to come. I look forward to continuing to contribute to TMI's success in
my position as SID".

 

 

ENDS

 

 For further information, please contact:

Taylor Maritime Investments Limited      IR@tminvestments.com (mailto:IR@tminvestments.com)

 Edward Buttery

 Camilla Pierrepont

 Jefferies International Limited          +44 20 7029 8000

 Stuart Klein

 Gaudi Le Roux

 Montfort Communications                  TMI@montfort.london (mailto:TMI@montfort.london)

 Alison Allfrey

 George Morris Seers

 Sanne Fund Services (Guernsey) Limited   +44 1481 737600

 Matt Falla

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 Supramax 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 numbers 23 vessels in the geared dry bulk
segment.  The ships are employed utilising a variety of employment/charter
strategies.

 

On 20 December, 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.  Grindrod owns 24 geared dry bulk vessels
complementary to the Company's fleet.  They are mostly Japanese built,
including 15 Handysize vessels and 9 Supramax and Ultramax vessels.  Grindrod
has seven vessels in its chartered in fleet with purchase options on four.

 

The combined TMI and Grindrod fleet numbers 54 vessels (including chartered in
vessels).

 

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 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 industry
professionals are based in Hong Kong, Singapore and London.

 

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

 

 

 

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